Bluedragon is engaged in the following business activities for the year 2021: buying and selling of computer of computer parts with gross sales of P1,500,000 and as a freelance graphic artist with gross receipts of P1,000,000. Determine the business tax and the business tax due. a. Percentage tax 1%; P 25,000 b. Percentage tax 3%; P 75,000 c. VAT 12%; P 300,000 d. VAT Exempt; P 0

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Bluedragon is engaged in the following business activities for the year 2021: buying and selling of computer of computer parts with gross sales of P1,500,000 and as a freelance graphic artist with gross receipts of P1,000,000. Determine the business tax and the business tax due.

a. Percentage tax 1%; P 25,000

b. Percentage tax 3%; P 75,000

c. VAT 12%; P 300,000

d. VAT Exempt; P 0

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