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31 - _____________________ / _____________________
153 COMMERCIAL GOODS XX
191 DEDUCTIBLE VAT XX
320 SELLERS XX
_____________________ / _____________________
Which of the following belongs to the above
A) Returns
B) Buy Discounts
C) Purchase of Goods on Credit
D) Sales Returns
E) Sales of Goods on Credit
Step by step
Solved in 2 steps
- 15 -))10% VAT will be deducted from the sale worth 800 TL. Calculate the tax amount.A) 80B) 20C) 100D) 60E) 4013 - 391- The balance of the calculated VAT account is 10,000 TL, 191 The balance of the deductible VAT account is 15,000 TL, 190-The balance of the transferred VAT account is 4000 TL. How is the difference saved to which account?A) 190- To the receivable of the transferred VAT accountB) 360-To the debt of the tax and funds payable account C) 360-Tax and funds payable account receivable D) 190- To the debt of the transferred VAT accountE) None33 - What is the Gross Minimum Wage amount determined as TL for the first half of 2021?A) 2324 TLB) 2825 TLC) 2655 TLD) 3577 TLE) 2943 TL
- 9 - 391- The balance of the calculated VAT account is 5,000 TL, 191 The balance of the deductible VAT account is also3 750 T, 190-The balance of the transferred VAT account is 1000 TL. Which account is the difference and how?saved? A) 360-To the receivable of the tax and funds account payable B) 190- To the debt of the transferred VAT accountC) 360-To the debt of the tax and funds payable account D) 190- To the receivable of the VAT account of the transferredE) NoneWhat is the monthly tax due? A. P513.00 B. P806.42 C. P6,160 D. P9,677P16–2 COST OF GIVING UP THE EARLY PAYMENT DISCOUNTS Determine the cost of giving up the early payment discount under each of the following terms of sale. (Note: Assume a 365-day year.) 2/10 net 30. 1/10 net 30. 1/10 net 45. 3/10 net 90. 1/10 net 60. 3/10 net 30. 4/10 net 180.
- 16.) How much is adjusted Cash on December 31, 2021?17.) How much is adjusted Service Income on December 31, 2021?E13.9 (LO1) (Adjusting Entry for Sales Tax and VAT) Eastwood Ranchers sells a herd ofcattle to Rozo Meat Packers for €30,000 and the related VAT. Rozo Meat Packers sells thebeef to Wrangler Supermarkets for €40,000 and the related VAT. Wrangler Supermarkets sellsthis beef to customers for €50,000 plus related VAT.Instructionsa. Assuming the VAT is 15% on all sales, prepare the journal entry to record the sale byRozo Meat Packers to Wrangler Supermarkets.b. What is the net cash outlay that Eastwood Ranchers incurs related to the VAT?16. Umasa Company reported rental revenue of P2,210,000 in the cash basis income tax return for the year ended November 30, 2020. Rent receivable – Nov. 30, 2020 is P1,060,000; Rent receivable – Nov. 30, 2019 is P800,000; and Uncollectible rent written off during the fiscal year is P30,000. Under accrual basis, what amount should be reported as rent revenue? a. P1,920,000 b. P2,240,000 c. P2,500,000 d. P1,980,000
- LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?21- After our business deducted 20% income tax on 48.000 TL, which is the one-year rent of the workplace it rented for one year on 01.03.2020 , the rest was paid to the owner of the real estate from the bank. In accordance with the concept of periodicity, how much is the amount that should be accepted as an expense in the future period? a) 40.000 TL B) 8.000 TL NS) 9,600 TL D) 38,400 TL TO) 48,000 TL25 - On 12.12.20XX, the entity purchased goods worth $ 50,000 from entity B on credit. Exchange rate on the day of the transaction $ 1 = 2.5 TL (VAT is not taken into account)A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 153 COMMERCIAL GOODS 50000 300 BANK CREDITS 50000 B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 153 COMMERCIAL GOODS 125000 300 BANK CREDITS 125000C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 153 COMMERCIAL GOODS 50000 320 SELLERS 50000 D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 153 COMMERCIAL GOODS 125000 321 BORROWINGS 125000 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 153 COMMERCIAL GOODS 125000 320 SELLERS 125000