2/7/2021 Lecture 3 Quiz | Schoology

COURSES GROUPS RESOURCES GRADES Kenneth Dagohoy

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Lecture 3 Quiz

ATTEMPT SCORE

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01 Multiple Choice 1/1

Makisig owns two passenger buses. Each bus has a seating capacity of 45 passengers. The buses ply the route Naga City to Legaspi City, and
vice versa. During the month, he decided to stop the operatin of one unit to undergo two weeks engine overhaul. Thus, his total gross receipts
during the month amounted to P110,000 only. Makisig is

a marginal income earner ad therefore, exempt from common carrier’s tax and value added tax

subject to income tax but exempt from percentage tax

subject to common carrier’s tax of P3,300

subject to VAT if the gross annual receipts exceed P3,000,000

02 Multiple Choice 1/1

One of the following is subject to percentage tax

telephone call by Magda in Hongkong to her frind in Manila

monthly telephone bill from PLDT

long distance call by a son from Sta. Cruz, Manila to his father in Iloilo City

telephone bill on a call by a mother in the Philippines to her son in the United States

03 Multiple Choice 1/1

KEF radio Station has an annual gross receipts ranging from P4,000,000 to P5,000,000 During the month, it had a gross receipts from
advertisements of P330,000, while the disbursements subject to VAT amounted to P224,000, inclusive of tax.

Compute for the franchise tax payable of KEF.

P30,000

P50,000

P10,000

P9,900

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04 Multiple Choice 1/1

CAS Company is conducting an initial public offering of P2,000,000 shares. CAS Company already had 4,000,000 issued and outsatnding shares.
The new IPO sahres shall be sold at P3 per share. What is the tax on the initial public offering?

P120,000

P60,000

P240,000

P0

05 Multiple Choice 1/1

Karen Deria owns a small eatery near a trimobile parking area. Its annual gross receipts range from P400,000 to P450,000. In January, the gross
receipts amounted to P27,500 while purchases of goods subject to VAT is P6,000 and not subject to VAT, P13,000.

If Karen is not a VAT registered taxpayer, his percentage tax due for the month is

P12,000

P825

P2,500

P1,900

06 Multiple Choice 1/1

Rex operates two pedicabs and two passenger jeepneys plying the route Divisoria-Morayta in Manila, and three cargo trucks. The gross receipts
for the month are:

Pedicab 1 P800Truck 1 P70,250

Pedicab 2 1,000Truck 2 85,000
Jeepney 1 22,000Truck 3 40,000
Jeepney 2 23,300

The percentage tax due on Rex is

P795

P831

P1,359

P1,413

07 Multiple Choice 1/1

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2/7/2021 Lecture 3 Quiz | Schoology

Close Open Corporation, a closely held corporation, decided to open itself to the public. The initial public offerring of its shares had a selling price
of P6,250,000 which is 22.5% of its total outsatnding shares after the listing in the local stock exchange.

Compute for the percentage tax due

P1,406,250

P250,000

P31,250

P125,000

08 Multiple Choice 1/1

In a recently completed race, Sta. Ana Hippodrome noted the following winning tickets:

Straight bets - P40,000, 20 tickets at P100 per ticket

Combination bets- P20,000, 2 tickets at P200

Compute the percentage tax to be withheld on the winnings.

P4,584

P0

P3,800

P5,760

09 Multiple Choice 1/1

Man Ok operates a cockpit in Zamboanga City. Inside the cockpit is a restaurant which she also operates. the data during the month are as
follows:

Gross receipts from the gates P390,000

Receipts from advertisements inside the cockpit arena 15,000
Gross receipts from restaurant
Sale of food and softdrinks 21,000
Sale of liquor 33,000
Disbursements (subject to VAT) 24,200
Disbursements (not subject to VAT) 12,000

The amusement tax due is

P19,980

P72,900

P81,828

P82,620

10 Multiple Choice 1/1

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Pogi Bank reported the following receipts during the month:

Interest income
1 to 3 years P1,200,000
3 to 5 years 800,000
6 to 8 years 600,000
8 to 10 years 400,000
Total P3,000,000

Compute for the gross receipts tax.

P110,000

P80,000

P100,000

P70,000

11 Multiple Choice 1/1

Tin Dera is the owner of a small grocery store with gross sales in any one year period that do not exceed P3,000,000. She is not a VAT registered
taxpayer. She submits the following data for the month of January 2019.

Merchandise Inventory, December 31, 2018 P123,450

Gross sales 67,800
Purchases from VAT registered suppliers 156,980

Compute for the percentage tax due

P34,823

P9,876

P2,034

P6,780

12 Multiple Choice 1/1

Ganda Telephone Company had the following collections from its customers during the quarter:
Regular monthly bills P770,000
domestic calls 501,600
Overseas calls (outgoing) 533,500

The percentage tax to be remittedd by Gaanda during the quarter is

P73,600

P80,960

P53,350

P48,500
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