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- Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.Paula has sales that qualify to be reported on the installment basis. In year 2, installment sales were 40,000 with a cost of 30,000. In year 3, installment sales were 50,000 with a cost of 25,000. Collections in year 2 were in the amount of 30,000. Collections in year 3 were 10,000 on the year 2 sales and 30,000 on the year 3 sales. How much deferred gross profit exists as of the end of year 2? a. 2,500 b. 5,000 c. 7,500 d. 10,000A 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
- On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT exclusive) Terms 2/10, n/30, FOB shipping point, freight collect Amount of freight cost is P1,000 Assuming X Company issued a debit memorandum for P5,600 (VAT inclusive), and paid the amount due within the discount period, the amount if Input tax on the cash discount will beOn January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT exclusive). Terms 2/10, n/30, FOB shipping point, freight collect Amount of freight cost is P1,000 Assuming X Company issued a debit memorandurn for P5,600 (VAT inclusive), and paid the amount due within the discount period, the amount if Input tax on the cash discount will beBerlin Corp. reported the following data for 2021: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 ADD EXPLANATION THANKS
- In July 20X2, a company sold goods at standard sales tax rate with a net value of $200,000, goods exempt from sales tax with a value of $50,000 and goods at zero sales tax rate with a net value of $25,000. The purchases in July 20X2, which were all subject to sales tax, were $161,000, including sales tax. Assume that the rate of sales tax is 15%. The difference between sales tax input tax and sales tax output tax is A Dr $9,000 B Cr $5,850 C Cr $9,000 D None of theseFor items 9 and 10. An SME sell goods in exchange for a P340,000 note receivable in two years’ time.The cash sale price of the goods is P280,992. The gross profit rate based on cost on the transaction is30%. Other operating expenses amounted to P50,000. 9. How much is the sale revenue recognized by the SME?a. P340,000 b. P280,992 c. P64,844 d. P334,156 10. How much is the profit or loss of the SME?a. P14,844 b. P(14,844) c. P46,988 d. P42,944In 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
- Wendy Corp. reported the following data for 2019. Total net sales –P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000;Ending Inventory – P600,000; 1 year advance rent received amounting toP60,000 to be applied in 2020; P80,000 total interest income from customerspromissory note earned--P60,000 of this was collected; Unrealized foreignexchange gains from foreign currency receivables – P120,000; Using cash basis,compute the total income subject to income tax.22-A company purchased goods worth RO 10,000 excluding VAT and sold to customers for RO 25,000 excluding VAT. Assume the VAT rate as 5%. How much will be the VAT collected by the government? a. RO 1,750 b. RO 750 c. RO 1,250 d. RO 500The following information was taken from the financial statements of Sunland Company: 2021 2020 Gross profit on sales $678,600 $760,000 Income before income taxes 205,400 225,000 Net income 260,000 225,000 Net income as a percentage of net sales 10% 9% Please show steps to finding answer Compute the cost of goods sold in dollars and as a percentage of net sales for each year. (Round percentages to 1 decimal place, e.g. 15.2%) 2021 2020 Cost of goods sold in dollars $enter a dollar amount $enter a dollar amount Cost of goods sold as a percentage of net sales nter percentages rounded to 1 decimal place % nter percentages rounded to 1 decimal place %