Upto 100 3% 101 - 200 5% 201 - 300 8% >300 10% Find the gross earnings if Ahmed sells worth RO 320. Select one: a. 13 RO O b. 18 RO O c. 15 RO d. 8 RO
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- on may 28, talbot of boston sold forrest of los angeles 7,700 of fine clothes. terms were 5/10 eom fob boston. talbots agreed to prepay the $95 freight. of the forest pays the invoice on june 8 what will forest pay? if forrest pays on july 21 wht will forrest pay?1. Mr. J. Cruz is the owner of a small variety store. His gross sales la any one year do not exceed of P3M. He is not VAT-registered the following data are taken from the books of the variety store for the quarter ending March 31, 2026Merchandise inventory, December 31, 2025 P 100,000Gross sales 450,000Purchase from VAT-registered suppliers 350,000The percentage tax due is: 2. Grandbaby is a common carrier by sea. During a particular quarter, its receipts consist of the following: Transport of passengers P 1,000,000; Transport of goods 1,500,000; Transport of cargoes 500,000.The common carriers tax payable is1. A VAT-registered business makes a sale of P33,600, inclusive of VAT. The amount of sale that is reported in the statement of comprehensive income can be computed as* a. P33,600 x 112%b. P33,600 / 112%c. P33,600 x 12% / 112%d. P33,600 / 12% / 112% 2. You are an employee in the private sector. For the year 20x1, you received a 13th month pay of P110,000 and a Christmas bonus (non-performance based) of P25,000. Of the benefits you have received, how much is taxable?* a. P135,000b. P90,000c. P45,000d. P0
- . Bryan is a retailer whose Trial Balance at 2020 December 31 is given below:DR CR$ $Purchases and Sales 72 000 119 400Returns 750Carriage Inwards 930Wages and Salaries 27 670General Expenses 4 750Cash at Bank 4 210Cash in Hand 150Premises 62 520Fixtures and Fittings 9 000Inventory at 2020 January 01 5 550Accounts Receivable and Payable 7 200 4 850Motor Vehicle at cost 13 150Provision for Depreciation onMotor Vehicle at 2020 January 01 2 630Capital at 2020 January 01 82 500Drawings 3 000---------- ----------210 130 210 130====== ======The following additional information is available:1. Inventory at 2020 December 31 was valued at $5 200.2. General Expenses of $400 paid for the year 2021.3. A debt of $200 is to be written off as bad.4. Provision is to be made for doubtful debts of 5% on Accounts Receivables (after writing offthe Bad Debt of $200) at 2020 December 31.5. Depreciation is to be provided for 2020 as follows:Fixtures and Fittings at 10% using the straight -line method; Motor…first sale! They sold $100,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.Lancelot is a dealer of household appliances. He reported the following in 2019 and 2020: 2019 2020 Installment sales P500,000 P800,000 Cost of installment sales 250,000 440,000 Collections 300,000 600,000 Lance’s 2020 collection is inclusive of P100,000 accounts from 2019. Using the accrual basis of accounting compute Lancelot’s gross income subject to income tax in 2020. P360,000 P275,000 P320,000 P250,000
- Cucu Company sells gift certificates redeemable only when merchandise is purchase. The certificates have anexpiration date two years after issuance date. Upon redemption or expiration, Cucu Company recognizes theunearned revenue as realized. Data for 2020 are as follows:Unearned revenue, 1/1/2020 P800,000Gift certificates sold 4,000,000Gift certificates redeemed 3,200,000Expired gift certificates 400,000Cost of goods sold 60%At December 31, 2020, what amount of current liability should Cucu report in relation to gift certificates?a. P1,200,000 b. P800,000 c. P400,000 d. d. P0A consumer buys an article for a listed price of 380 OMR from a shopkeeper and pays 10% sales tax. The shopkeeper pays a VAT of OMR 3. Find the price inclusive of tax at which the shopkeeper bought from the wholesaler. a. 35O OMR b. 418 OMR c. 315 OMR d. 385 OMROn May 11, 2023, Wilson Purchasing purchased $24,000 of merchandise from Happy Sales; terms 3/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $19,000. Wilson paid $1,400 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $3,800 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $3,000. On May 20, Wilson mailed a cheque to Happy for the amount
- The amount of sale to qualified PWDs INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens and PWDs enjoy exemption from VAT and also a 20% on their purchase of certain goods or services. How much should the business report as “Sales” to be able to avail of the special deduction from its gross income? a. 1,120,000 b. 1,000,000 c. 896,000 d. 800,000MN Plc's draft statement of profit or loss for the year ended 31 March 20X8 includes GHS8m of revenue for credit sales made on a 'sale or return' basis. At 31 March 20X8 customers who had not yet paid had the right to return goods to the value of GHS2.6m. MN Plc applied a mark-up on cost of 30% on all of these sales. MN Plc's customers have in the past returned goods under this type of agreement. By what amount should MN Plc's profit for the year ended 31 March 20X8 be reduced in respect of this? A. GHS2,600,000 B. GHS780,000 C. GHS600,000 D. GHS2,400,000SA Traders operates as a hardware store and is a registered VAT vendor. The applicable tax rate is 15%. SA Traders makes use of the periodic inventory system, as well as control accounts. The transaction amounts are VAT inclusive where applicable. On 4 August 2020, Rod Traders purchased stationery for use in the office and paid R1 120 in cash. The amount in the VAT input column in the relevant journal for this transaction will be: A. R146,09 B. R137,54 C. R0 as the amount should be recorded as VAT output. D. R168,00
