P2,500,000 4. A VAT registered business has the following transactions: Sale of goods to private entities, net 12% VAT Purchase of goods sold to private entities, gross of 12% VAT P 896,000 Sales to a GOCC, net of 12% VAT P1,000,000 P 700,000 Purchases of goods sold to GOCC, net of 12% VAT How much is the withholding VAT?

P2,500,000 4. A VAT registered business has the following transactions: Sale of goods to private entities, net 12% VAT Purchase of goods sold to private entities, gross of 12% VAT P 896,000 Sales to a GOCC, net of 12% VAT P1,000,000 P 700,000 Purchases of goods sold to GOCC, net of 12% VAT How much is the withholding VAT?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 1BCRQ

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A VAT registered trader had the following transactions: Sales of good to private entities, net of VAT 2,500,000 Purchases of goods sold to private entities, gross of 12% VAT 896,000 Sales to GOCC, net of VAT 1,000,000 Purchases of goods sold to GOCC net of VAT 700,000 How much is the output tax?
Lala Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of? A. P97,000 B. P117,000 C. P115,000 D. P20,000
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Lala Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of?
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Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair values for Sol Company accounts. PadreCompany Sol Company Book Values Book Values Fair Values 12/31 12/31 12/31 Cash $ 159,000 $ 45,550 $ 45,550 Receivables 277,500 380,000 380,000 Inventory 437,500 289,000 348,200 Land 700,000 213,000 188,500 Building and equipment (net) 752,500 274,000 336,700 Franchise agreements 311,000 273,000 304,800 Accounts payable (352,000 ) (179,000 ) (179,000 ) Accrued expenses (109,000 ) (42,250 ) (42,250 ) Longterm liabilities (932,500 ) (640,000 ) (640,000 ) Common stock—$20 par value (660,000 ) Common stock—$5 par value (210,000 ) Additional paid–in…
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