The amount of sale to qualified PWDS INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens and PWDS enjoy exemption from VAT and also a 20% on their purchase of certain goods or services. How much is the amount of discount granted to the PWDS? О а. 275,000 ОБ. 250,000 c. 224,000 d. 200,000
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- The amount of sale to qualified PWDS INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens and PWDS enjoy exemption from VAT and also a 20% on their purchase of certain goods or services. How much should the business report as "Sales" to be able to avail of the special deduction from its gross income? * a. 1,120,000 b. 1,000,000 c. 896,000 d. 800,000The business grants 25% discounts to senior citizen customers. During the taxable period, total non-VAT sales to senior citizens amounted to 300,000, net of discount. How much is the deductible amount of senior citizen discount from gross income? a. 60,000 b. 75,000 c. 80,000 d. 100,000A VAT-registered enterprise sold goods to a person with disability. The amount of sale was 1,120, with VAT. How much is the total amount to be paid by the person with disability?? 800.00 1,000.00 896.00 O 920.00
- A customer paid a total of $7700 for a purchase, including 13% HST (Harmonized Sales Tax). How much was the HST? 1. $911 2. $6885 3. $886 4. $7700A manufacturer offers a 25/20 chain discount if the invoice subtotal is above $1,000. If the list price is $45 per item, what is the total price of the first invoice that activates the chain discount? B. $594.00 A. $569.25 D. $621.00 C. $648.00 03-2021 Acellus Corporation. All Rights Reserved.A wholesaler sells an item to a retailer for OMR 440. Tax charged is 5% The retailer sells the same item to the customer for OMR 480. Find the VAT paid by the retailer.
- Taxpayer reported gross non-VAT sales of P100,000 to a senior citizen who is at the same time a qualified PWD. How much is the special allowable deduction for discounts granted to senior citizen or PWDs? a. 20,000 b. 25,000 c. 30,000 d. 40,000Q4. A sale of merchandise on account for $5,000, terms n/30, is subject to an 8% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? Answer: ______________________________________________________________________ (b) What is the amount of the sale? Answer: ______________________________________________________________________ (c) What is the amount of the increase to Accounts Receivables? Answer: ______________________________________________________________________ (d) What is the title of the account in which the $400 ($5,000 x 8%) is recorded? Answer: ______________________________________________________________________The amount of discount to be recorded if the invoice is paid within the discount period on a purchase of goods having a list price of $1,600, subject to a trade discount of 25 percent with terms 2/10, n/30, is a.$24. b.$30. c.$29.40. d.$21. e.$450.
- If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?A retailer buys a product from the wholesaler at 120 OMR and wholesaler charges sales tax of 8%. The retailer fixes the price at 180 OMR to the customer at the same tax rate. How much VAT does the retailer pay to the government? O a. 24 OMR O b. 4.8 OMR 14.4 OMR O d. 9.6 OMRMerchandise is sold for cash. The selling price of the merchandise is $5,100 and the sale is subject to a 5% state sales tax. The journal entry to record the sale would include a credit to O Cash for $5,100 Sales for $5,355 Sales for $5,100 O Sales Tax Payable for $255 ( Previous Next 0 耳 6:27 PM 38 3/22/2021