Taxation for Senior Citizen Wanna is a former chief accountant of SMF Holdings. Due to his old age he retired and subsequently registered as a Senior Citizen to avail the benefits specified in R.A. 9994. Even though he is a former chief accountant, he is not aware of the other benefits that a SC can acquire since it is not within his field of expertise. He approached you to ask what the different benefits are. You asked what his recent purchases are, and his recent bill from Meralco and Maynilad, all are in the Elder’s Name & Residence, he presented to you the following: Meralco Bill - P1,800 for 150 kwh Maynilad Bill - P1,350 for 40 cubic meters The following were bought by Mr. Wanna from a grocery store 3 days ago: (see picture) Assuming that all amounts are VAT inclusive, if applicable, & Mr. Wanna did not avail of the SC benefits, how much is the total amount paid if the benefits were exercised? Include some solutions. thanks

Taxation for Senior Citizen Wanna is a former chief accountant of SMF Holdings. Due to his old age he retired and subsequently registered as a Senior Citizen to avail the benefits specified in R.A. 9994. Even though he is a former chief accountant, he is not aware of the other benefits that a SC can acquire since it is not within his field of expertise. He approached you to ask what the different benefits are. You asked what his recent purchases are, and his recent bill from Meralco and Maynilad, all are in the Elder’s Name & Residence, he presented to you the following: Meralco Bill - P1,800 for 150 kwh Maynilad Bill - P1,350 for 40 cubic meters The following were bought by Mr. Wanna from a grocery store 3 days ago: (see picture) Assuming that all amounts are VAT inclusive, if applicable, & Mr. Wanna did not avail of the SC benefits, how much is the total amount paid if the benefits were exercised? Include some solutions. thanks

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 3.9C

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