Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is P240,000, of which the related VAT paid is negligible.1. How much is the business tax payable for the first quarter?2. How much is the business tax payable for the third quarter? JanFebMarAprMayJunJulAugSepOctNovDecSales960,000920,000 1,150,000680,000670,000860,000440,000550,000580,000790,000630,000 1,250,000Purchases450,000250,000380,000345,000405,000210,000450,000470,000680,000380,000410,000750,000Please enter a number greater than or equal to 0

In Philippines generate Vat tax rate is 12% on goods and services provided in the domestic territory…

Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is P240,000, of which the related VAT paid is negligible. 1. How much is the business tax payable for the first quarter? 2. How much is the business tax payable for the third quarter?

Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is P240,000, of which the related VAT paid is negligible. 1. How much is the business tax payable for the first quarter? 2. How much is the business tax payable for the third quarter?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: OXia Company completes a local bank's loan application and applies for a six-month loan. 1. To…

A: Reviewing of loan application by the banks: When any customer or client apply for bank loans then…

Q: as: ucas Company recorded the following events for the year just ended: Retirement of preferred…

A: Cash flow statement : This is the statement which measures flow cash in an organization from three…

Q: 22.1f the step method of allocation is used, how much would be allocated from supervision to…

A: There are costs which has been incurred on the service department and which requires to be…

Q: At December 31, 2022, before any year-end adjustments, Dallis Company's Prepaid Insurance account…

A: Prepaid Insurance means amount paid in advance for Insurance. They are Current Assets. Insurance are…

Q: 7.4A Extract a trading and profit and loss account for the year ended 30 June 20X8 for G Graham. The…

A: The trading account and profit and loss account are prepared to calculate the gross profit and net…

Q: On January 1, 2021, Lilianne Company iss redeemable preference shares in exchange f the total par…

A: Company means the form of business where management is separately from owner and have perpetual…

Q: University Printers has two service departments (Maintenance and Personnel) and two operating…

A: Cost refers to the amount of money incurred by the entity for running its daily operations.

Q: y consumption for refrigeration. WH the inventory of ribeye steaks this y for ribeye steaks stay the…

A: The EOQ is given as, EOQ = square root of ( 2 × demand × order cost/holding cost) It is given that…

Q: Periodic inventories are maintained. (d) Show proof of Cost of Goods Sold calculated under the…

A: Inventory valuation refers to the methods used by the company to determine the value of its…

Q: A. Compute the following on RED 1. Inventory turnover 2. Days sales in inventory 3. Operating cycle

A: Financial ratios are those which provide a summary of the accounts of a company and helps an…

Q: Inventories Office Supplies Prepaid Insurance Land 1,100,000 2,500 24,000 120,000 450,000 85,000…

A: Introduction: A statement of financial position is also said to be a balance sheet. The statement…

Q: You are a credit analyst of a growing commercial bank and have recently received loan applications…

A: Average Collection Period: An accounting indicator known as the average collection period is used…

Q: Which of the following types of messages might the Active Auditor display? Question 9 options:…

A: The Active Auditor displays: Notifications of key dates or deadlines Warnings about possible…

Q: Dongguk Industry began the accounting year of 2010 with accounts receivable balance of $650,000 and…

A: Sno Account Titles and Explanation Debit Credit 1 Accounts Receivable $ 7,290,000…

Q: 1. What do you understand by a project budget? Please outline the steps needed to prepare a project…

A: Disclaimer: "Since you have asked multiple question in a single question so we have answered first…

Q: ase 2.

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: d AC end on 31 December. Required a) Calculate the hire purchase interest included in the hire…

A: "Since you have asked multiple sub part question we will solve the first three sub part question for…

Q: assume that you have recently been invited by a large firm quoted on the kuwait stock exchange to…

A: Answer:- Audit committee:- An audit committee is basically comprises of board of directors…

Q: 2. Jerson, married, 15 dependents, had the following income within and outside the Philippines:…

A: The Philippines taxes its resident citizens on their income from worldwide whereas the non- resident…

Q: Sisig Corp. has the following information in its notes to the financial statements: • Land held for…

A: Investment property means land or building or part of building or land and building that is held for…

Q: X owns 99% of the capital stock of AAA Corporation. X also owns 99% of BBB Corporation. AAA…

A: The Correct Option is "A" i.e.AAA Corporation and BBB Corporation, although both are owned by X, are…

Q: will be paid by his insurance company if a fire causes $710,000 in losses? O $568, 000 O $735, 000 D…

A: Insurance is contract entered between two parties ie. The company assuring in the contract of…

Q: When studying a project, the following variable costs were estimated for a normal production…

A: The Break-even point (BEP) indicates the level of sales (in units or value) that a company should…

Q: Carol, a self-employed CPA, purchases hockey tickets online for $180 and takes a client to the game.…

A: Given: - Particulars Amount Cost of hockey ticket $180 Bill for Dinner $140 Total expense…

Q: urer. The remainder

A: Given as, Trade payables 30 729Sundry expenses 2 678Warehouse rental 12 629Sales representative’s…

Q: Following are simplified job cost sheets for three custom jobs at the end of June for Custom Patios.…

A: The overhead is applied to the production on the basis of predetermined overhead rate. The cost of…

Q: he following transactions occurred for Salamon Co. in 2021. The beginning balance of Accounts…

A: The allowance for doubtful accounts is a contra assets account which decreases the balance of…

Q: Total sales amounted to ( WITH SOLUTION)

A: The sales are calculated as the sum of the cost of goods sold and gross profit.In the sales revenue…

Q: ble Company provides an incentive compensation plan under which its president received a bonus qual…

A: The net income before tax can be computed from net income after tax using rate of income tax.

Q: 58. In relation to the above, how, much is Mr. Harry's tax due? A. PO C. P1,000 B. P2,000 D.…

A: Tax due refers to all the federal income taxes, interest, alternative minimum taxes and any other…

Q: amount of compensation

A: Stock appreciation rights (SARs) are a device used by companies for compensating their employee.…

Q: Cost Costs $6 - Its average cost per unit for each product at this level of activit Alpha $ 30 Beta…

A: Alpha Beta Direct material $ 30.00 $ 12.00 Direct Labour $ 20.00 $ 15.00…

Q: What is the overhead cost per product, under traditional costing? Predetermined Overhead Rate =…

A: Tri-Bikes Traditional Costing: Predetermined overhead = Estimated total overhead / Estimated total…

Q: The ledger of Rashid Travel Agency includes the following accounts with normal balances on December…

A: Closing entry means the entries passed at the end of specified period where all the balances of…

Q: Happy Burger Co, has a commissary that supplies food and other products to its and maintenance (S2),…

A: Under direct method of cost allocation from service departments to operating departments, service…

Q: (A) Discuss the circumstances that would require a business to change from traditional costing to…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: ou are a credit analyst of a growing commercial bank and have recently received pan applications…

A: The question is related to Ratio Analysis. The Working Capital is the excess of Current Assets over…

Q: Mr. Joshua A. opened his laundry business in Cavite City on January 2, 2016. The following…

A: General Journal Date Account title Debit PHP Credit PHP 1/2/16 Cash 500,000 Mr.…

Q: Gallerani Corporation has received a request for a special order of 5,500 units of product A90 for…

A: Lets understand the basics. When there is special order situation arise, relevant cost of fulfilling…

Q: At the beginning of current year, an entity leased an equipment from a lessor with the following…

A: As per IFRS 16 The cost of the right of use asset is present value of intial lease liablity ,…

Q: The cost of a purchased building includes all of the following except closing costs. O real estate…

A: Introduction: The cost of assets is defined as the asset's original purchase price, from which we…

Q: How much is the business tax payable for the August?

A: What is Income Tax Payable?Income tax payable is a term given to a business organization’s tax…

Q: 7. What is the amount of Right of Use recognized at the inception of the lease? a. $0 because it is…

A: Lease means giving out the assets by lessor to lessee to use that assets in return of rent.…

Q: Each of these assets require companies to use estimates, judgments, and discretion, except:…

A: Non Liquid assets are those assets that require some time to realize in cash. Equipment, Investors,…

Q: Japer Ltd is a retailer and has the following transactions in the quarter ended 31st March 2022…

A: Credit of tax paid on inputs is available only if tax is paid on supplies.It means credit of tax…

Q: Rocky Mountain Corporation makes two types of hiking boots—Xactive and Pathbreaker. Data concerning…

A: The question is related to Activity Based Costing and overheads. The pre-determined overhead rate…

Q: 1. What is the the difference between cashflow and net income? 2. Does "Depreciation & Amortization"…

A: Solution Concept The financial statements such as balance sheet , cash flow statement and income…

Q: record estimated uncollectible accounts using the allowance method, the adjusting entry would be a ?

A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.

Q: During June, the following changes in inventory took place: June 1 Balance…

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Q: PAS. LO 16.3 Use the following information from Dubuque Company's financial statements to prepare…

A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the…

Question

100%

Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is P240,000, of which the related VAT paid is negligible.

1. How much is the business tax payable for the first quarter?

2. How much is the business tax payable for the third quarter?

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sales
960,000
920,000 1,150,000
680,000
670,000
860,000
440,000
550,000
580,000
790,000
630,000 1,250,000
Purchases
450,000
250,000
380,000
345,000
405,000
210,000
450,000
470,000
680,000
380,000
410,000
750,000
Please enter a number greater than or equal to 0

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

choices: P415,000 P370,000 P380,000 P460,000
choices • P999,750 • P970,000 • P996,502 • P1,005,000
See image. CHOICES:a. P905,000 b. P895,000 c. P915,000 d. P900,000
P84,000 P96,000 P108,000 P112,320
1. see image for the question and statmentchoices: a. 176,000b. 263,000c. 204,000d. 321,000
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
ᴀ ᴍᴏᴛᴏʀ ᴄᴏᴍᴘᴀɴʏ ʜᴀꜱ ᴀ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ᴄᴀᴘᴀᴄɪᴛʏ ᴏꜰ 1200 ᴍᴏᴛᴏʀꜱ ᴀ ᴍᴏɴᴛʜ. ᴛʜᴇ ᴠᴀʀɪᴀʙʟᴇ ᴄᴏꜱᴛꜱ ᴀʀᴇ ᴘʜᴘ 1150 ᴘᴇʀ ᴍᴏᴛᴏʀ. ᴛʜᴇ ᴀᴠᴇʀᴀɢᴇ ꜱᴇʟʟɪɴɢ ᴘʀɪᴄᴇ ᴏꜰ ᴛʜᴇ ᴍᴏᴛᴏʀꜱ ɪꜱ ᴘʜᴘ 1275. ꜰɪxᴇᴅ ᴄᴏꜱᴛꜱ ᴏꜰ ᴛʜᴇ ᴄᴏᴍᴘᴀɴʏ ᴀᴍᴏᴜɴᴛ ᴛᴏ ᴘʜᴘ 50,000 ᴘᴇʀ ᴍᴏɴᴛʜ ᴡʜɪᴄʜ ɪɴᴄʟᴜᴅᴇ ᴛᴀxᴇꜱ. ᴡʜᴀᴛ ɪꜱ ᴛʜᴇ ɪɴᴄᴏᴍᴇ/ʟᴏꜱꜱ ᴘᴇʀ ᴍᴏɴᴛʜ? (ᴜꜱᴇ +/- ᴛᴏ ɪɴᴅɪᴄᴀᴛᴇ ꜱᴜᴄʜ, + ꜰᴏʀ ɪɴᴄᴏᴍᴇ, -ꜰᴏʀ ʟᴏꜱꜱ).
Provide complete solutionsa. ₱48,000 b. ₱100,000 c. ₱136,000 d. ₱160,000
Please explain how 820 000 derive.
ᴋʏʟᴇ ᴄʟᴏᴛʜɪɴɢ ʟɪɴᴇ ʜᴀᴅ ᴛᴏ ꜱʜɪꜰᴛ ᴛᴏ ᴀɴ ᴀʀᴛ ꜱʜᴏᴘᴛᴏ ꜱᴇʀᴠɪᴄᴇ ʜᴇʀ ᴘᴀɪɴᴛᴇʀ ꜰʀɪᴇɴᴅꜱ. ᴀꜰᴛᴇʀ ᴄᴏɴᴅᴜᴄᴛɪɴɢ ᴀ ꜰᴇᴀꜱɪʙɪʟɪᴛʏ ꜱᴛᴜᴅʏ, ʜᴇʀ ɪɴꜰᴏʀᴍᴀᴛɪᴏɴ ᴀʀᴇ ᴀꜱ ꜰᴏʟʟᴏᴡꜱ: ᴇꜱᴛɪᴍᴀᴛᴇᴅ ꜱᴀʟᴇꜱ, ᴅᴇᴄᴇᴍʙᴇʀ ᴘʜᴘ7,200,000ᴠᴀʀɪᴀʙʟᴇ ᴄᴏꜱᴛ, ɴᴏᴠᴇᴍʙᴇʀ ᴘʜᴘ600,000ᴍᴏɴᴛʜʟʏ ʀᴇɴᴛᴀʟ ᴘʜᴘ1,740,000ꜱᴇʟʟɪɴɢ ᴘʀɪᴄᴇ/ᴜɴɪᴛ ᴘʜᴘ300ᴠᴀʀɪᴀʙʟᴇ ᴄᴏꜱᴛ / ᴜɴɪᴛ ᴘʜᴘ120 ᴡʜᴀᴛ ᴡᴀꜱ ᴛʜᴇ ɴᴇᴛ ᴘʀᴏꜰɪᴛ ᴀᴛ ᴛʜᴇ ᴇɴᴅ ᴏꜰ ᴅᴇᴄᴇᴍʙᴇʀ?