On January 2020, DEF Corporation is a VAT registered manufacturer ofrefined sugar, purchased in cash from STU Corporation, also a VATregistered company, sugar cane amounting to P80,000. The refined sugarproduced were sold on January 2020 on credit for P150,000, VAT exclusive. Compute for the VAT payable. A. P18,000 B. P8,400 C. P14,800 D. P9,600
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On January 2020, DEF Corporation is a VAT registered manufacturer ofrefined sugar, purchased in cash from STU Corporation, also a VATregistered company, sugar cane amounting to P80,000. The refined sugarproduced were sold on January 2020 on credit for P150,000, VAT exclusive. Compute for the VAT payable.
A. P18,000
B. P8,400
C. P14,800
D. P9,600
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- Assume that Kwek-kwek Corp. participates in a customer loyalty program operated by Suka Corporation where it grants 1 point for every P200 spent on its oil products. Accumulated points by customers from Kwek-kwek Corp. may be used to settle part or in full any merchandise purchased from Suka Corporation. Kwek-kwek Corp. pays Suka P1 for each point redeemed. In 2021, total sales of the Kwek-kwek Corp. amounted to P10,000,000. Only 45% of the 100% expected total points granted were redeemed by the customers from Suka Corporation which was used to fully settle the purchase of goods during the year. How much is the expense to be recognized by Kwek-kwek in 2021 related to the transaction?ABC Corporation has the following sales during the 1ª quarter of 2021: Sale to private entities subject to 12% Php1,000,000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1.000.000 Sale to government 1,000.000 The following input taxes were passed on by ABC Corps VAT suppliers: Input tax on taxable goods 50.000 Input tax on zero-rated sale 30,000 Input tax on sale of exempt goods 20,000 Input tax on sale to government 40,000 Input tax on depreciable capital goods not attributable to any specific activity 40,000 Total available input tax due for the quarter is:On June 1, 200A, ABC Company sells to XYZ, 5 used factory equipment, each of which was acquired at P20,000, 3 years ago. The carrying value of each equipment is P5,000. The selling price of each equipment is P5,200. Upon executing the sale, ABC received P6,000 down payment and a 11% 1 year promissory note for the balance. At the end of December 200A, how much is the total amount of income that should be shown in ABC’s income statement.
- On July 1, 2020, Agincourt Inc. made two sales. 1. It sold land having a fair value of $700,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,101,460. The land is carried on Agincourt’s books at a cost of $590,000. 2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $400,000 (interest payable annually). Agincourt Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest. Instructions Record the two journal entries that should be recorded by Agincourt Inc. for the sales transactions above that took place on July 1, 2020.On January 30, 2021, XYZ Corporation, a non-VAT registered company, purchased from ABC Corporation, a VAT registered company, goods and paid a total amount P156,800, inclusive of VAT. on February 1, 2021, XYZ Corporation became liable to VAT. The goods were sold on February 28, 2021 for P280,000, VAT inclusive. Compute for the VAT payable P30,000 P13,200 P27,200 P16,800On January 1, 200A, ABC Company sells to XYZ, 5 used factory equipment, each of which was acquired at P20,000, 3 years ago. The carrying value of each equipment is P5,000. The selling price of each equipment is P4,000. Upon executing the sale, ABC received P2,000 down payment and a 12% 1 year promissory note for the balance. Compute the total amount of cash ABC received from the collection of the note on December 31. 200A.
- ABC Company participates in a customer loyalty program operated by YG Corporation where it grants 1 point for every P200 spent on its oil products. Accumulated points by customers from ABC may be used to settle part or in full any merchandise purchased from YG. ABC pays YG P1 for each point redeemed. In 2021, total sales of the ABC amounted to P10,000,000. Only 45% of the 100% expected total points granted were redeemed by the customers from YG Corporation which was used to fully settle the purchase of goods during the year.How much is the expense to be recognized by ABC in 2021?Blue Company sold a car to a customer at a price of P400,000 with a production cost of P300,000 on January 1, 2021. At the time of sale, the entity received cash amounting to 25% of the selling price and old car with trade-in allowance of P50,000. The said old car has fair value of P150,000. The customer issued a 5-year note for the balance to be payable in equal annual installments every December 31 starting 2021. The note payable is interest bearing with 10% rate due on the remaining balance of the note. *How much is the Installment Sales to be recognized in 2021? *How much is the revenue to be recognized in 2021? *How much is the trade in to be reported at Jan. 1,2021? *How much is the net income? To whoever will answer it, I wish you could answer the 4 questions they are connected so it would be a hassle if only the three questions will be answered, do me a favor pls. Thank you in advance :))On July 1, 2020, Splish Inc. made two sales. 1. It sold land having a fair value of $909,120 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,430,514. The land is carried on Splish's books at a cost of $597,100. 2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $401,050 (interest payable annually). Splish Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest.Record the two journal entries that should be recorded by Splish Inc. for the sales transactions above that took place on July 1, 2020.
- On October 9, 2020, Steven Company purchased $4,500 of product on account from Bryant Company on with credit terms of 2/15 n/30. The product cost Bryant Company $3,750. The freight terms were F.O.B. shipping point, the cost was $125 and the freight was paid in cash to ABC Trucking Company on Oct 12, 2020. On October 15, Bryant Company purchased $2,000 of product from Mitchell Company, with credit terms of 3/10, n/60. The product cost Mitchell Company $1,200. The freight terms were F.O.B. destination. the cost was $75 and the freight was paid in cash to ABC Trucking Company on October 16. On October 17, Steven Company paid for the purchase made on October 9. On October 30, Bryant Company paid for the purchase made on October 15. Prepare the journal entries for Steven, Bryant, and Mitchell Companies. Calculate the gross margin on Bryant’s sale to Steven Company and on Mitchell’s sale to Bryant Company.lab Company’s accounting policy with respect to investment properties is to measure them at fair value at the end of each reporting period. One of its investment properties was measured at P8,000,000 on December 31, 2020.The property had been acquired on January 1, 2020 for a total of P7,600,000, made up of P6,900,000 paid to the vendor. P300,000 paid to the local authority as a property transfer tax and P400,000 paid to professional advisers. The useful life of the property is 40 years. What is the gain to be recognized in profit or loss for the year ended December 31, 2020 in respect of the investment property? * P400,000 P590,000 P700,000 P800,000 answer not givenFarm Solutions, Inc, sold the following items to farmers for the taxable quarter ending June 30, 2021:Fertilizers P3,040,000Pesticides 2,260,000Seeds 3,200,000Seedlings 6,050,000Farm equipment 18,730,000Total P33,280,000 1. How much is Farm Solutions, Inc's Output VAT 2. When should Farm Solutions file its VAT return for the taxable quarter ending June 30, 2021 3. When should Farm Solutions file its VAT return for the taxable quarter ending June 30, 2021 4. Assuming Farm Solutions is an agricultural cooperative, and the farmer are its members, how much is Farm Solutions' output VAT?
