BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Pacific Airlines, an international aire carrier showed the following gross receipts for the current year: Point of Origin Destination Gross Receipts Philippines U.S.A P8, 000, 000 U.S.A U.K P4, 000, 000 U.S.A Philippines P3, 750, 000 U.K Philippines P2, 100, 000Additional information:Forty percent (40%) of the shipments from the Philippines to the United States were later shipped to the United Kingdom 25% of all its revenue were from transport of cargoes and goods. 20. The Income tax payable for the year is
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P127, 500
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P150, 000
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P170, 000
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P200, 000
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Explanation:
Detailed explanation-1: -Gross receipts are the total amounts the organization received from all sources during its annual accounting period, without subtracting any costs or expenses. Page Last Reviewed or Updated: 20-May-2022.
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