A VAT registered person is engages in both VAT and VAT exempt During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts to P200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200 The creditable input tax is:
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A VAT registered person is engages in both VAT and VAT exempt During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts to P200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200 The creditable input tax is:
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- A VAT registered person engages in both VAT and VAT exempt business. During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts toP200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200. The creditable input tax isA VAT taxpayer had the following sales and purchases during the month:Sales, inclusive of VAT Php 336,000Purchases, exclusive of VAT 250,000Compute the gross income under each of the following independent cases:5. The sale is VAT-exempt.6. The sale is made to the government.Atimonan Company received a bill for P27,440 from a VAT service provider. The payment for the service is subject to 2% creditable withholding tax. If Atimonan is a VAT taxpayer and a top withholding agent, what is the deductible expense? What respectively is the withholding tax and the amount of cash to be paid by Atimonan to the service provider?
- A VAT registered person is engaged in the sale of VAT taxable goods and at the same time is also engaged in a non-VAT business, in the same business establishment. During the year, total sales of the VAT business amounted to P336,000, inclusive of VAT. The sales of the non-VAT business amounted to P200,000 with a separate percentage tax of P6,000 for a total of P206,000. During the same quarter, repairs on the building amounted to P50,000 plus VAT of P6,000. Supplies purchased for common use amounted to P10,000 plus P1,200 VAT. Purchase of supplies directly attributable/related to VAT-taxable sales amounted to P15,680, gross of VAT. The VAT payable isA certain taxpayer paid the following bill from a VAT-registered supplier of office supplies. The office supplies were all used in operation during the period Selling Price Plus: Output Vat 400,000 48,000 Less: Withholding tax (1%) 4,000 444,000 Net Cash due What is the deductible supplies expense assuming the taxpayer is a VAT-taxpayer? 396,000 400,000 444,000 448,000A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not included: Sales, exports P4,000,000 Purchases from VAT taxpayers P1,200,000 How much is the value-added tax refundable?
- On July 10, Kelt Company, a business located in Alberta, purchased $45,000 of inventory for resale on account. On July 25, Kelt recorded the sale of that merchandise on account for $50,000 plus tax. On August 10, Kelt remitted GST to the Receiver General. They had no other sales or input tax credits. Journalize all three transactions.A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not included: Sales, exports P4,000,000 Purchases from VAT taxpayersP1,200,000 How much is the value-added tax refundable?A VAT-taxpayer made the following sales during the year:Domestic Sales P100,000Export Sales P120,0001. What is the amount subject to business tax?2. Compute the Output VAT.
- Burnham Company collected rent of $3,800 during Year 1. For income tax reporting, the rent is taxed when collected. For financial reporting, the rent is recognized as income in the period earned. At the end of Year 1, the unearned portion of the rent collected during the year amounted to $440. Burnham had no temporary differences at the beginning of the current year. Assume an income tax rate of 30%. What is the amount of the deferred tax asset that should be recognized at the end of Year 1? deferred tax assetSneasler Company appropriately withholds 9.75% on all of its sales transactions. During the period, it sells $10,000 of goods. The journal entry to remit the sales tax to the tax authorities will include a: Group of answer choices Debit to sales tax payable Credit to sales tax payable Credit to sales revenue Debit to cashThe Nissen Company has a taxation year end of December 31. On January 1, taxation year the UCC of Class 10 was $60,000. The Nissen Company has a policy of always deducting maximum CCA. Calculate the maximum CCA or minimum UCC in the following situations (each situation is independent): Remember that CCA is an optional amount meaning that a taxpayer can choose CCA of anywhere between zero and the amount calculated. The maximum CCA would be the amount calculated, which would result in the lowest UCC at the ending of the year. C. An asset with a capital cost of $100,000 was sold June 30 for $80,000. An asset was purchased for $60,000. Maximum CCA for Class 10 is: D. The last asset in the class, with a capital cost of $105,000 was sold on August 1 for $40,000. This would give rise to: E. The last asset in the class, with a capital cost of $105,000 was sold on July 15 for $125,000. This would give rise to: A. An asset was purchased on April 1 for $10,000. B. An asset was purchased on April…