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  • QUIZ OPT Part II

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    Jenny Gomez Ibasco
    431 views2 pages
    This document contains 7 multiple choice questions about calculating percentage taxes on various business transactions and activities in the Philippines. It provides details on the gross receipts of companies operating utilities, broadcasting, sports promotions, a cabaret, horse racing winnings, stock trading, and an initial public offering. The questions ask to calculate the percentage tax in each situation based on the gross receipts and other details provided.

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    QUIZ-OPT-part-II

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    This document contains 7 multiple choice questions about calculating percentage taxes on various business transactions and activities in the Philippines. It provides details on the gross receipts of companies operating utilities, broadcasting, sports promotions, a cabaret, horse racing winnings, stock trading, and an initial public offering. The questions ask to calculate the percentage tax in each situation based on the gross receipts and other details provided.

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    © All Rights Reserved
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    431 views2 pages

    QUIZ OPT Part II

    Uploaded by

    Jenny Gomez Ibasco
    This document contains 7 multiple choice questions about calculating percentage taxes on various business transactions and activities in the Philippines. It provides details on the gross receipts of companies operating utilities, broadcasting, sports promotions, a cabaret, horse racing winnings, stock trading, and an initial public offering. The questions ask to calculate the percentage tax in each situation based on the gross receipts and other details provided.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 2

    Page |1

    NAME: Date:
    Instructor: Score:
    Part II
    1. The Z Co. is a holder of several franchises to operate essential public utilities. Gross receipts,
    VAT not included, from activities covered by the franchise were:

    For selling electricity P2,000,000


    For selling water 1,800,000
    For operating a stretch of superhighway 2,300,000
    And in addition had gross receipts from:
    Rent of heavy equipment 500,000
    Percentage tax? _______________
    Output VAT? _______________

    2. The A Co. and the G Co. are stiff competitors in radio and television broadcasting, one against
    the government administration, and the other a defender of the government administration. In
    2018, the gross receipts of the two companies were:

    A Co. P4,800,000
    B Co. 11,000,000

    In January 2019, the two companies had gross receipts of:

    A Co. P300,000
    B Co. 1,000,000
    Percentage tax for January, 2019? _____________________
    Output VAT? ______________________________________

    3. Mr. SP, a citizen of the Philippines, is a sports promoter, promoting sports competitions and
    events in the Philippines. He had the following data in a month, any tax not included:

    Gross receipts, professional boxing, with MPqio as defending world champion P3,000,000
    Gross receipts, international football 1,500,000
    Gross receipts, Asian swimming meet 1,000,000
    Gross receipts, world chess championship 1,300,000
    Gross receipts, Philippine professional basketball 900,000
    The percentage tax? ______________________________

    4. Mr. NC operates a cabaret. Gross receipts were:


    Received by Mr. NC from patrons dancing on the dance floor P600,000
    Received by Mr. NC from alcoholic beverages and soft drinks
    purchased by patrons 300,000
    Received by Mr. XY, for food purchased from him and
    served to patrons of Mr. NC 200,000
    The percentage tax of Mr. NC? ____________________
    Page |2

    5. Horse racing on Independence Day gave the following gross receipts (winnings)

    To Mr. A, winnings on his tickets, net of


    P1,000 cost of his winning tickets P29,000
    To Mr. B, owner of the winning horse 100,000
    The percentage tax of Mr. A? ___________________
    The percentage tax of Mr. B? ___________________

    6. Mr. SE is actively trading in a stock exchange thru his stock broker. In a month, he had the
    following sales:
    Sold for Cost Gain (Loss)
    A Co. shares P120,000 P80,000 P40,000
    B Co. shares 900,000 400,000 500,000
    C Co. shares 1,000,000 1,200,000 (200,000)
    How much is the percentage tax? _______________________

    7. The F Co. is a family corporation, with shares of stock owned by the five members of the family.
    With authority for initial public offering (IPO) from the Securities and Exchange Commission. It
    sought to sell to the public shares of stocks for P5,000,000.
    The percentage tax be if the IPO would give to the public:
    a. 20% control _____________________________
    b. 30% control _____________________________
    c. 40% control _____________________________

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