6.2. Company pay VAT by the tax deduction method, accounting for inventories by perpetualinventory system, determination of price of inventories by FIFO method.Beginning balance:Acc 152: 10.000.000 VND (1000 units of A)Acc 153: 2.000.000 VND (100 units of T)During the period the following transactions occur: Requirement: Record transaction1. Purchase 5.000 units of A on account, the price (excluded VAT) is 52 million VND, VAT rate at10%.2. Purchase 1.500 units of tool T with an invoiced price (with VAT) of 35.200.000 VND, VAT rate at10%, pay by cash in bank. When checking before receiving, company find out some goods in badquality. Company complain and ask for a purchase allowance.Three days later, seller accepted a 5% allowance of invoice price (with VAT) paid by cash on hand.3. Issue 500 units of T from warehouse to be used for administrative purpose. They are estimated tobe used up in 3 accounting periods.4. Issue from warehouse 200 units of A for manufacturing.5. A tool which was using in accounting department is broken. Its cost is 2 million VND and had beenexpensed for 1,5 million VND.6. Purchase on account 1.000 units of goods X for 350 million VND (excluded 10% VAT). Whenchecking before receiving, detect a shortage of 100 units. Normal spoilage for this transaction is 10units, the cause of the rest is under investigation.

The company is recording its inventory under the perpetual inventory system. When this system is…

Answered: 6.2. Company pay VAT by the tax…

Quickbooks Online Accounting

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Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 3.8C

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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
A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000
E10-5A Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,010 an amount that includes an eleven percent excise tax and a four percent state sales tax. What amount of revenue is recorded? Prepare a general journal entry to record the transaction on the books of Barnes Company.
In the quarter ended 31 March 20X2, C had sales taxable outputs, net of sales tax, of $90,000 and taxable inputs, net of sales tax, of $72,000. If the rate of sales tax is 10%, how much sales tax is due? A $1,800 receivable B $2,000 receivable C $1,800 payable D $2,000 payable
(2) On 10/05/20X1, the company "OMEGA" sells goods to customer "D" in lieu of the amount of 1,000 € by credit. On 31/12/20X1, the company "OMEGA" after information on the financial situation of customer "D" expects to receive 500 €. On 20/02/20X2, the company "OMEGA" collects: (A) 450€, (b) 550, (c) 0€. It is requested: to make the relevant journal entries of the above accounting events for each of the cases. (Ignore any tax consequences such as VAT)
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 P1,700,000.00
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? P2,240,000 P1,920,000 P1,980,000 P2,500,000
A company reported in the income statement for the current year 900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% What amount should be reported as current provision for income tax or current tax expense for the current year?A. 225,000B. 270,000C. 230,000D. 220,000
A seller of goods had the following details of sales and collection during the month: Receivables, beginning P 200,000.00 Gross sales 400,000.00 Less: Collection 500,000.00 Receivables, end P 100,000.00 1. What is the amount subject to business tax? a. P500,000 b. P400,000 c. P300,000 d. P200,000 2. In the immediately preceding problem, determine the amount subject to business tax if the taxpayer is a seller of services. a. P500,000 b. P400,000 c. P300,000 d. P200,000
Question 1 The F & G products (Pty) Ltd, which supplies goods to mining industry and which was registered for value added tax (VAT), for the tax period ended 25 April 2020 are as follows. Please note that all the amounts exclude VAT where relevant: Notes BWP Income: Sales 1 472 972 Profit on sale of single cab bakkie 26 387 Commission received 2 48 206 Impaired trade receivable recovered 3 17 573 Technical fees received 4 20 000…
On March 25, Osgood Company sold merchandise on account, $2,700 terms n/30. The applicable sales tax percentage is 7%. Record the transaction. If an amount box does not require an entry, leave it blank.
A sale of merchandise on account for $15,750 is subject to a 7% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received?At the time of sale (b) What is the amount recorded as sales? If required, round the answer to one decimal place.$ (c) What is the amount debited to Accounts Receivable? If required, round the answer to one decimal place.$ (d) What is the title of the account to which the $1,102.5 ($15,750 × 7%) is credited?Sales Tax Payable

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