For Questions 2 - 5 Corona Excellent Products, Inc. processes canned fruits and canned sardines. The following VAT exclusive selected data are taken from its books: P2,000,000 3,000,000 300,000 400,000 200,000 Sale of canned fruits Sale of canned sardines Purchases of corn oil from a supplier (for canned sardines) Purchases of fresh fish from fishermen (for canned sardines) Purchases of fresh fruits from farmers (for canned fruits) Purchases of refined sugar from agricultural cooperative that manufactures refined sugar (for canned fruits) Purchases of refined sugar from a refined sugar refinery (for canned fruits) Purchases of packaging materials (for both products) Purchase of labels (for bath products) Total bills for trucking services in bringing canned products |to warehouse 100,000 50,000 800,000 150,000 50,000 2. How much is the total vatable sales? a. P5,000,000 b. Р3,000,000 c. P2,000,000 d. PO 3. How much is the output tax using 12 % rate? a. P600,000 b. Р360,000 c. P240,000 d. PO 4. How much is the total input taxes? a. P182,000 b. P162,000 c. P156,000 d. PO 5. How much is the VAT payable using 12 % rate? a. P418,000 b. Р370,000 c. PO d. P438,000 6. Koko Tee imported a car from USA for his personal use. Total landed cost is P250,000 ( about $5,952) including customs duties of P50,000. The VAT payable is? a. P30,000 b. Р25,000 c. P10,000 d. PO
For Questions 2 - 5 Corona Excellent Products, Inc. processes canned fruits and canned sardines. The following VAT exclusive selected data are taken from its books: P2,000,000 3,000,000 300,000 400,000 200,000 Sale of canned fruits Sale of canned sardines Purchases of corn oil from a supplier (for canned sardines) Purchases of fresh fish from fishermen (for canned sardines) Purchases of fresh fruits from farmers (for canned fruits) Purchases of refined sugar from agricultural cooperative that manufactures refined sugar (for canned fruits) Purchases of refined sugar from a refined sugar refinery (for canned fruits) Purchases of packaging materials (for both products) Purchase of labels (for bath products) Total bills for trucking services in bringing canned products |to warehouse 100,000 50,000 800,000 150,000 50,000 2. How much is the total vatable sales? a. P5,000,000 b. Р3,000,000 c. P2,000,000 d. PO 3. How much is the output tax using 12 % rate? a. P600,000 b. Р360,000 c. P240,000 d. PO 4. How much is the total input taxes? a. P182,000 b. P162,000 c. P156,000 d. PO 5. How much is the VAT payable using 12 % rate? a. P418,000 b. Р370,000 c. PO d. P438,000 6. Koko Tee imported a car from USA for his personal use. Total landed cost is P250,000 ( about $5,952) including customs duties of P50,000. The VAT payable is? a. P30,000 b. Р25,000 c. P10,000 d. PO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:For Questions 2 - 5
Corona Excellent Products, Inc. processes canned fruits and canned sardines. The following VAT exclusive
selected data are taken from its books:
Sale of canned fruits
Sale of canned sardines
Purchases of corn oil from a supplier (for canned sardines)
Purchases of fresh fish from fishermen (for canned sardines)
Purchases of fresh fruits from farmers (for canned fruits)
Purchases of refined sugar from agricultural cooperative
that manufactures refined sugar (for canned fruits)
Purchases of refined sugar from a refined sugar refinery (for
canned fruits)
Purchases of packaging materials (for both products)
Purchase of labels (for both products)
Total bills for trucking services in bringing canned products
to warehouse
P2,000,000
3,000,000
300,000
400,000
200,000
100,000
50,000
800,000
150,000
50,000
2. How much is the total vatable sales?
a. P5,000,000
b. P3,000,000
c. P2,000,000
d. PO
3. How much is the output tax using 12 % rate?
a. P600,000
b. Р360,000
c. P240,000
d. PO
4. How much is the total input taxes?
a. P182,000
b. Р162,000
c. P156,000
d. PO
5. How much is the VAT payable using 12 % rate?
a. P418,000
b. P370,000
C. PO
d. P 438,000
6. Koko Tee imported a car from USA for his personal use. Total landed cost is P250,000 ( about $5,952)
а. Р30,000
ь. Р25,000
c. P10,000
d. PO
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