1. 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%
1. 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%
Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation
Section: Chapter Questions
Problem 46P
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1. 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. P135,000
b. P90,000
c. P45,000
d. P0
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