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Agencia Cigurado, a domestic insurance corporation, posted the following data for the third quarter of 2000:Total insurance premiums due and collectible                Php 912, 500These premiums consist of the following:   Life and Disability insurance premium             Php 300, 000   Marine insurance premium                                    212, 500   Heal th & accident insurance premium                    250, 000   Property insurance premium                                  150, 000Collection during the quarter on the above premiums were 65 %, 45 %, 50 %, and 70 % respectively.How much is the percentage tax due?Select one:a.Php 9, 750b.Php 6, 250c.Php 26, 031d.Php 16, 000

Question

Agencia Cigurado, a domestic insurance corporation, posted the following data for the third quarter of 2000:Total insurance premiums due and collectible                Php 912, 500These premiums consist of the following:   Life and Disability insurance premium             Php 300, 000   Marine insurance premium                                    212, 500   Heal th & accident insurance premium                    250, 000   Property insurance premium                                  150, 000Collection during the quarter on the above premiums were 65 %, 45 %, 50 %, and 70 % respectively.How much is the percentage tax due?Select one:a.Php 9, 750b.Php 6, 250c.Php 26, 031d.Php 16, 000

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Solution

To solve this problem, we first need to calculate the amount of premiums collected for each type of insurance during the quarter.

  1. Life and Disability insurance premium: Php 300,000 * 65% = Php 195,000
  2. Marine insurance premium: Php 212,500 * 45% = Php 95,625
  3. Health & accident insurance premium: Php 250,000 * 50% = Php 125,000
  4. Property insurance premium: Php 150,000 * 70% = Php 105,000

Next, we add up these amounts to get the total premiums collected during the quarter:

Php 195,000 + Php 95,625 + Php 125,000 + Php 105,000 = Php 520,625

The percentage tax due is typically 5% of the total premiums collected. So, we calculate:

Php 520,625 * 5% = Php 26,031.25

Therefore, the percentage tax due is Php 26,031.25. So, the correct answer is c. Php 26,031.

This problem has been solved

Similar Questions

Agencia Cigurado, a domestic insurance corporation, posted the following data for the third quarter of 2000:Total insurance premiums due and collectible                Php 912, 500These premiums consist of the following:   Life and Disability insurance premium             Php 300, 000   Marine insurance premium                                    212, 500   Heal th & accident insurance premium                    250, 000   Property insurance premium                                  150, 000Collection during the quarter on the above premiums were 65 %, 45 %, 50 %, and 70 % respectively.How much is the percentage tax due?Select one:a.Php 9, 750b.Php 6, 250c.Php 26, 031d.Php 16, 000

20152018Personal consumption expenditures12,28014,000 Motor vehicles and parts470 520 Food and beverages9201,000 Housing and utilities2,2602,570 Health care2,0602,350Gross private domestic investment3,2203,630 Structures570630 Equipment1,1201,220 Intellectual property products760930 Residential630790Net exports of goods and services-520-640 Exports2,2702,510 Imports2,7903,150Government Purchases3,2403,590 National defense730790

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The following data (in thousands of cedis) have been taken from the accounting records of Hajia shikishiki for the just completed year. Administrative expenses.........................................................................................300 Direct Labour...........................................................................................................400 Finished goods inventory, beginning...................................................................240 Finished goods inventory, ending........................................................................320 Manufactured overhead.........................................................................................460 Purchases of raw materials....................................................................................240 Raw materials inventory, beginning......................................................................80 Raw materials inventory, ending..........................................................................140 Sales.......................................................................................................................1,980 Selling expenses...................................................................................................280 Work in process inventory, beginning.............................................................140 Work in process inventory, ending...................................................................100 Required What was the net income for the year? A. 980,000cedis B. 890,000cedis C. 180,000cedis D. 500,000cedis

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