Compute her income tax payable in her Annual ITR?a. 613,400b. 638,400 c. 920,400d. 628,200 30. Julian Tan owns a store specializing in rare trinkets which is her only source of income. She signifiedher intention to be taxed at 8% of gross sales in her 1" Quarterly ITR of the taxable year. Her sales, cost ofsales, operating expenses, and non-operating income for the 4 quarters are as follows:1st Quarter 2nd Quarter 3rd Quarter 4th QuarterSalesCost of sales400,000600,0002,000,0003,500,000(200,000)400,000(600,000)1,400,000(500,000)|(800,000)(100,000)300,000Gross income2,700,000(170,000)130,000(820,000)Operating expensesIncome from operationsNon-operating income(190,000)210,000900,0001,880,00035,000165,00065,000275,00050,000950,00075,000Net income1,955,000

When the gross sales exceed P3000000 then the tax is payable at the regular rate. The regular rate…

30. Julian Tan owns a store specializing in rare trinkets which is her only source of income. She signified her intention to be taxed at 8% of gross sales in her 1" Quarterly ITR of the taxable year. Her sales, cost of sales, operating expenses, and non-operating income for the 4 quarters are as follows: Ist Quarter 2nd Quarter 3rd Quarter 4th Quarter 3,500,000 (800,000) 2,700,000 Sales 400,000 600,000 2,000,000 Cost of sales (100,000) (200,000) 400,000 (600,000) 1,400,000 Gross income 300,000 (170,000) (190,000) 210,000 (500,000) (820,000) Operating expenses Income from operations Non-operating income Net income 130,000 900,000 1,880,000 35,000 165,000 65,000 275,000 50,000 950,000 75,000 1,955,000

30. Julian Tan owns a store specializing in rare trinkets which is her only source of income. She signified her intention to be taxed at 8% of gross sales in her 1" Quarterly ITR of the taxable year. Her sales, cost of sales, operating expenses, and non-operating income for the 4 quarters are as follows: Ist Quarter 2nd Quarter 3rd Quarter 4th Quarter 3,500,000 (800,000) 2,700,000 Sales 400,000 600,000 2,000,000 Cost of sales (100,000) (200,000) 400,000 (600,000) 1,400,000 Gross income 300,000 (170,000) (190,000) 210,000 (500,000) (820,000) Operating expenses Income from operations Non-operating income Net income 130,000 900,000 1,880,000 35,000 165,000 65,000 275,000 50,000 950,000 75,000 1,955,000

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 25P

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