1. Tsukuba Company, a VAT-registered business, had the following data during the quarter:Zero-rated export salesDomestic sales (tax included)P 1,815,0001,232,000Purchases of goods for export, gross of taxPurchases of goods for domestic sales, tax inclusivePurchases of supplies on domestic sales, net of tax672,000323,120124,850Assuming that the input taxes paid on purchases of goods for export are claimed as taxcredit, the VAT payable by Tsukuba Company is __.A. 10,398B. 12,895C. 84,895D. 177,895

A) 10398 Detailed explanation: Statement showing the output vat liability Please find the…

Answered: Zero-rated export sales Domestic sales…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following statements is true about sales tax? O a. Sales tax is collected by retailers from customers to be paid to tax authorities later. O b. Sales tax is recorded and paid by customers to tax authorities. O c. Sales tax is not required to be mentioned in the sales invoice prepared by a seller. O d. Sales tax is the amount of discount extended to customers by retailers to be disclosed to tax authorities.
Marginal tax rates Using the tax rate schedule given here, perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $14,700; $59,500; $89,600; $156,000; $247,000; $456,600; and $1 million. b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).
From the data: May 2 - On sale to the public Purchase price, VAT not included P400,000 Selling price, VAT not included P900,000 May 9 - On sale to the Government Purchase price, VAT not included P200,000 Selling priceq P600,000 How much was the vat payable at the end of May? How much was the final value-added tax of May?
Honesto imported a harvester from the U.S. with a total cost of 1,100,000 before Customs Duties. The importation is subject to 10% Customs duties. What is the VAT on importation if the importation is made by an agricultural cooperative?* a. P 158,400 b. P 144,000 c. P 129,600 d. P 0
Parent Corporation is located in a country with an income tax rate of 40%. Subsidiary Company located in a country with an income tax rate of 25%. The best tax strategy for the enterprise would be to set the transfer prices on sales of goods from the subsidiary to the parent at a price that is a. higher than the price that would be in effect for unrelated parties in an arms length transaction. b. lower than the price that would be in effect for unrelated parties in an arms length transaction. c. equal to the price that would be in effect for unrelated parties in an arms length transaction. d. transfer prices do not affect overall tax paid.
Marginal tax rates Using the tax rate schedule attached Perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $16,800; $59,500; $89,600; $151,000; $245,000; $451,200; $1,000,000 b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).
With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750
21. A non-VAT business reported the following: Sales P 2,500,000 Cost of Sales 1,000,000 Purchases, inclusive of VAT 560,000 How much is the amount of business tax payable? (NO Solutions)
Oracle Corp, a U.S. corporation, earns $25 million of taxable income from U.S. sources and $10 million of taxable income from foreign sources. What amount of taxable income does Oracle report on its U.S. tax return? a. $25 million. b. $35 million. c. $25 million less any tax paid on the foreign income. d. $35 million less any tax paid on U.S. income.
34 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 The following input taxes were passed on by ABC Corp.'s VAT suppliers: Input tax on taxable goods 50,000 Input tax on zero-rated sale 30,000 Input tax on sale of exempt goods…
Honesto imported a harvester from the U.S. with a total cost of 1,100,000 before Customs Duties. The importation is subject to 10% Customs duties. What is the VAT on importation?* a. P 158,400 b. P 145,200 c. P 129,600 d. P 0

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