A seller of goods has the following details of sales and collection during the month: Receivables, beginning P 500,000.00 Gross sales 700,000.00 Less: Collection 450,000.00 Receivables, end P 750,000.00 1. What is the amount subject to business tax? 2. Determine the amount subject to business tax if the taxpayer is a seller of services.
A seller of goods has the following details of sales and collection during the month: Receivables, beginning P 500,000.00 Gross sales 700,000.00 Less: Collection 450,000.00 Receivables, end P 750,000.00 1. What is the amount subject to business tax? 2. Determine the amount subject to business tax if the taxpayer is a seller of services.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
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A seller of goods has the following details of sales and collection during the month:
|
Receivables, beginning |
P |
500,000.00 |
|
Gross sales |
|
700,000.00 |
|
Less: Collection |
|
450,000.00 |
|
Receivables, end |
P |
750,000.00 |
1. What is the amount subject to business tax?
2. Determine the amount subject to business tax if the taxpayer is a seller of services.
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