At the end of March, account balances are: 190 Def. VAT: 20.000 TL. 191 Ded. VAT: 30.000 TL, 391 Rec. VAT: 60.000 TL. How much is the Tax (VAT) Payable a. 20.000 TL O b. 60.000 TL c. 10.000 TL d. 30.000 TL
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- At the end of March, account balances are: 190 Def. VAT: 20.000 TL. 191 Ded. VAT: 30.000 TL, 391 Rec. VAT: 60.000 TL. How much is the Tax (VAT) Payable? a. 30.000 TL b. 60.000 TL c. 10.000 TL d. 20.000 TLThe following information relates to Eva Co's sales tax for the month of March 20X3:$Sales (including sales tax) 109,250Purchases (net of sales tax) 64,000Sales tax is charged at a flat rate of 15%. Eva Co's sales tax account showed an opening credit balanceof $4,540 at the beginning of the month and a closing debit balance of $2,720 at the end of themonth.What was the total sales tax paid to regulatory authorities during the month of March 20X3?NYFG, Inc.l has sales including sales taxes for the month of $445,200. If the sales tax rate is 6%, how much does NYFG owe for sales tax? Select one: a. $31,200 b. $26,712 c. $25,200 d. $45,200 e. $445,200
- 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 500Tax due P20,000 is 10 days past due. Compute the interest and surcharge. Use 365 days.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
- 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. P1,980,000The company sells on terms 2/10, net 30. Total sales for the year are P1,000,000, of which P100,000 are on cash basis. Half of the customers pay on the tenth day and take discounts on average, 40 days after their purchases. What is the average amount of receivables?A seller of goods has the following details of sales and collection during the month: Receivables, beginning P 500,000.00 Gross sales 700,000.00 Less: Collection 450,000.00 Receivables, end P 750,000.00 1. What is the amount subject to business tax? 2. Determine the amount subject to business tax if the taxpayer is a seller of services.
- The annual sales of a company are $47,000 including sales tax at 17.5%. Half of the sales are on credit terms; half are cash sales. The receivables are $4,700. What is the trade receivables collection period (to the nearest day)? A 37 days B 43 days C 73 days D 86 daysThe company sells on terms 2/10, net 30. Total sales for the year are P1,000,000, of which P100,000 are on cash basis. Half of the customers pay on the tenth day and take discounts on average, 40 days after their purchases. What is the average amount of receivables? a. P62,500 b. P69,444.44 c. P20,408.16 d. P10,204.086 - Which of the following is the account and amount that should appear in the dotted places in the journal article above? a) 191 VAT Deductible 5.400 TL B) 391 VAT to be calculated Hs. 5.400 TL NS) 391 Calculated VAT Hs. 6.300 TL D) 360 Taxes and Funds Payable Hs. 5.400 TL TO) 191 VAT Deductible 5,000 TL
