Mahigos owns the following businesses:     Annual Gross Receipts Annual Gross Sales Restaurant 1,350,000 1,000,000 Barbershop 625,000 600,000 Seller of marine food products 1,875,000 2,000,000       Purchases of goods from VAT suppliers totaled P1,200,000 (related to VAT business if applicable). How much is the VAT payable or percentage tax for the year?   Group of answer choices P318,000 P108,000 P93,000 P48,000

Q: Carly is single. Box 1 Wages - 77,500 Box 2 Federal Income Tax Withheld - 5,400 1099 Interest…

A: Carly is single.  Her wages are 77,500 plus interest and dividend income. She has…

Q: amounted to P126,700. The foods and drinks b nightclub are being served by Tiberio, a non-VA uring…

A: Amusement tax refers to the form of tax levied on any source of commercial entertainment services…

Q: Grace has the following transactions. Gross sales-840,000 php Sales discounts- 25,000 php Cost of…

A: Taxable Income: Taxable income is the amount of money earned that is subject to taxation. Amounts…

Q: In July 20X2, a company sold goods at standard sales tax rate with a net value of $200,000, goods…

A: Computation of Output tax is as follows: Output tax =$200000 ×15%=$30000 Computation of Input tax is…

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: Last year, Marylynn opened Baron’s Appliance Sales and Service. Her tax accountant provided the…

A: a) Taxable income is derived by subtracting expenses and depreciation from gross income. Taxable…

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: A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not…

A: VAT refundable states that the taxpayer has paid in excess amount of money during the tax period as…

Q: ABC Company has an agreement to pay its sales manager a bonus of 5% of the income after bonus and…

A: ANSWER INTRODUCTION  HERE IN THIS QUESTION BONUS PAID TO SALES MANAGER IS 5% OF THE INCOME AFTER…

Q: Bluedragon is engaged in the following business activities for the year 2021: buying and selling of…

A: Relevant provision:- Persons who are not VAT-registered,  who sell goods, properties or services and…

Q: Agency DEF collected the following income during the month: Income Taxes – Individual, P1,500,000;…

A: Working  Particulars Tax Revenue P Non Tax Revenue P Total Revenue…

Q: rran operates a boutique yarn store from their own. The store had accounting income after tax of…

A: Taxable income is the income before tax that is available after making standard deductions from the…

Q: on-VAT business reported the following: Sales P2,500,000 Cost of Sales P1,000,000 Purchases,…

A: There are taxes on business there are taxes on the profit earned by business and these taxes are…

Q: Mr. Borbon had the following data for his income tax return for the current year: Sales Personal…

A: The question is related to taxation. In case if the we optioned to taxed by  8% , the there will be…

Q: Magnus Corporation has $120,000 of revenues for the year. They also have the following expenses…

A: Corporate taxable income=Gross Income-Allowable Deductions

Q: A VAT-taxpayer made the following sales during the year: Domestic Sales     P100,000 Export Sales…

A: From manufacture through the point of sale, value-added tax (VAT) is collected on a product at every…

Q: In April of the current year, Freeman Steel Company transferred Herb Porter from its factory in…

A:

Q: Assuming a 21 percent marginal tax rate, compute the after-tax cost of the following business…

A: a. Compute the after-tax expense as follows: After-tax expense = Business property and casualty…

Q: Sally, the MWE, also has a small business with the following data: sales of P500,000, cost of goods…

A: Income tax is a tax levied on the income of a business or entity by the government. It is one of the…

Q: 3. Jackson reports $60,000 sales from his Schedule C business. He has utility and wages expenses of…

A: Tax:- Tax is financial charge which is imposed by the Government.. Tax is the expense for the…

Q: With reference to the facts above: A.Calculate the net income of the partnership. B.Show the…

A: Definition: When two or more persons agree to run a business while sharing profit and losses in the…

Q: Wil has a bakery with total assets of P5,000,000 inclusive of a lot with a book value P1,400,000. •…

A: Taxable Income: When it comes to a person's or company's gross income, the amount of that income…

Q: A. Ferrero Company has an agreement to pay its sales manager a bonus of 10% of the income after…

A: Let assume the income after bonus and tax = X Then the manager bonus will be = X * 0.10 = 0.1X The…

Q: Ms. Cumacaliua is concurrently employed at Cumanan Corporation an Paatras Company. She received the…

A: Business tax in the Philippines has to be paid by the corporates and also by those individuals who…

Q: Ms. V is the Sole proprietress of VVV Company. She has the following business income in 2020.…

A: Ms. V is the sole proprietress of VVV company. In 2020, Standard deduction = 40% Gross sales =…

Q: Pepa Company has an agreement to pay its sales manager a bonus of 5% of the income after bonus and…

A: Calculation of bonus for the Year are as follows

Q: Bernabe reports the following business transactions: Gross sales Sales discounts Cost of sales…

A:

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: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its…

A: Answer : Date General Journal Debit Credit  Sep 30 Salaries expense 800.00     FICA—Social…

Q: What is the amount subject to business tax? 2 points Jackpruit, a seller of goods, had the following…

A: Bussiness taxable income is simply the net income earned during the taxable period i.e.  taxable…

Q: Nature Company has an agreement to pay each sales manager a bonus of 5% of the entity's earnings and…

A: A bonus is a monetary remuneration that is far in excess of the ordinary installment assumptions for…

Q: Vhembe Limited manufactures and sells lawnmowers online to the public. The company produced a profit…

A: Tax accounting is the branch of accounting that deals with preparing and paying taxes. Individuals,…

Q: LENI Lugawan Corp has the following data for the year ended December 31, 2021:…

A: The company is a resident corporation hence domestic corporate income tax due will be income tax at…

Q: 1. A is a non-VAT registered tax payer with a grocery store. The following data are available for…

A: Percentage Tax due: Total sales for the first quarter = 300,000 + 400,000 = 700,000 Vat/Percentage…

Q: The Stone Inn earned $167,284 in taxable income for the year. How much tax does the company owe on…

A: The tax owed by the company can be calculated as per the tax slab.

Q: Acme Pest Control has sales of $13,500, cost of goods sold of $4,000, selling expenses of $3,500,…

A: The Income Statement tells how much any company had earned. Hence, income Statement helps to…

Q: nsport of cargoes 6,000,000Sale of goods during travels 1,000,000How much is the estimated average…

A: Business tax refers to the taxes a business needs to pay the authoritative government as it…

Q: Lefty Inc. sells its products to customers residing in Country X and Country Y. Both foreign…

A: Company L Inc. can sell their product in global market and need to consider various factor that…

Q: Round your answers to the nearest cent. a. Amount of SUTA tax the company must pay to Nebraska on…

A: Amount of SUTA tax the company must pay to Nebraska on Porter's wages = Amount paid in Nebraska *…

Q: Suppose that you are an individual taxpayer who is self-employed. For the year, you projected a 10%…

A: Taxable Income-:Taxable earnings are the fraction of an individual's or corporation's income…

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: [The following information applies to the questions displayed below.] BMX Company has one employee.…

A: The gross earnings is earning without any deduction. It is revenue less cost of goods sold. Tax…

Q: Nicanor, a businessman engaged in selling goods and services reported gross sales of 1,000,000 and…

A: Deductable Representation Expenses in the Philippines are limited to 0.5% of sales of goods and 1%…

Q: Zhie reports the following business transactions: Gross sales P840,000 Sales discounts 25,000 Cost…

A: Working note:-                               Net income from business Particulars Amount P Amount…

Q: 1. A non-VAT taxpayer prepared the following summary of sales for the purpose of filing his BIR Form…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…