Homework Help is Here – Start Your Trial Now!
Business
Accounting
tent 12 months P 4,600,000 1.920,000 140,000 10 An insi month 700,000 200.000 Premiums from life insurance Premium from non-life insurance anyt VAT-non-life products

tent 12 months P 4,600,000 1.920,000 140,000 10 An insi month 700,000 200.000 Premiums from life insurance Premium from non-life insurance anyt VAT-non-life products

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
11. A VAT-registered taxpayer with several businesses had the following Chapter Last 12 months P 4,600,000 Current month 700,000 200.000 10.000 15 A Premiums from life insurance Premium from non-life insurance 1920.000 Imput VAT-non-life products 140,000 b. 16 What is the VAT payable for the current month? GP 24,000 a PO b P14,000 d. P 108,000 Last Current Sales of fertilizers and seeds Sales of equipment Input VAT on processed foods 12 months P 1,800,000 1,500,000 140,000 month 200,000 150,000 13,000 18. A Compute the VAT payable for the current month. PO c.P 18,000 a. b. P5,000 d. P 29,000 12. A VAT taxpayer is engaged in mixed transactions: Exempt sales N/A 12,000 Export sales Regular sales P 300,000 200,000 19 Output VAT Input VAT P. 36,000 What is the creditable input VAT? PO 20 a. c. P236,000 d. P248,000 b. P200,000 13. In the immediately preceding problem, what is the VAT payable? a P100,000 b. P 64,000 c. P 52,000 d. P 0 14. The taxpayer made a sale of P400,000 to the government fromP purchased for P300,000 from VAT taxpayers. What is the actual input VAT? a PO b. P 20,000 c. P28,000 d. P36,000 226
Transcribed Image Text:11. A VAT-registered taxpayer with several businesses had the following Chapter Last 12 months P 4,600,000 Current month 700,000 200.000 10.000 15 A Premiums from life insurance Premium from non-life insurance 1920.000 Imput VAT-non-life products 140,000 b. 16 What is the VAT payable for the current month? GP 24,000 a PO b P14,000 d. P 108,000 Last Current Sales of fertilizers and seeds Sales of equipment Input VAT on processed foods 12 months P 1,800,000 1,500,000 140,000 month 200,000 150,000 13,000 18. A Compute the VAT payable for the current month. PO c.P 18,000 a. b. P5,000 d. P 29,000 12. A VAT taxpayer is engaged in mixed transactions: Exempt sales N/A 12,000 Export sales Regular sales P 300,000 200,000 19 Output VAT Input VAT P. 36,000 What is the creditable input VAT? PO 20 a. c. P236,000 d. P248,000 b. P200,000 13. In the immediately preceding problem, what is the VAT payable? a P100,000 b. P 64,000 c. P 52,000 d. P 0 14. The taxpayer made a sale of P400,000 to the government fromP purchased for P300,000 from VAT taxpayers. What is the actual input VAT? a PO b. P 20,000 c. P28,000 d. P36,000 226
P36.000 input VAT on such sales. What is the creditable input VAT? TA non-VAT-taxpayer exported P1,000,000 worth of goods. It incurred PA0,000 Input VAT traceable to the sale. What is the creditable input VAT A VAT CAxpayer sold goods to the government for P1.000,000 and paid meditable withholding tax. What is the output VAT? *AFAT axpayer exported P1,000,000 worth of goods. It incurred P36.000 AVAT taxpayer received a sum of P74,900 and a P3,500 certificate of c. P 50,000 d. P 70,000 on government sale? 4PO P 40.000 FAT c. P 50,000 d. P 70,000 PO A P36,000 1PO &P36,000 c. P 50,000 d. P 70,000 aNDayer collected the following from lessors of commercial spaces: Blling for rentals less Creditable withholding tax Net receipt P 1,500,000 75.000 P 1.425.000 Compute the output VAT. &PO b P160,714 c. P180,000 d. P200,000 ANVAT taxpayer received a 5% creditable withholding tax plus P48,150 cash hom a VAT invoice. What is the output VAT? & P5,159 P5.778 c. P 5,373 d. P 5,400 99396 A PA568 с.Р 8,400 d. P 8,988
Transcribed Image Text:P36.000 input VAT on such sales. What is the creditable input VAT? TA non-VAT-taxpayer exported P1,000,000 worth of goods. It incurred PA0,000 Input VAT traceable to the sale. What is the creditable input VAT A VAT CAxpayer sold goods to the government for P1.000,000 and paid meditable withholding tax. What is the output VAT? *AFAT axpayer exported P1,000,000 worth of goods. It incurred P36.000 AVAT taxpayer received a sum of P74,900 and a P3,500 certificate of c. P 50,000 d. P 70,000 on government sale? 4PO P 40.000 FAT c. P 50,000 d. P 70,000 PO A P36,000 1PO &P36,000 c. P 50,000 d. P 70,000 aNDayer collected the following from lessors of commercial spaces: Blling for rentals less Creditable withholding tax Net receipt P 1,500,000 75.000 P 1.425.000 Compute the output VAT. &PO b P160,714 c. P180,000 d. P200,000 ANVAT taxpayer received a 5% creditable withholding tax plus P48,150 cash hom a VAT invoice. What is the output VAT? & P5,159 P5.778 c. P 5,373 d. P 5,400 99396 A PA568 с.Р 8,400 d. P 8,988
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS