Mr. Masipag had annual gross receipts not exceeding P100,000. During themonth, he made the following sales:hallSale of car rugsSale of cigarettesSale of candiesP 2,0003,0003.000P.Total8.000Compute the total amount subject to business tax.а. РОb. P2,0000000c. P 5,000d. P 8,0002920:aM M I

Under current tax regulations, marginal income earners are self-employed individuals deriving gross…

Answered: Mr. Masipag had annual gross receipts…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 7MCQ

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Mr. Masipag had annual gross receipts not exceeding P100,000. During the month, he made the following sales: hall P 2,000 3,000 3.000 P. Sale of car rugs Sale of cigarettes Sale of candies Total 8.000 Compute the total amount subject to business tax. а. РО b. P2,000 с. Р 5,000 d. P 8,000