P2,500,000 4. A VAT registered business has the following transactions: Sale of goods to private entities, net 12% VAT Purchase of goods sold to private entities, gross of 12% VAT P 896,000 Sales to a GOCC, net of 12% VAT P1,000,000 P 700,000 Purchases of goods sold to GOCC, net of 12% VAT How much is the withholding VAT?

P2,500,000 4. A VAT registered business has the following transactions: Sale of goods to private entities, net 12% VAT Purchase of goods sold to private entities, gross of 12% VAT P 896,000 Sales to a GOCC, net of 12% VAT P1,000,000 P 700,000 Purchases of goods sold to GOCC, net of 12% VAT How much is the withholding VAT?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 3MC

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A VAT-registered business makes a sale of P12,000, inclusive of VAT. The VAT on the sale can be computed as* a. P12,000 x 12%b. P12,000 / 12% c. P12,000 x 12% / 112%d. P12,000 / 12% / 112%
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Walang Kayo Company Question: Under accrual basis, what amount should be reported as gross sales for the current year? a. P6,650,000 b. P6,600,000 c. P6,350,000 d. P6,550,000
E7.7 (LO 2) (Purchases Recorded Net) Presented below are transactions related to Tom Brokaw, Inc. May 10 11 19 24 Purchased goods billed at $15,000 subject to cash discount terms of 2/10, n/60. Purchased goods billed at $13,200 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $11,500 subject to cash discount terms of 2/10, n/30. Instructions a. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. b. Assuming no purchase or payment transactions other than those given above, prepare the adjusting entry required on May 31 if financial statements are to be prepared as of that date.
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E7.5 (LO 2) (Recording Sales Gross and Net) On June 3, Bolton plc sold toArquette Company merchandise having a sales price of £2,000 with terms of 2/10,n/60. An invoice totaling £90, terms n/30, was received by Arquette on June 8 fromJohn Booth Transport Service for the freight cost. On June 12, the company received acheck for the balance due from Arquette Company.Instructionsa. Prepare journal entries on the Bolton plc books to record sales and receivables forall the events noted above under each of the following bases.1. Sales and receivables are entered at gross selling price.2. Sales and receivables are entered at net of cash discounts.b. Prepare the journal entry under basis (a)(2), assuming that Arquette Companydid not remit payment until July 29.