PROBLEMS 6-1. Mr. A is in trading business. On June 2, 2019, he purchased an office equipment with a useful life of three years for P950,000, VẬT not included. How much was the input tax 6-2. Mr. B, a VAT taxpayer, purchased on February 5, 2019 an office equipment for P1,500,000, VAT not included, with a useful life of ten months. How much was the input tax for February 2019? 6-9 6-3. C Co. is a service provider. It purchased a fixed asset for P2,400,000, with a useful life of three years, VAT not included. Monthly input tax? 6-4. D Co. is in manufacturing business. It purchased a fixed asset on July 1, 2019 with a useful life of ten years for P2,100,000, VAT not included. How much was the monthly input tax? 6-5. E Co. purchased in March 2019, fixed assets: Asset No. 1 (useful life of 5 years) Asset No. 2 (useful life of 2 years) Input tax of March 2019? P550,000 400,000 6-6. G Co. purchased several fixed assets in a month: Asset No. 1 (useful life of 8 years) Asset No. 2 (useful life of 3 years Asset No. 3 (useful life of 10 months) Asset No. 4 (useful life of 2 years) Input taxes for the month? P900,000 720,000 200,000 400,000 6-7. H Co. has, in its books of accounts the following: March 1, 2019, acquisition of a fixed asset with a useful life of 6 years May 5, 2019, acquisition of a fixed asset with a useful life of 2 years May 8, 2019, acquisition of a fixed asset with a useful life of 4 years The fixed asset acquired on March 1, 2019 was P1,500,000 600,000 500,000 retired on May 2, 2019. Input taxes for May, 2019? 6-8. I Co. is having its factory building constructed by A Study on Business Taxes and Transfer Taxes 6-12
PROBLEMS 6-1. Mr. A is in trading business. On June 2, 2019, he purchased an office equipment with a useful life of three years for P950,000, VẬT not included. How much was the input tax 6-2. Mr. B, a VAT taxpayer, purchased on February 5, 2019 an office equipment for P1,500,000, VAT not included, with a useful life of ten months. How much was the input tax for February 2019? 6-9 6-3. C Co. is a service provider. It purchased a fixed asset for P2,400,000, with a useful life of three years, VAT not included. Monthly input tax? 6-4. D Co. is in manufacturing business. It purchased a fixed asset on July 1, 2019 with a useful life of ten years for P2,100,000, VAT not included. How much was the monthly input tax? 6-5. E Co. purchased in March 2019, fixed assets: Asset No. 1 (useful life of 5 years) Asset No. 2 (useful life of 2 years) Input tax of March 2019? P550,000 400,000 6-6. G Co. purchased several fixed assets in a month: Asset No. 1 (useful life of 8 years) Asset No. 2 (useful life of 3 years Asset No. 3 (useful life of 10 months) Asset No. 4 (useful life of 2 years) Input taxes for the month? P900,000 720,000 200,000 400,000 6-7. H Co. has, in its books of accounts the following: March 1, 2019, acquisition of a fixed asset with a useful life of 6 years May 5, 2019, acquisition of a fixed asset with a useful life of 2 years May 8, 2019, acquisition of a fixed asset with a useful life of 4 years The fixed asset acquired on March 1, 2019 was P1,500,000 600,000 500,000 retired on May 2, 2019. Input taxes for May, 2019? 6-8. I Co. is having its factory building constructed by A Study on Business Taxes and Transfer Taxes 6-12
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 9DQ: LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on...
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Transcribed Image Text:PROBLEMS
6-1. Mr. A is in trading business. On June 2, 2019,
he purchased an office equipment with a useful
life of three years for P950,000, VẬT not included.
How much was the input tax
6-2. Mr. B, a VAT taxpayer, purchased on February
5, 2019 an office equipment for P1,500,000, VAT
not included, with a useful life of ten months.
How much was the input tax for February 2019?
3,00
6-9.
6-3. C Co. is a service provider. It purchased a fixed
asset for P2,400,000, with a useful life of three
years, VAT not included.
Monthly input tax?
6-4. D Co. is in manufacturing business. It purchased
a fixed asset on July 1, 2019 with a useful life of
ten years for P2,100,000, VAT not included.
How much was the monthly input tax?
6-5. E Co. purchased in March 2019, fixed assets:
Asset No. 1 (useful life of 5 years)
Asset No. 2 (useful life of 2 years)
Input tax of March 2019?
P550,000
400,000
6-6. G Co. purchased several fixed assets in a month:
Asset No. 1 (useful life of 8 years)
Asset No. 2 (useful life of 3 years
Asset No. 3 (useful life of 10 months)
Asset No. 4 (useful life of 2 years)
Input taxes for the month?
6-
P900,000
720,000
200,000
400,000
6-7. H Co. has, in its books of accounts the following:
March 1, 2019, acquisition of a fixed asset with
a useful life of 6 years
May 5, 2019, acquisition of a fixed asset with a
useful life of 2 years
May 8, 2019, acquisition of a fixed asset with a
useful life of 4 years
The fixed asset acquired on March 1, 2019 was
retired on May 2, 2019.
Input taxes for May, 2019?
P1,500,000
600,000
500,000
6-8. I Co. is having its factory building constructed by
A Study on Business Taxes and Transfer Taxes
6-12
Transcribed Image Text:a building contractor. Under the construction con-
tract, the building contractor will supply mate-
rials and labor for a P15,000,000 contract price
to be paid periodically by B Co. based on prog-
ress billings. Progress billings pald were:
In the month of July, 2019
In the month of August, 2019
Input tax of July 2019?
Input tax of August, 2019?
9 J Co. is a VAT taxpayer. It had a building for bu-
siness use constructed by a building contractor
for a contract price of P12,000,000, payments on
which depend on the stage of completion and
the progress billing of the building contractor. Bil-
lings and payments thereon were as follows:
May, 2019
June, 2019
July, 2019 (payment made in August 2019)
August 2019
Input value added taxes for:
May, 2019
June, 2019
July, 2019
August, 2019
P2,000,000
3,000,000
P3,000,000
3,000,000
3,000,000
3,000,000
6-10. Mr. L is a taxpayer with VAT and non-VAT busi-
ness. He had the following data, VAT not inclu-
ded, in a VAT taxable period.
Sales, VAT business
Sales, non-VAT business
Purchases of goods, from VAT suppliers, for VAT
business and non-VAT business
How much was the input tax?
How much was the value-added tax payable?
P3,000,000
2,000,000
1,000,000
6-11. A VAT taxpayer had the following data on sales
and purchases of a month, value-added tax not
included:
Sales, exports
Purchases from VAT taxpayers
Value-added tax refundable?
P4,000,000 0%.
1,200,000 1K
2019, he had the following data on sales and pur-
chases, value-added tax not included, and
Tayes and Transfer Taxes
6-13
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