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How much was taxable net income in the preceding year

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Reference no: EM133180159

Question - The following data are taken from the books of your client registered in Quezon City, VAT registered, in preceding calendar year:

Gross receipts from printing of books prescribed by the Department of Education P500,000

Gross receipts, printing of other books 500,000

Gross receipts, printing of cards, posters, leaflets and handbills 300,000

Cost of services 250,000

Deductible expenses 100,000

Required -

1. How much is the tax on business of printing and publication?

2. How much was taxable net income in the preceding year?

Reference no: EM133180159

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