Seven Aces Finance Company presented the data for the first quarter of 2017:Interest, commissions, discounts from lendingActivities / financial leasing:On short-term maturity Php 47, 500On long term maturity (over 7 years) Php 107, 500On medium term maturity Php 87, 500Rental income on personal properties Php 22, 500Dividend income Php 12, 500Other ordinary income under the NIRC Php 180, 000How much is the total percentage tax due?Select one:a.Php 8, 500b.Php 9, 000c.Php 8, 500d.Php 15, 750
Question
Seven Aces Finance Company presented the data for the first quarter of 2017:Interest, commissions, discounts from lendingActivities / financial leasing:On short-term maturity Php 47, 500On long term maturity (over 7 years) Php 107, 500On medium term maturity Php 87, 500Rental income on personal properties Php 22, 500Dividend income Php 12, 500Other ordinary income under the NIRC Php 180, 000How much is the total percentage tax due?Select one:a.Php 8, 500b.Php 9, 000c.Php 8, 500d.Php 15, 750
Solution
To answer this question, we first need to calculate the total income. The total income is the sum of all the different types of income mentioned.
Here's how you can calculate it:
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Add the income from short-term maturity, long-term maturity, and medium-term maturity. This is the income from lending activities/financial leasing.
So, 47,500 (short-term) + 107,500 (long-term) + 87,500 (medium-term) = Php 242,500
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Add the rental income on personal properties, which is Php 22,500.
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Add the dividend income, which is Php 12,500.
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Add the other ordinary income under the NIRC, which is Php 180,000.
So, the total income is 242,500 (from lending activities) + 22,500 (rental income) + 12,500 (dividend income) + 180,000 (other income) = Php 457,500
The percentage tax due is not given in the question. However, if we assume that the percentage tax rate is 3% (which is a common rate in many jurisdictions), then the tax due would be 3% of Php 457,500.
So, the tax due would be 0.03 * 457,500 = Php 13,725
However, this answer is not in the options given in the question. Therefore, without additional information (such as the tax rate), it's not possible to answer this question accurately.
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