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- In the quarter ended 31 March 20X2, C had sales taxable outputs, net of sales tax, of $90,000 and taxable inputs, net of sales tax, of $72,000. If the rate of sales tax is 10%, how much sales tax is due? A $1,800 receivable B $2,000 receivable C $1,800 payable D $2,000 payableNYFG, Inc.l has sales including sales taxes for the month of $445,200. If the sales tax rate is 6%, how much does NYFG owe for sales tax? Select one: a. $31,200 b. $26,712 c. $25,200 d. $45,200 e. $445,200In July 20X2, a company sold goods at standard sales tax rate with a net value of $200,000, goods exempt from sales tax with a value of $50,000 and goods at zero sales tax rate with a net value of $25,000. The purchases in July 20X2, which were all subject to sales tax, were $161,000, including sales tax. Assume that the rate of sales tax is 15%. The difference between sales tax input tax and sales tax output tax is A Dr $9,000 B Cr $5,850 C Cr $9,000 D None of these
- Sales (including sales tax) amounted to $27,612.50, and purchases (excluding sales tax) amounted to $18,000. What is the balance on the sales tax account, assuming all items are subject to sales tax at 17.5%?The Rollings Company had sales of $1,000 with cost of goods sold (COGS) equal to 30% of sales. Rollings also had total other operating expenses of $400, interest expense of $125, and is subject to a flat 40% of its pre-tax income in income taxes. What is Rollings’ net income?ABC Corporation has the following sales during the month of October: Sales to a private company, VAT exc; of P 100,000 Sales to private companies, 0% VAT rate; P 100,000 Sales of exempt goods; P 100,000 Sales to Govt; subject to 5% final VAT withholding tax; P100,000 The following input taxes were passed on by its suppliers: Input tax on taxable goods at 12%; P 6,000 Input tax on zero-rated sales of P 3,000 Input tax on sales to Govt of P 7,000 Input tax on depreciable asset- Not attributable to any specific activity (amortization) of P 20,000 Input tax on exempt sales of P 1,000 Compute the VAT Payable below: VAT output: Total VAT output Less: VAT input VAT payable (Excess VAT input)
- Based on the following amounts, how much is the income tax due based on the 25% regular corporate income tax rate? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Group of answer choices P975,000.00 P400,000.00 P600,000.00 P425,000.00FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. What is deductible expense if the company uses OSD?* a. 920,000 b. 1,360,000 c. 880,000 d. 800,000 Using the problem above, what is the income tax payable?* a. 330,000 b. 375,000 c. 575,000 d. 525,000Labrador Inc. sold 350 oil drums to Tesla Manufacturing for $75 each. In addition to the $75 sale price per drum, there is a $1 per drum federal tax and a 7% provincial sales tax. What journal entry should be made to record this sale? a. Debit Accounts Receivable 28,438; credit Sales Revenue 28,438. b. Debit Accounts Receivable 26,250; credit Sales Revenue 26,250. c. Debit Accounts Receivable 28,438; credit Federal Sales Taxes Payable 350; credit Provincial Sales Taxes Payable 1,838; credit Sales Revenue 26,250. d. Debit Accounts Receivable 26,250; debit Taxes Expense 2,188; credit Federal Sales Taxes Payable 350; credit Provincial Sales Taxes Payable 1,838; credit Sales Revenue 26,250.
- A VAT taxpayer had the following data on its operations for he month of January 2018:Sales, total invoice price P 592,480Purchases of goods, VAT not included:From VAT registered persons 100,000From nonVAT registered persons 8,000From persons subject to percentage taxes 10,000Salaries of employees 60,000Other operating expenses 12,000This is the first month of being liable to value added tax. Data in inventories at the beginning of the period bought from VAT registeredpersons follow:Inventory at cost P 44,800Inventory at realizable value 49,000Value added tax paid on beginning inventory 4,80016. How much is the input tax?17. How much is the value added tax payable?Grace has the following transactions. Gross sales-840,000 php Sales discounts- 25,000 php Cost of sales- 250,000 php Operating Expenses-190,000 php Interest income on bank deposit-BDO Part time employment- 410,000 php, 105,00 is excluded in taxation What is the taxable income which is subject to regular income tax?870,000; 680,000; 690,000; 705,000In the tax period, Red Co., who apply credit method, purchased goods and services for production product C, which is taxable and product D, which is an exempt item. Total VAT input written on added value invoices legible VND 50,000,000, in which for C is VND 20,000,000, for D is VND10,000,000. The company cannot separate the remain input tax for each item. Turnover of selling product C in the period is VND 400,000,000, product D is VND 100,000,000. The deductible input VAT amount is: * VND 50,000,000 VND 40,000,000 VND 36,000,000 VND 20,000,000
