X is a percentage tax business. X issued a VAT-invoice for goods sold in the amount of P12,400 inclusive of VAT. The goods were bought for P8,000 exclusive of VAT. How much is the VAT payable? * O PO O P1,329 O P1,488 O P369
Q: How much of the following is gross income subject to income tax? *
A: Answer: The gross income is the income which is subject to tax before any deductions.
Q: Jurisdiction Z levies an excise tax on retail purchases of jewelry and watches. The tax equals 3…
A: Taxes can be defined as a mandatory contribution to a state's or country's revenue levied by…
Q: YORMS Corp has the following data for the year ended December 31, 2021:…
A: The corporate tax rates apply to gross revenue obtained from sources within the Philippines for…
Q: In July 20X2, a company sold goods at standard sales tax rate with a net value of $200,000, goods…
A: Computation of Output tax is as follows: Output tax =$200000 ×15%=$30000 Computation of Input tax is…
Q: Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax,…
A: SOLUTION VAT PAYABLE IS ALSO CALLED OUTPUT VAT AND IS FOUND ON INVOICES YOU ARE SENDING TO THE…
Q: Kendrick Inc, a resident foreign corporation, earned $46,250 interest income on in depositary…
A: Currency exchange rate is the exchange rate of currency between two or more countries, each country…
Q: 1) The estimate of current tax made by Boo Ltd for the year ended 31 December 2019 was £15,000…
A: "Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Which account is the difference and how? saved?
A: 9. 391- The balance of the calculated VAT account is 5,000 TL , 190-The balance of the transferred…
Q: Holly’s Art Galleries recently reported $7.9 million of net income. Its EBIT was $13 mil-lion, and…
A: EBIT = $13 million Net income = $7.9 million Tax rate = 21%
Q: Rainy-day Ltd is a company registered for Value Added Tax (VAT) in the United Kingdom. The following…
A: Note 1 : Dear student as it is a multipart questions as per norms we will solve 3. Inconvinience…
Q: urisdiction Z levies an excise tax on retail purchases of jewelry and watches. The tax equals 3…
A: Verticallly equitable means the collection of taxe increase with the increase of amount of earned…
Q: mr. a is an importer-trader. on one occasion he imported articles to be sold. data on the…
A: VAT is a levy on products and services imposed at each level of the process when value is added,…
Q: A VAT-registered business makes a sale of P10,000, inclusive of VAT. The VAT on the sale can be…
A: VAT: VAT stands for Value Added Tax. It is a tax a customer is liable to pay on the goods or…
Q: A supplier imported goods and then sold them to a distributor for a value of 920,000 riyals…
A: VAT is a value added tax. Tax is charged on the value added amount. Given in the question: Supplier…
Q: A VAT-taxpayer made the following sales during the year: Domestic Sales P100,000 Export Sales…
A: From manufacture through the point of sale, value-added tax (VAT) is collected on a product at every…
Q: NYFG, Inc.l has sales including sales taxes for the month of $445,200. If the sales tax rate is…
A: Sales = Total sales / (1 + sales tax rate) = $445,200 / (1 + 0.06) = $420,000
Q: A retailer buys a product from the wholesaler at 120 OMR and wholesaler charges sales tax of 8%. The…
A: VAT or value added tax as the name suggets is the tax calculated on the sales value but paid after…
Q: Blossom's Salon has total receipts for the month of $Unresolved including sales taxes. If the sales…
A: Sales for the month = Total sales / ( 1 + Sales tax rate ) * 100
Q: 1. A VAT-registered business makes a sale of P33,600, inclusive of VAT. The amount of sale that is…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Trade receivables have a carrying amount of P4,000. The related revenue has already been included in…
A: SOLUTION TAX BASE OF RECEIVABLES = IF RECEIVES PAYMENT OF RECEIVABLE HAS NO TAX CONSEQUENCES , ITS…
Q: The amount of sale to qualified PWDS INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens…
A: The question is related to Taxation.
Q: X is a percentage tax business. X issued a VAT-invoice for goods sold in the amount of P12,400…
A: VAT Payable = VAT Collected from Sale of Goods - VAT Paid on Goods Purchased
Q: 2. SAN JOSE has the following data (VAT exclusive): Taxable sales is P 1,200,000 Exempted sales is P…
A: Vat rate is not given so i assumed as 12% Total output tax:1200000*12% =1440000 Input…
Q: A VAT registered trader had the following transactions: Sales of good to private entities, net of…
A: Value Added Tax: VAT is a consumption tax on products and services levied at each level of the…
Q: On July 10, Kelt Company, a business located in Alberta, purchased $45,000 of inventory for resale…
A: Journal Entry It is used to record the transactions of a business in records of the business. These…
Q: Assuming EMERALD Corporation is a manufacturer of sardines. EMERALD has the following information in…
A: As per our protocol we provide solution to the one question only but you have asked multiple…
Q: Mahigos owns the following businesses: Annual Gross Receipts Annual Gross Sales Restaurant…
A: The annual Sales are exceeding 3millions hence the 12 VAT is payable on output taxable supply…
Q: What is the amount subject to business tax? 2 points Jackpruit, a seller of goods, had the following…
A: Bussiness taxable income is simply the net income earned during the taxable period i.e. taxable…
Q: Aling Nena is a sari-sari store owner. She is covered by the percentage tax provision. Her store had…
A: Ans: P16,500 3 % of gross sale is the rate of Percentage tax in Philippines, if gross annual sales…
Q: Dillons Corporation made credit sales of S30,000 which are subject to 6% sales tax The corporation…
A: Given information is: Cash sales amount = $20670 Sales tax = 6%
Q: 1. A is a non-VAT registered tax payer with a grocery store. The following data are available for…
A: Percentage Tax due: Total sales for the first quarter = 300,000 + 400,000 = 700,000 Vat/Percentage…
Q: Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,010 an amount…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: (2) On 10/05/20X1, the company "OMEGA" sells goods to customer "D" in lieu of the amount of 1,000 €…
A: Case A: Company collect 450 Journal entries Date Particular Debit Credit 10/5/2021…
Q: Bramble Company does not ring up sales taxes separately on the cash register. Total receipts for…
A: Amount inclusive of tax = $ 36400 Sales tax rate = 4%
Q: The Stone Inn earned $167,284 in taxable income for the year. How much tax does the company owe on…
A: The tax owed by the company can be calculated as per the tax slab.
Q: During the 2nd quarter of 2016 (June 2016 – August 2016) Ping-Pong Industries (located at 535 Main…
A: ST-100 It is the Local Quarterly Sales and Use Tax Return in New York State stating total amount of…
Q: 14. Thug Co., a VAT payer, purchased goods and incurred the following: Invoice price (inclusive of…
A: Invoice price exclusive of VAT = Invoice price - VAT = 112000-12000 = 100,000
Q: In 2021 XY corporation is subject to MCIT has the following records Sales: net of discounts and…
A: Profit from business operation = Net sales - cost of sales = P9,500,000 - P5,000,000 = P4,500,000…
Q: J, VAT registered taxpayer, had the following data on importation in 2022: Invoice cost (exchange…
A: Here discuss about the details of the computation of VAT payable for the purchase on importation and…
Q: Delta has interest receivable which has a carrying amount of $75,000 in its statement of financial…
A: Tax base is the amount attributed to that asset or liability for the tax purpose.
Q: Rainy-day Ltd is a company registered for Value Added Tax (VAT) in the United Kingdom. The…
A: Value-added tax (VAT) is a consumption-based tax wherein the amount of tax is calculated and paid by…
Q: Rainy-day Ltd Rainy-day Ltd is a company registered for Value Added Tax (VAT) in the United Kingdom.…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: From the data: May 2 - On sale to the public Purchase price, VAT not included…
A: Value Added Tax: It is a type of sales tax that is charged by Government on the sale of services…
Q: Company sold to Y Company goods worth 10,000.00, exclusive of any applicable tax. If X Company is a…
A: On a purchase made by a non-VAT registered person from the VAT-registered person, the whole amount,…
Q: A retailer has a gross sales of P1,400,000 with cost of sales of P560,000 and allowable deductions…
A: Tax is paid by the taxpayer on the taxable income. A taxpayer is the individual who has earned an…
Q: 2. Table is given below shows that marginal tax rates for Alejandro Corporation. Taxable Income of…
A: The answer states the computation of tax liability and average tax rate
Q: Inc., a domestic corporation. How much final tax m Vodka, Inc.? a. PO 05ginu2 to 19hl b. P11,111AL…
A: Dividend Received Deduction is a kind of deduction in the taxation that is received by a corporation…
Step by step
Solved in 2 steps
- X is a percentage tax business. X issued a VAT-invoice for goods sold in the amount of P12,400 inclusive of VAT. The goods were bought for P8,000 exclusive of VAT. How much is the VAT payable? * О РО O P1,329 O P1,488 О Р36921. A non-VAT business reported the following: Sales Cost of Sales Purchases, inclusive of VAT P2,500,000 1,000,000 560,000 How much is the amount of business tax payable? (NO Solutions)A VAT-taxpayer made the following sales during the year:Domestic Sales P100,000Export Sales P120,0001. What is the amount subject to business tax?2. Compute the Output VAT.
- A Non-VAT business reported the following:Sales P2,500,000Cost of Sales P1,000,000Purchases, inclusive of VAT P560,000How much is the amount of business tax payable?Q4. A sale of merchandise on account for $5,000, terms n/30, is subject to an 8% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? Answer: ______________________________________________________________________ (b) What is the amount of the sale? Answer: ______________________________________________________________________ (c) What is the amount of the increase to Accounts Receivables? Answer: ______________________________________________________________________ (d) What is the title of the account in which the $400 ($5,000 x 8%) is recorded? Answer: ______________________________________________________________________11. A VAT-registered taxpayer with several businesses had the following Chapter Last 12 months P 4,600,000 Current month 700,000 200.000 10.000 15 A Premiums from life insurance Premium from non-life insurance 1920.000 Imput VAT-non-life products 140,000 b. 16 What is the VAT payable for the current month? GP 24,000 a PO b P14,000 d. P 108,000 Last Current Sales of fertilizers and seeds Sales of equipment Input VAT on processed foods 12 months P 1,800,000 1,500,000 140,000 month 200,000 150,000 13,000 18. A Compute the VAT payable for the current month. PO c.P 18,000 a. b. P5,000 d. P 29,000 12. A VAT taxpayer is engaged in mixed transactions: Exempt sales N/A 12,000 Export sales Regular sales P 300,000 200,000 19 Output VAT Input VAT P. 36,000 What is the creditable input VAT? PO 20 a. c. P236,000 d. P248,000 b. P200,000 13. In the immediately preceding problem, what is the VAT payable? a P100,000 b. P 64,000 c. P 52,000 d. P 0 14. The taxpayer made a sale of P400,000 to the…
- A customer paid a total of $7700 for a purchase, including 13% HST (Harmonized Sales Tax). How much was the HST? 1. $911 2. $6885 3. $886 4. $7700What is the amount subject to business tax? 2 points Jackpruit, a seller of goods, had the following transactions in January 2020: 200,000 300,000 40,000 20,000 Cash sales P Credit/Installment sales (40% collected) Sales returns and allowances Freight-out charged to customers O PO P460,000 P480,000 P500,000A VAT registered trader had the following transactions: Sales of good to private entities, net of VAT 2,500,000 Purchases of goods sold to private entities, gross of 12% VAT 896,000 Sales to GOCC, net of VAT 1,000,000 Purchases of goods sold to GOCC net of VAT 700,000 How much is the output tax?
- 21. A non-VAT business reported the following: Sales P 2,500,000 Cost of Sales 1,000,000 Purchases, inclusive of VAT 560,000 How much is the amount of business tax payable? (NO Solutions)For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Group of answer choices P3,900,000.00 P1,600,000.00 P2,400,000.00 P1,700,000.00Check my work Use me ToilowiLng mmoiTllation TOI tihe Cxercises pelowv. (Alyuj [The following information applies to the questions displayed below.] 1. On July 15, Piper Co. sold $25,000 of merchandise (costing $12,500) for cash. The sales tax rate is 5%. On August 1, Piper sent the sales tax collected from the sale to the government. 2. On November 3, the Milwaukee Bucks sold a six-game pack of advance tickets for $750 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). Exercise 9-3 (Algo) Financial statement impact of current liability transactions LO C2 Analyze each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. (Enter all amounts as positive values.) Date Assets Liabilities + July 15 + July 15 %3D August 1 %3D November 3 November 20 %3D