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- The following information relates to Eva Co's sales tax for the month of March 20X3:$Sales (including sales tax) 109,250Purchases (net of sales tax) 64,000Sales tax is charged at a flat rate of 15%. Eva Co's sales tax account showed an opening credit balanceof $4,540 at the beginning of the month and a closing debit balance of $2,720 at the end of themonth.What was the total sales tax paid to regulatory authorities during the month of March 20X3?A VAT taxpayer had the following data on its operations for he month of January 2018:Sales, total invoice price P 592,480Purchases of goods, VAT not included:From VAT registered persons 100,000From nonVAT registered persons 8,000From persons subject to percentage taxes 10,000Salaries of employees 60,000Other operating expenses 12,000This is the first month of being liable to value added tax. Data in inventories at the beginning of the period bought from VAT registeredpersons follow:Inventory at cost P 44,800Inventory at realizable value 49,000Value added tax paid on beginning inventory 4,80016. How much is the input tax?17. How much is the value added tax payable?NYFG, Inc.l has sales including sales taxes for the month of $445,200. If the sales tax rate is 6%, how much does NYFG owe for sales tax? Select one: a. $31,200 b. $26,712 c. $25,200 d. $45,200 e. $445,200
- 5. SAN JOSE has the following data for first quarter of 2018: Output tax P 30,000 P 45,000 P 10,000 Input tax P 25,000 P 40,000 P 6,000 The company has debit balance of input tax at the beginning of the year amounting to P Month Jan Feb March 9,000. What is the amount paid for VAT in Feb? (VAT payable) 6.Based on number 5, what is the VAT payable for the first quarter of 2018?XYZ Pawnshop Corp. reported the following information in preparation of its quarterly percentage tax return: Source of Income Amount Gross receipts on interest from pawning 5,000,000 Gross receipts on interest from lending (1 year) 10,000,000 How much is the quarterly gross receipts tax? Answer:The following information relates to Eva Co's sales tax for the month of March 20X3: $ 109,250 Sales (including sales tax) Purchases (net of sales tax) 64,000 Sales tax is charged at a flat rate of 15%. Eva Co's sales tax account showed an opening credit balance of $4,540 at the beginning of the month and a closing debit balance of $2,720 at the end of the month. What was the total sales tax paid to regulatory authorities during the month of March 20X3?
- what is the formula of input and output tax? how tp compute? example is this : The transactions for ABC Company for the month of April, 2015 are shown below. (Assume the company is a vat registered business and assume 12% VAT is inclusive in the amounts in the transactions.) April 3 Sold merchandise to Mr. Santos on account, P280,000, FOB shipping point, terms: 2/10, n/30.A VAT taxpayer had the following data on its operations for he month of January 2018: Sales, total invoice price P 592,480 Purchases of goods, VAT not included: From VAT registered persons 100,000 From nonVAT registered persons 8,000 From persons subject to percentage taxes 10,000 Salaries of employees 60,000 Other operating expenses 12,000 This is the first month of being liable to value added tax. Data in inventories at the beginning of the period bought from VAT registered persons follow: Inventory at cost P 44,800 Inventory at realizable value 49,000 Value added tax paid on beginning inventory 4,800 How much is the input tax? How much is the value added tax payable?ABC Pawnshop Corp. reported the ff information in preparation of its quarterly percentage tax return: Source of income Amount Gross receipts on interest from pawning 5,000,000 Gross receipts on interest from lending (1 year) 10,000,000 - HOW MUCH IS THE QUARTERLY GROSS RECEIPTS TAX?
- ABC Corporation has the following sales during the month of October: Sales to a private company, VAT exc; of P 100,000 Sales to private companies, 0% VAT rate; P 100,000 Sales of exempt goods; P 100,000 Sales to Govt; subject to 5% final VAT withholding tax; P100,000 The following input taxes were passed on by its suppliers: Input tax on taxable goods at 12%; P 6,000 Input tax on zero-rated sales of P 3,000 Input tax on sales to Govt of P 7,000 Input tax on depreciable asset- Not attributable to any specific activity (amortization) of P 20,000 Input tax on exempt sales of P 1,000 Compute the VAT Payable below: VAT output: Total VAT output Less: VAT input VAT payable (Excess VAT input)GAS" Company does not segregate sales and sales taxes at the time of sale. The sales register total for the month of March was $25000. Assume that all sales are subject to a 13% sales tax. Required: Based on the above-given information, answer the following questions: • What amount must be presented as a sales tax expense on the Income statement for the month of March? • What is the amount that must be presented as sales revenue on the income statement for the month of March? If the "GAS" Company did not pay the income tax payable as of 31/3, then the company must present sales tax payable with a value of:The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $560.000; Office salarles, $112.000: Federal Income taxes withheld, $168,000: State Income taxes withheld, $37,500; Socilal security taxes withheld, $41,664: Medicare taxes withheld, $9,744; Medical Insurance premlums, $13,500; Life Insurance premlums, $10,500; Union dues deducted, $7.500: and Salarles subject to unemployment taxes, $63,000. The employee pays 40% of medical and life Insurance premlums. Assume that FICA taxes are ldentical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% 182. Using the above Information, complete the below table and prepare the Journal entrles to record accrued payroll and cash payment of the net payroll for July. 3. Using the above Information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all labilitles for July-assume that FICA taxes are identical to those…