1. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. In preparing the journal entry, how much should be debited to Purchases? A. 200,000 B. 224,000
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1. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. In preparing the
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- 1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. In preparing the journal entry, how much should be debited to "Purchases"? A. 200,000 B. 224,000 2. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. In preparing the journal entry, how much should be credited to "Sales"? A. 448,000 B. 400,000 3. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000. How much input can he claim? A. 24,000 B. zero1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. In preparing the journal entry, how much should be debited to "Purchases"? A. 200,000 B. 224,000 2. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. In preparing the journal entry, how much should be credited to "Sales"? A. 448,000 B. 400,000 3. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000. How much input can he claim? A. 24,000 B. Zero 4. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. In preparing the journal entry, how much should be debited to Purchases? A. 200,000 B. 224,000Ms. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased goods from Mr. Elise worth P200,000 (exclusive of vat) on account.All of them are VAT registered taxpayers. How much is the balance of input tax of Dani at the end of the period? How much is the balance of Purchases account of Ms. Dani at the end of the period?
- 1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. How much is the output VAT? A. 48,000B. 53,760 2. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. How much is the input VAT? A.24,000B. 26,880 3. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. How much is the NET VAT Due and payable? A. 26,880 B. 24,000The taxpayer started operating a grocery store during 2018. He submits the following data: Merchandise Inventory P 469,000 Gross sales 2,814,000 Purchases from VAT registered entities (net) 1,563,000 Purchases from non-VAT registered entities 312,000 Determine the following: What is the applicable business tax for the taxpayer? How much is the correct business tax due? Assume the taxpayer is non-VAT registered, how much is the VAT payable for the year? Assume the taxpayer is VAT registered, how much is the VAT payable for the year?1. Deductible transportation expenses: a.Do not include the normal costs of commuting. b.Do not include daily expenses for transportation between the taxpayer's home and temporary work locations if the taxpayer has a regular place of business. c.Include only costs incurred while away from home. d.Include meals and lodging. 2. Barry is a self-employed attorney who travels to New York on a business trip during 2021. Barry's expenses were as follows: Airfare $550 Taxis 40 Restaurant meals 150 Lodging 350 How much may Barry deduct as travel expenses for the trip? a.$0 b.$1,015 c.$940 d.$1,090 e.None of these choices are correct. 3. Which of the following is deductible as dues, subscriptions, or publications? a.Subscription to the "Journal of Taxation" for a tax attorney b.Dues to a health club for a doctor c.Dues to the drama club for a student d.Subscription to "Vogue" magazine for a corporate president e.None of these choices are correct.
- 10. Jagiya, a non-vat taxpayer, purchased merchandise worth P11, 200, vat inclusive, from Willie, a Vat registered seller. The passed on vat of P1, 200 on the purchases is a. Expense b. Cost of purchases C. tax credit d. ignoredWhat is the taxpayer's gross income in each of the following situations? Do not type a dollar sign. Use commas when appropriate as in 3,500. If the answer is zero, type a 0. a. Myra received a salary of $80,000 from her employer, Green Construction. b. In July, Green Construction gave Myra an all-expense-paid trip to Las Vegas (value of $3,200) for exceeding her sales goals. c. Darrin received $9,000 from his employer to help him pay his medical expenses not covered by insurance, this payment is not available to all employees. d. Blake received $5,000 from his deceased wife's employer to help him in his time of greatest need." e. Austin collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer.A 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? 396,000 400,000 444,000 448,000
- Enter the taxpayer's gross income for each of the following independent situations. If an amount is zero, enter "0". Taxpayer's Gross Income a. Darrin received a salary of $50,000 from his employer, Green Construction. $fill in the blank 1 b. In July, Green gave Darrin an all - expense - paid trip to Las Vegas (value of $3,000) for exceeding his sales quota. $fill in the blank 2 c. Marta received $10,000 from her employer to help her pay medical expenses not covered by insurance. $fill in the blank 3 d. Blake received $15,000 from his deceased spouse' s employer as compensation for a bonus earned prior to death. $fill in the blank 4 e. Clint collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer. $fill in the blank 513 These statements are presented to you for evaluation:Statement I – Any person who, in the course of trade or business, sells, barters, exchanges goods for properties shall be required to register as a VAT taxpayer if his gross sales or receipts for the past twelve (12) months, other than those exempt, exceeds P3,000,000.Statement II – If a taxpayer engaged in a business which is exempt from VAT purchases goods from a VAT-registered supplier, the input tax from the purchase made by him becomes part of the cost of his purchase.In your evaluation of the foregoing statements: Group of answer choices Only Statement I is true. Both statements are false. Only Statement II is true. Both statements are true.Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax, if applicable: Apol, non-vat taxpayer, sells to LJ, vat taxpayer P89,600LJ, vat taxpayer, sells to Chris, vat taxpayer P134,400Chris, vat taxpayer, sells to Abi P201,600Abi, nonvat taxpayer, exported the goods in Canada P300,000 Required: Determine the following:A Vat payable of ApolB Vat payable of LJC Vat payable of ChrisD Vat payable of Abi
