11. LIBERTAD CO., is a VAT registered trader of construction supplies, had the following data for the 4th quarter of 2021 and 1st quarter of 2022: Gross sales to export oriented enterprise Gross sales to government (gross of final withholding tax) 4th Qtr 2021 Gross sales to other customers Total VAT purchase of goods other than capital goods Total VAT purchase of services PO 1st Qtr 2022 P5, 000 000 5,000,000 30,000,000 25, 000, 000 5,000,000 5, 000, 000 25,000,000 20,000,000 5,000,000 For the first quarter of 2021, the Company has filed a tax refund on its input VAT attributable to zero-rated sales. No payments have been made for the monthly VAT returns filed. How much is the VAT payable for the 4th quarter of 2021? a. P500,000 b. P750,000 c. P600,000 d. P350,000

11. LIBERTAD CO., is a VAT registered trader of construction supplies, had the following data for the 4th quarter of 2021 and 1st quarter of 2022: Gross sales to export oriented enterprise Gross sales to government (gross of final withholding tax) 4th Qtr 2021 Gross sales to other customers Total VAT purchase of goods other than capital goods Total VAT purchase of services PO 1st Qtr 2022 P5, 000 000 5,000,000 30,000,000 25, 000, 000 5,000,000 5, 000, 000 25,000,000 20,000,000 5,000,000 For the first quarter of 2021, the Company has filed a tax refund on its input VAT attributable to zero-rated sales. No payments have been made for the monthly VAT returns filed. How much is the VAT payable for the 4th quarter of 2021? a. P500,000 b. P750,000 c. P600,000 d. P350,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment payments.In 2021, Isaac had $600 million in sales of this type. Scheduled collections for these sales are as follows: 2021 $ 60 million 2022 120 million 2023 120 million 2024 150 million 2025 150 million $ 600 million Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes. Ignoring operating expenses and additional sales in 2022, what deferred tax liability would Isaac report in its year-end 2022 balance sheet?
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LENI Lugawan Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a resident corporation. Group of answer choices P600,000.00 P1,500,000.00 P500,000.00
Dixon Development began operations in December 2021. When lots for industrial development are sold, Dixon recognizes income for financial reporting purposes in the year of the sale. For some lots, Dixon recognizes income for tax purposes when collected. Income recognized for financial reporting purposes in 2021 for lots sold this way was $20 million, which will be collected over the next three years. Scheduled collections for 2022–2024 are as follows: 2022 $ 8 million 2023 10 million 2024 2 million $ 20 million Pretax accounting income for 2021 was $29 million. The enacted tax rate is 40%. Required:1. Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income taxes in 2021.2. Suppose a new tax law, revising the tax rate from 40% to 35%, beginning in 2023, is enacted in 2022, when pretax accounting income was $24 million. No 2022 lot sales qualified for the special…