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Q: These statements are presented to you for evaluation: Statement I – Any person who, in the course…
A: Answer:- Value Added Tax (VAT) definition:- It is a type of sales tax. VAT is basically a…
Q: Jurisdiction Z levies an excise tax on retail purchases of jewelry and watches. The tax equals 3…
A: Taxes can be defined as a mandatory contribution to a state's or country's revenue levied by…
Q: ! a) Tax FUTA SUTA b) Tax Required information [The following information applies to the questions…
A: Introduction: A tax is a mandatory fee or financial charge imposed by the government on an…
Q: Tax Required information [The following information applies to the questions displayed below.] BMX…
A: Introduction: A tax is a mandatory cost and provider and another type of levy imposed on a taxpayer…
Q: 1,300,000 and gross receipts from cargo truck is P 1,200,000. SAN JOSE is a non-VAT registered tax…
A: Tax refers to the mandatory charge levied by the government over the earnings gained by an entity.
Q: Statement 1 All owners of domestic common carriers are subject to 3% common carriers tax. Statement…
A: Domestic common carriers are transport agencies, transporting goods or passengers, through roads or…
Q: Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax,…
A: SOLUTION VAT PAYABLE IS ALSO CALLED OUTPUT VAT AND IS FOUND ON INVOICES YOU ARE SENDING TO THE…
Q: Yesterday Estate Jewelers had total sales, including sales tax, of $16,502.50. The store is located…
A: Given, Sales value inclusive of sales tax = $ 16502.50 Sales tax rate = 6 3/4 % = 6.75 %
Q: Rental income of R70 000 is received in advance. Calculate the tax base for income received in…
A: Rental payment refers to the periodic amount paid by the tenant to the owner of a property for…
Q: Wert Company, a VAT-registered taxpayer, purchased P600,000 worth of goods and sold the same for…
A: VAT is Value Added Tax in Phillipines charges at 12% on import &…
Q: If it opts to claim the tax paid abroad as deduction from gross income, compute for its income tax.
A: Income tax is the tax which is paid by the company on the taxable income earned by the company…
Q: mr. a is an importer-trader. on one occasion he imported articles to be sold. data on the…
A: VAT is a levy on products and services imposed at each level of the process when value is added,…
Q: Provision of doubtful debts of $4,200 for a detective agency.
A: Provision of doubtful debts of $4,200 for a detective agency - It is considered to be a non…
Q: GOODS AND SERVICE TAX For the following consider whether it is a Taxable Supply, Input Taxed or GST…
A:
Q: How much of the following is subject to consumption tax * Importation by PEZA of goods for…
A: There are some benefits that are provided to Enterprise in PEZA. 1. Importation by PEZA of goods for…
Q: The amount of sale to qualified PWDS INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens…
A: The question is related to Taxation.
Q: It is mandatory to register as a VAT Taxpayer once the sales exceed 3M. During Cory Aquino's…
A: 1)It is mandatory to register as a VAT Taxpayer once the sales exceed 3M., Because it is mandatory…
Q: A sales tax registered business in its first period of trading charges $8,000 of sales tax on its…
A: A sales tax is a tax paid to a government (whether State of Central Government) for the sale of…
Q: Compute the income tax payable, if any. Relevant information: YOU are the Accountant of Pa-Mine…
A: VAT in Phillipines for 2015 was 12%. Corporate tax 30%…
Q: X Corporation allows its sales manager to incur expenses subject to reimbursements, as follows:…
A: Fringe benefits payments are given by the employer to the employees over and above the fixed…
Q: Assume Banahaw Transport, not VAT-registered, has the following gross receipts for the month of…
A: The answer is stated below:
Q: Assuming EMERALD Corporation is a manufacturer of sardines. EMERALD has the following information in…
A: As per our protocol we provide solution to the one question only but you have asked multiple…
Q: When a sale is made and sales tax is collected from the customer, the sales tax is recorded as a/an…
A: Sales tax is collected by the business owner for the government from the customer .
Q: a) Explain, in three sentences or less, ‘cross-credit’ in relation to the foreign tax credit. Make…
A: ‘’Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Rainy-day Ltd is a company registered for Value Added Tax (VAT) in the United Kingdom. The…
A: Hi, since you have asked many sub parts, we are answering you the first three sub parts. To get the…
Q: Rainy-day Ltd is a company registered for Value Added Tax (VAT) in the United Kingdom. The…
A: For balance question , please upload it on site. Inconvenience regretted.…
Q: On 25 March 2021 Rainy-day Ltd received a deposit for standard rated services to be supplied to a…
A: “Since you have posted a question with multiple sub-parts, we will solve third (3) subpart for you.…
Q: Tennis Shoe Warehouse operates in a state with a 6.5% sales tax. For convenience, Tennis Shoe…
A: Correct answer is d. net income will be overstated and liabilities will be understated
Q: A domestic transportation contractor by land is engaged in the transport of passengers, goods and…
A: VAT is known as the value added tax It is a type of tax which falls under the category of indirect…
Q: Rainy-day Ltd is a company registered for Value Added Tax (VAT) in the United Kingdom. The…
A: SOLUTION- VAT- IT IS A CONSUMPTION TAX PLACED ON THE PRODUCT WHENEVER VALUE IS ADDED AT EACH STAGE…
Q: ABC corporation provided the following data for calendar year ending December 31, 2021 ($…
A: A non-resident foreign corporation is one which does not have any presence in the Philippines but…
Q: Which of the following statements is correct? a. Export sale by a VAT registered person is…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: How much of the following transactions is subject to consumption tax? * Importation of flowers by…
A: Consumption Tax Consumption tax is a tax that is applied to the purchase of goods or services.…
Q: ged in a VAT-business and a non-VAT business. Her records show the following data, no tax included,…
A: Value Added Tax Value added Tax is the tax system which was imposed by the government authority to…
Q: Rainy-day Ltd Rainy-day Ltd is a company registered for Value Added Tax (VAT) in the United Kingdom.…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: Assume the Value Added Tax (VAT) rate is 5% in Oman. Nizwa Electronics Showroom purchased goods…
A: VAT:The full form of VAT is a value-added tax. It is an indirect tax imposed on goods and services…
Q: journal entrie
A: The two journal entries that are to be recorded for the year 2 - ASC 740 provision are: 1. The tax…
Q: Tennis Shoe Warehouse operates in a state with a 6.5% sales tax. For convenience, TennisShoe…
A:
Q: who make a combined business and pleasure trip: a.Can deduct the cost of meals, lodging, local…
A: The question is related to taxation and civil law.
Q: The following case is applicable to 4 consecutive questions: Nueva Ecija Company received a bill for…
A: SOLUTION VAT IS THE CONSUMPTION TAX ASSESSED ON THE VALUE ADDED ON GOODS AND SERVICES.
Q: Which of the following is wrong? If the seller is a non-VAT registered seller, the government…
A: All first 3 options are correct as government withhold 3% final percentage tax on sales before…
Q: How much is the business tax if the business is radio station Narcissus owns a non-VAT registered…
A: As per National Internal Revenue Code of Phillipines and Republic act following is the correct…
Q: Loudoun Trucking purchases 4,750 truck tires. The federal excise tax is $0.13 per tire. Find the…
A: Excise Tax = truck tires * Excise tax rate
Q: sales tax is collected from customers and paid to the a. board of equalization b. contract documents…
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Q: Company sold to Y Company goods worth 10,000.00, exclusive of any applicable tax. If X Company is a…
A: On a purchase made by a non-VAT registered person from the VAT-registered person, the whole amount,…
Q: ABC Corporation has the followi
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Q: Who is the person statutorily liable to pay the consumption tax on local sale of goods and services?…
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Q: Which of the following is wrong? A. If the seller is a non-VAT registered seller, the government…
A: Seller A person who provides goods, products, or services to their customers is known as a seller.…
Q: X Corporation allows its sales manager to incur expenses subject to reimbursements, as follows:…
A: 1. Amount subject to fringe benefit tax Electricity 70% borne by Company 14000 Water - 70% in…
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- A domestic transportation contractor by land is engaged in the transport of passengers, goods and cargoes. If the transportation contractor is vat-registered , what business taxes is he liable? Group of answer choices 3% tax on VAT-exempt persons on gross receipts from transport of goods and cargoes and 3% common carrier's tax on gross receipts from transport of passengers. 12% value-added tax; 12% VAT on gross receipts· from transport of goods and cargoes and 3% common carrier's tax on gross receipt from transport of passengers. 3% common carrier's tax;Who is the person statutorily liable to pay the consumption tax on local sale of goods and services? *SellerBuyerBoth Seller and BuyerAnswer not given Which is wrong? * International carriers doing business in the Philippines shall pay a tax equivalent to 3% of their quarterly gross receipts derived from the transport of cargoes, baggage, or mails from the Philippines to another country. International carrier's transport of passenger is exempt from tax. Keepers of garage are subject to 3% common carrier’s tax regardless of the amount of their gross receipts. All common carriers are subject to VAT on their transport of passengers or cargoes by water or by air Who is the person statutorily liable to pay the consumption tax on local sale of goods and services? * SellerBuyerBoth Seller and BuyerAnswer not givenA VAT registered person is engages in both VAT and VAT exempt During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts to P200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200 The creditable input tax is:
- 13 These statements are presented to you for evaluation:Statement I – Any person who, in the course of trade or business, sells, barters, exchanges goods for properties shall be required to register as a VAT taxpayer if his gross sales or receipts for the past twelve (12) months, other than those exempt, exceeds P3,000,000.Statement II – If a taxpayer engaged in a business which is exempt from VAT purchases goods from a VAT-registered supplier, the input tax from the purchase made by him becomes part of the cost of his purchase.In your evaluation of the foregoing statements: Group of answer choices Only Statement I is true. Both statements are false. Only Statement II is true. Both statements are true.A VAT registered person engages in both VAT and VAT exempt business. During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts toP200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200. The creditable input tax isAssume 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 Abi
- 36 ZZZ is engaged in a VAT-business and a non-VAT business. Her records show the following data, no tax included, for the taxable year: Sales From VAT business P 6,000,000 From non-VAT business 4,000,000 Purchases of goods For VAT business from VAT suppliers 3,000,000 For non-VAT business 2,000,000 Purchases from VAT suppliers of supplies used for VAT and non-VAT Business 30,000 Expenses incurred for both VAT and non-VAT business (70% of these expenses were paid to VAT-registered enterprises) 100,000 The VAT payable is:A supplier imported goods and then sold them to a distributor for a value of 920,000 riyals inclusive of tax, then the distributor sold them to a store for a value of 1,035,000 riyals inclusive of tax, and the entire merchandise was sold to consumers for an amount of 1,150,000 riyals.Required :1- Calculating the value of the value-added tax that must be transferred to the General Authority of Zakat and Income and who will transfer it? (If you know that the tax rate is 15%)2- What is the amount of VAT transferred by the distributor to the direct authority?3- Write the journal entries in the distributor's accounts?Johnson’s Hardware, a registered taxpayer, during the month of December purchased $100 000 of standard rate merchandise. During the same month cutlass costing $300 000 and taxable consulting services amounted to $90 000 was incurred respectively. The total sales inclusive of GCT for the month amounted to $1 500 000. All merchandise purchased was sold with a mark rate of 30%. Required: a. List four (4) obligations of Johnson’s hardware as a registered taxpayer. b. Differentiate between the following terminologies: i. tax avoidance and tax evasion ii. input and output tax iii. standard rated items and zero rated items. c. Compute the following for the month of December 2013 for Johnson’s hardware: i. total input tax ii. output tax iii. tax liability
- Which of the following is false regarding consumption and business tax? a. Importations of goods are subject to value-added tax whether the imported goods are to be used in business or not. b. All business taxes are consumption taxes but not all consumption taxes are business taxes. c. Business taxpayers with annual receipts higher than the VAT threshold who registered as VAT taxpayers may switch to a non-VAT registration provided such actual receipts during the year proved to be lower than the threshold. d. A business taxpayer subject to other percentage taxes shall register as a VAT taxpayer if its total sales or receipts exceeds the VAT threshold. e. All of the other choices is correct.Which of the following is true? a. Business taxpayers with annual sales or receipts higher than the VAT threshold who opted to register as VAT taxpayers cannot register back as non-VAT because of the three-year lock-in period. b. A VAT taxpayer may also be subject to other percentage taxes and excise taxes provided a range of goods and services offered. c. The basis on imposing a consumption tax on the sale of services is the quarterly sales. d. Exportation made by business taxpayers normally subject to the general percentage tax is taxable for consumption taxes. e. All of the other choices is incorrect.3 GOODS AND SERVICE TAX For the following consider whether it is a Taxable Supply, Input Taxed or GST Free. Calculate net GST payable position. Receipts $ 660,000 Sales of Motor Vehicles 35,000 Rent received on residential property 5,000 Interest on Deposits 1,100,000 Sale of commercial building 6,600 Employee contribution for provision of car Payments $ 330,000 Motor Vehicles purchased 10,500 Maintenance cost on the residential apartments 150,000 Salary paid to employees 1,500 Rates 400 Water bill 55,000 Repairs to motor vehicles please provide the sectin under which the calculation are made and also case law example if applicable,