Mr. C sold goods worth P201,600 (inclusive of vat) to Mr. D on account. Mr. D purchased goods from Mr. E worth P200,000 (exclusive of vat) on account. Mr. D sold all of the goods purchased to Mr. X at 40% above cost plus vat. All of them are VAT registered taxpayers. How much is the sales to be recorded by Mr. D?

Q: If Papa and Bambina file separate income tax returns, what deferred income tax is created?

A: Answer:   $8,000

Q: ployment tax? B. Compute Wilma’s 2021 self-employment tax, assuming Wilma has no other earned…

A: Individuals are subject to self-employment taxes for security and medical expenses. It is charged at…

Q: In 2021, ABC Corp., a non-VAT taxpayer sold goods to the Bureau of Internal Revenue in the amount of…

A: Any goods sold to the government as per National Internal Revenue code of section 114(c) final VAT…

Q: Clara had a business net income of P300,000. She also earned P5,000 commission from selling cellular…

A:

Q: Compute the ca

A: Answer: Cost as per sole proprietor owner = P1,000,000 Sales (10% above cost) = P1,000,000 *110%  =…

Q: ella, a non-VAT taxpayer sold to Millie, a VAT taxpayer, his goods for P 50,000. The next day,…

A: Note: The Q Currency is Php hence, we are assuming the Q is from Phillipins. In Philippines VAT…

Q: PPP is a Filipino residing in Muntinlupa City. Aside from being employed as an accounting supervisor…

A: Optional Standard deduction is a standard deduction of 40% which is allowed to be deducted from the…

Q: B, Senior citizen, is engaged in business of selling product B. For 2017, Lolo B has a total sales…

A: B is a proprietor and in proprietorship the owner and business are same. There is no separate legal…

Q: Sandra, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle…

A: $1 = Php 45 Cost paid by PCSI = P123,200 Received by PCSI = $70

Q: The Value-added tax payable of Kyle is:

A: VAT is an acronym of the value added tax. It is a type of tax but falls under indirect tax category.…

Q: Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle…

A:

Q: Previously not paying the value-added tax because his sales in any year never exceeded P3,000,000,…

A: Transitional input vat is the input vat credit given to those taxpayers once in a lifetime when the…

Q: Mr. A sold goods worth P56,000 (inclusive of vat) to Mr. B on account. Mr. B sold the same goods to…

A: The question is related to the taxation. The present rate of vat is 12%. The tax is equivalent to a…

Q: Glenn carries on a business and is registered for GST. He made a taxable supply of goods in the…

A: Taxable supply is broadly defined to mean the supply of goods and / or services that are taxable…

Q: Mr. Pamplona earned total gross receipts of P800,000 and paid P300,000 in expenses in his accounting…

A: Taxable income: It is the part of the income on which tax is calculated that is to be paid to the…

Q: Johnson’s Hardware, a registered taxpayer, during the month of December purchased $100 000 of…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Tom Cruiser is buying a single-family residence in Oakvile, Ontario, for $805,000. According to the…

A: Taxable income: It is the income on which tax is calculated that is to be paid to the government and…

Q: . The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive…

A: 1) In the given goods are purchased for 200,000 ( exclusive of VAT) VAT = 12% ( 200000 x 12%) 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 sole proprietor borrows 1000 and uses 85% of the proceeds to buy business supplies and the rest to…

A: Sole proprietorship indicates the business established by the sole owner where the owner and its…

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

A:

Q: aeRo Yi is an employee of Danbam Corp. with a taxable income of P220,000. At the same time, he has a…

A: Preferential taxation is an optional taxation scheme in Philippines to tax the total of gross sales…

Q: For the current tax year, Morgan had $25,000 of ordinary income. In addition, he had an $1,900…

A: Capital loss: The loss that occurs when selling long-term assets and short-term assets. This loss is…

Q: First Metro Pacific was able to persuade Francis to join the company as its Assistant Vice President…

A: Francis joined the company as Assistant Vice President for Finance. Company included the car plan in…

Q: ackie, a non-business taxpayer, paid for the following relevant figures (in pesos) anent his…

A: Dutiable Goods are calculated on a CIF basis. Note 1. CIF is Cost, Insurance, and Freight (here…

Q: Aruna, a sole proprietor, wants to sell two assets that she no longer needs for her business. Both…

A: Section 1231 is used for depreciable real property for more than one year. Under this section gain…

Q: Aling Nena is a sari-sari store owner. She is covered by the percentage tax provision. Her store had…

A: Ans: P16,500  3 % of gross sale is the rate of Percentage tax in Philippines, if gross annual sales…

Q: Dexter owns a large tract of land and subdivides it for sale. Assume that Dexter meets all of the…

A: Capital gain refers to the amount that arises from the increase in the value of capital assets and…

Q: The Smoky Corporation, a VAT-registered company, imported goods worth P 900,000 paying thereon the…

A: Value added tax means the tax that will be charged by the government on the sale of goods or…

Q: A “sari-sari" store registered as a VAT taxpayer had the following sales. Sales of newspapers…

A: In Philippines government give exemption from VAT is following. 1. News paper, books and magazines…

Q: 1 Suppose the taxpayer originally purchased the machinery by paying $12.000 in cash and giving the…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Mr. L is a taxpayer with VAT and Non-VAT business. He had the following data, VAT not included, in a…

A: given information VAT business P 3.000,000 Sales, non-VAT business Purchases of goods, from…

Q: A VAT registered person engages in both VAT and VAT exempt business. During the year total sales…

A: Input tax refers to the central tax (CGST), state tax (SGST), integrated tax (IGST), or union…

Q: What is the income tax due to John Wick in his quarterly income tax?

A: Given: Sales amounted = P800,000 Services as a broker received = P300,000 Tax = 8% Cost of sales =…

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

A: Calculation of farran's taxable income as per law:

Q: 1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price…

A: Calculation of the output VAT : So the correct answer is A) 48,000

Q: Dexter owns a large tract of land and subdivides it for sale. Assume thatDexter meets all of the…

A: All amounts are in dollar.

Q: Ms. Claveria had a business net income of P300,000. She alsoearned P5,000 commission from selling…

A: The net income is the total profits earned against various costs.

Q: Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle…

A: GIVEN     Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The…

Q: Floyd (self-employed) is a non-vat registered taxpayer who operates a convenience store. The…

A: Taxes are the amount of dues or liabilities that is being payable by the individual to government on…

Q: Peter has total income of $54000. He has employment expenses of $18000, made a $5000 RRSP…

A: The taxable income is the income on which the tax is calculated. To calculate the taxable income of…

Q: What is the taxable income of Mr. Pamplona subject to regular income tax?

A: Tax is the amount which the taxpayer has to pay on the taxable income and which is determined as per…

Q: Sandra, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle…

A:

Q: John is filing taxes individually, his salary is $102,000, he also received $5,000 on interest from…

A: Hi, since you have asked a question with multiple subparts, we are solving the 1st 3 subparts for…

Q: Ms. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased…

A: The question is related Input tax. Input tax is the tax on purchases. The present VAT is 12%. Two…

Q: 1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price…

A: VAT means the value added tax which is levied on sale and purchase . Vat paid on purchases is booked…

Q: Mang Carlo is a balut vendor. For the taxable year, he earned 180,000 from selling balut. Mang Carlo…

A: Mang Carlo is a balut vendor. For taxable year, Sales revenue = 180000 Total income = 200000 Other…

Q: Mr. Lito Bag is engaged in the sale of goods and has a maximum charitable contribution of P30,000…

A: Answer: Itemized deductions is the deduction that are taken if standard deduction is not taken. It…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.