Franchise Tax Assume DEF Corp., a franchise grantee authorized to distribute water to the city of Lipa, has the following results of operations for the year 2020: Gross Receipts from water distribution P 2,000,000 Gross Receipts from lease/rent of equipment 1,000,000 Operating Cost 300,000 How much is the business tax due?
Franchise Tax Assume DEF Corp., a franchise grantee authorized to distribute water to the city of Lipa, has the following results of operations for the year 2020: Gross Receipts from water distribution P 2,000,000 Gross Receipts from lease/rent of equipment 1,000,000 Operating Cost 300,000 How much is the business tax due?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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6. Franchise Tax
Assume DEF Corp., a franchise grantee authorized to distribute water to the city of Lipa, has
the following results of operations for the year 2020:
Gross Receipts from water distribution P 2,000,000
Gross Receipts from lease/rent of equipment 1,000,000
Operating Cost 300,000
How much is the business tax due?
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