Reference no: EM132913414
Question - GJ started operating his new salon business during 2017. He provides services for corporate accounts with 60-day payment term. He submits the following data in 2018:
Supplies inventory, 1/1/2018 Php50,000
Supplies inventory, 12/31/2018 Php80,000
Revenues Php3,000,000
Accounts receivable, Jan. 1, 2018 Php500,000
Accounts receivable, Dec. 31, 2018 Php700,000
Purchase of supplies from VAT registered entities (net) Php100,000
Purchase of supplies from non-VAT registered entities Php50,000
Determine the following:
-What is the applicable business tax for the taxpayer?
-How much is the correct business tax due?
-Assume the taxpayer is non-VAT registered, how much is the VAT payable for the year?
-Assume the taxpayer is VAT registered, how much is the VAT payable for the year?