Ms. Janice Dell is, marketing goods and she is subject to the 1% percentage Tax. She registered her business with the government registry offices and registered his books of accounts and official invoices/receipts with the Bureau of Internal Revenue as a non-VAT taxpayer. Her business name is Dell Merchandising Transactions in January 20B were: • January 2 Invested P4,000,000 in the business. Purchased goods from a non-VAT supplier for P40C,000. January 3 Purchased goods from a VAT supplier for P600,000 plus VAT of P72,000. • January 10 Sale for cash of P500,000. • January 15 Purchase of office equipment with a useful life of two years from a VAT taxpayer for P800,000, plus VAT of P96,000. January 25 Operating expenses of P400,000 were paid to non-VAT tax- payers. • January 30 Operating expenses of P10,000 plus value-added tax of P1,200 were paid to VAT taxpayers. Additional information: Inventory at the end of the month was P500,000. Requirements: 1. General Journal entries of the transactions. 2. Posting of the General Journal entries to the General Ledger. 3. Preparation of the Trial Balance of January 20B.

Ms. Janice Dell is, marketing goods and she is subject to the 1% percentage Tax. She registered her business with the government registry offices and registered his books of accounts and official invoices/receipts with the Bureau of Internal Revenue as a non-VAT taxpayer. Her business name is Dell Merchandising Transactions in January 20B were: • January 2 Invested P4,000,000 in the business. Purchased goods from a non-VAT supplier for P40C,000. January 3 Purchased goods from a VAT supplier for P600,000 plus VAT of P72,000. • January 10 Sale for cash of P500,000. • January 15 Purchase of office equipment with a useful life of two years from a VAT taxpayer for P800,000, plus VAT of P96,000. January 25 Operating expenses of P400,000 were paid to non-VAT tax- payers. • January 30 Operating expenses of P10,000 plus value-added tax of P1,200 were paid to VAT taxpayers. Additional information: Inventory at the end of the month was P500,000. Requirements: 1. General Journal entries of the transactions. 2. Posting of the General Journal entries to the General Ledger. 3. Preparation of the Trial Balance of January 20B.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 83P

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During the last five months of the year, Dwana opens a new Internet telecommunications business called Dwan-Com. Dwan-Com bills 50,000 of revenues, but receives only 40,000 cash. Dwan-Com incurs 3,000 of supply expenses, and 41,000 of labor costs. Dwan-Com pays for 2,200 of the supplies and 38,000 of the labor costs in the current year. a. What is Dwan-Coms taxable income if it elects the cash method of accounting? b. What is Dwan-Coms taxable income if it elects the accrual method of accounting? c. What method of accounting do you recommend that Dwan-Com elect?
Following is a trial balance prepared just before you were hired. Two accounts are missing, and the amount for Sales is off. Here are a few facts to consider. Our business is in a state that collects sales tax. I ran some totals, and we collected 1,800 in sales tax. Customers returned 900 in goods, which would reduce the above sales tax by 70. Our books need to reflect these events. The former accounting clerk said that she recorded everythingsomewhere. She said that she may have credited the 1,800 sales tax to Sales and not to Sales Tax Payable. And she looked confused when Sales Returns and Allowances was mentioned. She asked, Why not just debit Sales? Determine the two missing accounts and correct the accounts that are off. 1. Think about where these amounts might have been put, think about what accounts are missing, and use T accounts to solve the problems. 2. Prepare a corrected trial balance.
Mr. Alejandro Sison is marketing goods and he is subject to the 1% Percentage Tax. He registered his business with the government registry offices and registered his books of accounts and official invoices/receipts with the Bureau of Internal Revenue as a non-VAT taxpayer. His business name is Sison Merchandising Transactions in January 20A were: January 2 Invested P4,000,000 in the business. Purchased goods from a non-VAT supplier for P400,000. 3 Purchased goods from a VAT supplier for P600,000 plus VAT of P72,000. 10 Sale for cash of P500,000. 15 Purchase of office equipment with a useful life of two years from a VAT taxpayer for P800,000, plus VAT of P96,000. 25 Operating expenses of P400,000 were paid to non-VAT tax- рayers. 30 Operating expenses of P10,000 plus value-added tax of P1,200 were paid to VAT taxpayers. Additional information: Inventory at the end of the month was P500,000. Required: Preparation of the Trial Balance of January 20A
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