A VAT taxpayer had the following sales in March 2021 and with their correponding input VAT from purchases directly attributable to each sale. Compute the VAT.
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A VAT taxpayer had the following sales in March 2021 and with their correponding input VAT from purchases directly attributable to each sale. Compute the VAT.
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- identify deferred tax assets/liabilioties in the following figure Total Current Assets - - - - Total Assets 1057734 1014060 979868 976502 Cash & Due from Banks 96610 81786 73246 65619 Other Earning Assets, Total 144765 123145 118007 118805 Net Loans 759118 742473 737033 727002 Property/Plant/Equipment, Total - Net 5468 5602 5205 2383 Property/Plant/Equipment, Total - Gross - - - - Accumulated Depreciation, Total - - - - Goodwill, Net 5269 5284 5997 5974 Intangibles, Net 1674 1660 1732 1991 Long Term Investments 2865 3034 3054 3001 Other Long Term Assets, Total 4139 3830 3098 18226 Other Assets, Total 37826 47246 32496 33501 Total Current Liabilities - - - - Total Liabilities 982736 942052 908766 906908 Accounts Payable 9826 13188 9998 10285 Payable/Accrued - - - - Accrued Expenses - - - - Total Deposits 750843 701551 666300 640311 Other Bearing Liabilities, Total - - - 32 Total Short Term Borrowings 26633 16877 20346 19099…Multiple-choice question Compute for the Income tax Given: Taxpayer is a proprietary educational institution. Taxable period is 2021. Financial data: Related Activities Unrelated Activities Gross Income P 15,000,000 P 25,000,000 Expenses 5,000,000 11,000,000 Net 10,000,000 14,000,000 A. P140,000 B. P240,000 C. P3,500,000 D. P6,000,000Question The following are the balances extracted from the public Accounts on the consolidated fund from the year ended 31 December 2016. GHS000 Direct Tax 1044460 compensation of employee 808672 Goods and Services 404336 Non-financial Assets 134779 Indirect tax 939556 Grants 28110 Interest Expenses 398138 Social benefits 238882 Other Expenses 159255 Other revenue…
- Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Government-owned and Controlled Corporation. (depends if it need the tabel)The following transactions incurred by a National Government Agency during the period of FY 2021: Received Notice of Cash Allocation (NCA) amounting to P10,000,000. Earned total revenue of P2,500,000 from billings and collections of unbilled income. Issued Notice of Transfer Allocation (NTA) amounting to P2,000,000. Incurred total expenses of P8,000,000. Remitted total taxes withheld of P1,500,000 to the BIR through Tax Remittance Advice (TRA). The unused NCA balance is P1,000,000 at the end of the period. How much is the net financial assistance or subsidy for the period in the statement of financial performance?LAB is a Philippine Economic Zone Authority Registered enterprise in the Philippines, taxable period is 2021 Related activities Unrelated activities gross income php 45,000,000 php 15,000,000 expenses 20,000,000 6,000,000 net 25,000,000 9,000,000 Compute for the tax on the income. choices P1,700,000 P2,250,000 P3,000,000 P4,500,000
- J, VAT registered taxpayer, had the following data on importation in 2022:Invoice cost (exchange rate $1: P46), $56,500Custom duties, 12%Freight, P200,000Insurance, P280,000Other charges before release from customs house, P70,000Facilitation fee, P100,000Freight from customs house to warehouse (net of VAT), P120,000The imported goods were sold for P6,650,000 (inclusive of VAT) 10 days after itsdelivery to the warehouse.How much is the VAT Payable?Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax, if applicable: Apol, non-vat taxpayer, sells to LJ, vat taxpayer P89,600LJ, vat taxpayer, sells to Chris, vat taxpayer P134,400Chris, vat taxpayer, sells to Abi P201,600Abi, nonvat taxpayer, exported the goods in Canada P300,000 Required: Determine the following:A Vat payable of ApolB Vat payable of LJC Vat payable of ChrisD Vat payable of Abi30. The “Subsidy from National Government” account is credited when recording a Receipt of NCA Reversion of unused NCA Constructive remittance of customs duties or taxes withheld through TRA a and c
- Taxpayer: Domestic Corporation (SME) It year of operation: 2017 Taxable period: 2021 Year 2017 2018 2019 2020 2021 2022 Gross Income 7,000,000 8,000,000 8,000,000 5,000,000 7,000,000 7,000,000 Deductions 8,000,000 7,500,000 6,000,000 6,000,000 5,900,000 6,000,000 Net (1,000,000) 500,000 2,000,000 (1,000,000) 1,100,000 1,000,000 Compute the corporate income tax should be paid in 2022?ABC Corporation has the following sales during the 1ª quarter of 2021: Sale to private entities subject to 12% Php1,000,000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1.000.000 Sale to government 1,000.000 The following input taxes were passed on by ABC Corps VAT suppliers: Input tax on taxable goods 50.000 Input tax on zero-rated sale 30,000 Input tax on sale of exempt goods 20,000 Input tax on sale to government 40,000 Input tax on depreciable capital goods not attributable to any specific activity 40,000 Total available input tax due for the quarter is:Company sold to Y Company goods worth 10,000.00, exclusive of any applicable tax. If X Company is a VAT registered taxpayer and Y Company is a non-VAT registered taxpayer, the journal entry of Y Company would include debit Purchases, 11,200.00credit Cash, 10,000.00debIt Purchases, 10,000.00credit VAT payable, 1,200.00