ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject to 12%                  Php 1,000,000 Sale to private entities subject to 0%                            1,000,000 Sale exempt from VAT                                                      1,000,000 Sale to government                                                             1,000,000 Total output tax due for the quarter is: Note: Write only the amount without comma, no peso sign and round off to the nearest peso (e.g. write 100000 only if the answer is One Hundred Thousand Pesos). If your answer is Zero, write 0 only.

Q: On January 31$t, 2021, X Co. transfers $400,000 in receivables to Cater Finance with recourse. Cater…

A: Amount Retained by Cater Finance:  Factored Receivables $  400,000    10% of Factored…

Q: P a y t o n company payroll for the year is $747,930. Of this amount, $469,230 is for wages paid e x…

A: Total unemployment taxes=Net Futa tax+Net suta tax

Q: On April 1, 2021, JPG Company sold for P84,000 a stereo which paid had a cost of P54,600. A down…

A: Sales value = P84,000 Cost = P54,600 Down payment = P9,000 Additional payment = P7,500 × 4 months…

Q: Currie Company borrowed $24,000 from Sierra Bank by issuing a 9% three-year note. Currie agreed to…

A: A expense associated with borrowing money is interest. It comes from lending arrangements like…

Q: On January 1, 2021, Tee Company sold a machine with a cost of P500,000 and a carrying amount of…

A: • Non-current assets are those assets which are to be received after a period of 12 months from the…

Q: How much revenue should Sansung recognize for the first 3 months of 2019?

A: Given information is: Sansung Company offers its customers a 3% volume discount if they purchase at…

Q: 1. Oreo Company will receive and record cash of 3,700,685 2. Assuming all receivables are…

A: working notes: 1) fee =P5,000,000 *5%=P250000 hold back =P5,000,000 *20%=P1000000…

Q: Express Jet borrows $100 million on October 1, 2021, for one year at 6% interest. For what amount…

A:

Q: 10. Entity A's profit for 20x1 was P360,000 before possible adjustment for the following: i. Entity…

A: Income Statement - This statement shows the income earned and loss incurred by the organization in…

Q: Bon Nebo Co. sold 19,000 annual subscriptions of Bjorn for $51 during December 20Y5. These new…

A: Federal Income tax payable = Taxable income * Tax rate

Q: Inc., Inc. on a eivable records finance charge nount equal to ble prepares e the journal en

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: A 10% P1,000,000 note payable of Mango Company had a carrying amount of P870,296 and P896,489 on…

A: Ending Balance = Beginning Balance + Interest Expense - Interest Payment

Q: On January 1, 2021, AST Company sold an inventory costing P110,000 for P150,000. A 10% down payment…

A: P33750 paid on 4 equal installments on semi annual basis. Market rate of interest is 6% (12%/2)…

Q: ABC had Accounts Receivable of P150,000 at December 1, 2023. The following transactions occurred…

A: Sales revenue means revenue earned from sale of goods and services in the business. Sales returns…

Q: full year effective tax rate will be 15%. Based on a first quarter 2020 income before tax of $200,

A: It is given the amount of before tax is $200,000 and the tax rate is 15%.

Q: Aloha Company provided the following information on December 31, 2020:…

A: Introduction As per relevant standard 'Income Taxes' If there is any difference in the tax base and…

Q: Megabank granted an 8%, 3-year P 6,000,000 loan to Global Company on January 1, 2021. The interest…

A: Working :-…