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ABC Corporation has the following sales during the 1st quarter of 2021:
Sale to private entities subject to 12%
Php
1,000;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
40.000
Total input tax which can be refunded is:
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- ABC Corporation has the following sales during the month of October: Sales to a private company, VAT exc; of P 100,000 Sales to private companies, 0% VAT rate; P 100,000 Sales of exempt goods; P 100,000 Sales to Govt; subject to 5% final VAT withholding tax; P100,000 The following input taxes were passed on by its suppliers: Input tax on taxable goods at 12%; P 6,000 Input tax on zero-rated sales of P 3,000 Input tax on sales to Govt of P 7,000 Input tax on depreciable asset- Not attributable to any specific activity (amortization) of P 20,000 Input tax on exempt sales of P 1,000 Compute the VAT Payable below: VAT output: Total VAT output Less: VAT input VAT payable (Excess VAT input)In 2021 XY corporation is subject to MCIT has the following records Sales: net of discounts and allowances php 9,500,000 cost of sales php 5,000,000 gain on sale of building php 150,000 allowable deductions php 4,420,000 Compute the income tax payable of XYZ Corporation P46,000 P46,500 P76,000 P95,000A retailer has a gross sale of P1,400,000 with cost of sales of P560,000 and allowable deductions of P150,000 November 2021. Its total assets of P180,000 as of November 30, 2021. Corporate Tax Rate is 25%. If the company can realize 25% increase in its gross sales for December 2021, what is the possible tax implications?
- YORMS 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 nonresident corporation. Group of answer choices P1,800,000.00 P500,000.00 P1,500,000.00 P600,000.00Isaac 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?11. In 2021, ABC Corporation which is subject to MCIT has the following records: Sales: net of discounts and allowances 9,500,000 Cost of sales 5,000,000 Gain on sale of building 150,000 Allowable deductions 4,420,000 Compute the MCIT of ABC Corporation. P46,000 P46,500 P93,000 P95,000
- 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 $676 million in sales of this type. Scheduled collections for these sales are as follows: 2021 $ 83 million 2022 137 million 2023 129 million 2024 162 million 2025 165 million $ 676 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, what deferred tax liability would Isaac report in its year-end 2021 balance sheet?FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. What is deductible expense if the company uses OSD?* a. 920,000 b. 1,360,000 c. 880,000 d. 800,000 Using the problem above, what is the income tax payable?* a. 330,000 b. 375,000 c. 575,000 d. 525,000A VAT taxpayer had the following data on its operations for he month of January 2018:Sales, total invoice price P 592,480Purchases of goods, VAT not included:From VAT registered persons 100,000From nonVAT registered persons 8,000From persons subject to percentage taxes 10,000Salaries of employees 60,000Other operating expenses 12,000This is the first month of being liable to value added tax. Data in inventories at the beginning of the period bought from VAT registeredpersons follow:Inventory at cost P 44,800Inventory at realizable value 49,000Value added tax paid on beginning inventory 4,80016. How much is the input tax?17. How much is the value added tax payable?
