A VAT registered person is engaged in the sale of VAT taxable goods and at the same time is alsoengaged in a non-VAT business, in the same business establishment. During the year, total sales ofthe VAT business amounted to P336,000, inclusive of VAT. The sales of the non-VAT businessamounted to P200,000 with a separate percentage tax of P6,000 for a total of P206,000. During thesame quarter, repairs on the building amounted to P50,000 plus VAT of P6,000. Supplies purchasedfor common use amounted to P10,000 plus P1,200 VAT. Purchase of supplies directlyattributable/relatedto VAT-taxable sales amounted to P15,680, gross of VAT. The VAT payableis

The VAT sales, which is also known as the taxable sales, are the sales of goods or services that are…

Answered: A VAT registered person is engaged in…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 47P: How do the all events and economic performance requirements apply to the following transactions by...

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A VAT registered person is engages in both VAT and VAT exempt During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts to P200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200 The creditable input tax is:
A VAT registered person engages in both VAT and VAT exempt business. During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts toP200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200. The creditable input tax is
The following information relates to Swans Ltd, a vendor, and a resident of the Republic, for its tax period (a two-month period) ended 31 December 2022: Supplies of goods made by it subject to value-added tax at the standard rate amounted to R345 000 (R300 000 plus value-added tax of R45 000). Supplies of goods or services made by it subject to value-added tax at the zero-rate amounted to R100 000 (R100 000 plus value-added tax of Rnil). These goods were exported. Supplies of goods or services made by it not subject to value-added tax (exempt) amounted to R30 000 (R30 000 plus value-added tax of Rnil). Input tax of R50 000 was incurred by it for capital goods purchased. Input tax incurred for goods and services supplied to it was R25 000. Second-hand goods (not of a capital nature) were purchased by it from a non-vendor for R23 000 and paid for in cash. A debtor who owed it R69 000 (R60 000 plus value-added tax of R9 000) was liquidated during this period. A first and final…
A VAT taxpayer had the following sales and purchases during the month:Sales, inclusive of VAT Php 336,000Purchases, exclusive of VAT 250,000Compute the gross income under each of the following independent cases:5. The sale is VAT-exempt.6. The sale is made to the government.
Here Please note that VAT Percentage in Philippines was 12% in this regard in the calculation of the VAT Payable in this regard as well. Expenses which are related to VAT registration is eligible for the deduction in the total VAT Payable calculation as well. In a taxable period, Mr. C had gross sales, VAT-exclusive, of P425,000. Sales returns and allowances for the same period, and sales discounts availed of by customers amounted to P20,000 and P5,000, respectively. How much is the gross selling price?
On July 10, Kelt Company, a business located in Alberta, purchased $45,000 of inventory for resale on account. On July 25, Kelt recorded the sale of that merchandise on account for $50,000 plus tax. On August 10, Kelt remitted GST to the Receiver General. They had no other sales or input tax credits. Journalize all three transactions.
A VAT taxpayer had the following sales and purchases during the month:Sales, inclusive of VAT Php 336,000Purchases, exclusive of VAT 250,000Compute the gross income under each of the following independent cases:7. The sale is made to regular customers.8. The sale is made by a registrable person.
Beckett Corporation has nexus with States A and B. Apportionable income for the year totals $1,190,000 . Beckett's apportionment factors for the year use the following data. Compute Beckett's B taxable income for the year; B uses a three-factor apportionment formula with a double-weighted sales factor. State AState BTotalSales$1,428,000$856,800$2,284,800Property$238,000$0 $238,000Payroll$357,000$0 $357,000
At 30 June 20X3, the gross amount of the accounts receivable of Atom Ltd (Atom) was $10 000. At the same date, there was a related allowance for doubtful debts of $500. Revenue from sales is included in the statement of profit or loss and other comprehensive income in the same period as it is included in taxable profit. The tax rate is 30 per cent. At 30 June 20X3, Atom would recognise which one of the following items in its statement of financial position? a. deferred tax liability of $2850 b. deferred tax asset of $2850 c. deferred tax asset of $150 d. deferred tax liability of $150
A. The following data were gathered pertaining to the business of person for a taxable quarter in 2018: Vat-registered Taxable sales P1,200,000 Zero-rated sales P600,000 Exempt Sales P450,000 Input tax- taxable P67,500 Input tax- zero rated P15,000 Input tax-exempt P22,500 Input tax that cannot be attributed specifically to any transaction, P30,000. Assuming all applicable input taxes are to be claimed as credits against output ta es, the VAT payable is:
USCo incurred $100,000 in interest expense for the current year. The tax book value of USCo’s assets generating foreign-source income is $5,000,000. The tax book value of USCo’s assets generating U.S.-source income is $45,000,000. How much of the interest expense is allocated and apportioned to foreign-source income?
Jackie, a non-business taxpayer, paid for the following relevant figures (in pesos) anent his importation. Cost of Goods - 1,350,000 Arrastre Charge - 30,000 Facilitation Fee - 25,000 Freight Charge - 45,000 Wharfage Fee - 5,000 Insurance - 10,000 Customs Duties - 5% How much is the dutiable value?

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