In the third quarter of 2017, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P1,919,500 has the following data: Accounts receivable, beginning of the quarter 50,000 Sales during the quarter, on account 100,000 Accounts receivable, end of quarter 75,000 Purchase of supplies, total invoice amount 11,200 The percentage tax due for the quarter is_______________ Assuming the taxpayer is VAT-registered, the VAT payable is __________________
Q: Johnny Bravo Company began operations in 2017 and has provided the following information.1. Pretax…
A: Hey, since there are multiple requirements posted, we will answer the first three requirements. If…
Q: A service provider had the following data during the month: Revenue, including VAT…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: In 2018, Juan signified his intention to be taxed at 8% income tax rate on gross sales in his 1*…
A: Income tax payable is the current obligation to be paid for the current year by applying a certain…
Q: During the month of June, Rowling Boutique recorded cash sales of $233,200 and credit sales of…
A:
Q: At the end of March, account balances are: 190 Def. VAT: 20.000 TL. 191 Ded. VAT: 30.000 TL, 391…
A: Tax Payable:- It is the payment which one made on the income earned within the country or from…
Q: Stone Co. began operations in 2016 and reported $225,000 in income before income taxes for the year.…
A:
Q: A Vat taxpayer had the following data on its operations for the month of January: Sales, total…
A: Since VAT rate is not mentioned it is assumed to be 12% Input tax means the tax paid on purchase of…
Q: A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not…
A: VAT refundable states that the taxpayer has paid in excess amount of money during the tax period as…
Q: Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is…
A: In Philippines generate Vat tax rate is 12% on goods and services provided in the domestic territory…
Q: Monty's gross earnings for the week were $1450, his federal income tax withholding was $318 and…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: Compute the gross income
A: sales = 336000 assume VAT @12% VAT = 336000*12%/112% = 36000
Q: ridgeton Company started its operations at the beginning of 2018. The following information relates…
A: Step 1 Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for…
Q: At year end on August 31, 2020, Clutch Home Decor Inc. has accounting income (before income tax…
A: Income tax expense = Income before income tax expense x tax rate = $237000 x 35% = $82,950
Q: A VAT taxpayer had the following sales and purchases during the month: Sales, inclusive of VAT Php…
A: Answer: 5 Sales is VAT-exempt Particulars Vat VAT Amount in Php…
Q: Use the following information for Problems 30 and 31. On March 15, Calloway, Inc., paid property…
A: Journal: Recording of a business transactions in a chronological order.
Q: In 2018, Ryan Management collected rent revenue for 2019 tenant coccupancy. For financial reporting,…
A: Deferred Tax Deferred tax is an amount that is, computed on the basis of tax liability on the income…
Q: Mitchell Corporation had income before income taxes of $195,000 in 2017. Mitchell’s current income…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: 26. Kayo Na Company's income statement for the year ended December 31, 2019 shows pretax income of…
A: Solution: Taxable income = Pretax income - Excess of rent revenue as per books over tax - Excess of…
Q: LSG Company is a calendar year, cash basis taxpayer. On November 1, 2018, LSG paid $9,450 cash to…
A: The expenditure is a prepayment for 18 months, so the monthly amortization is calculated as…
Q: n 2016, Waterford Corporation reported pretax financial income of $400,000. Included in that pretax…
A: Solution- Income for the purposes of tax = 400,000- 150,000+120,000+10,000 = 380,000*30% = 114,000
Q: In 2016, Ryan Management collected rent revenue for 2017 tenant occupancy. For financial reporting,…
A: Deferred tax is an amount that is, computed on the basis of tax liability on the income as per…
Q: In early 2009 Sanborn Company must pay the tax authority €37,000 on the income itearned in 2008. Th…
A: SOLUTION:- Taxes Payable is the correct answer because the taxes paid by the company in the…
Q: When filing 2015 federal income taxes as a single filer, you paid 10% on the first $9,225 earned,…
A: Effective tax rate: It implies to the tax charges that is to be paid by a taxpayer for a tax period,…
Q: Penny had income in the first three years of operations as follows: 2010: 400,000 in income, 25%…
A: Lets understand the basics. When person opts to carry back loss then it means that, whatever the…
Q: As the owner of a copy and print shop, you must collect 6 ½ % of the amount of each sale for sales…
A: Sales tax is a form of indirect tax which needs to be paid by individual on sale of goods and…
Q: In early 2012, Cho-Sun's gross pay increased from $71,000 per year to $83,000 per year. Answer…
A: a) Calculation of Annual Percent Increase in Cho-Sus's pay before federal income taxes: Gross Pay…
Q: In 2013, the Lenders collected $2,800,000 in taxable income. What was their total tax expense for…
A: Income tax: Income tax is the tax that an individual is responsible for on their earned income. It…
Q: During the 2nd quarter of 2016 (June 2016 – August 2016) Ping-Pong Industries (located at 535 Main…
A: ST-100 It is the Local Quarterly Sales and Use Tax Return in New York State stating total amount of…
Q: Kenneth McFarland's weekly gross earnings for the week ending March 9 were $2,170, and her federal…
A: Formula: Net pay = Gross pay - All deductions
Q: Novak's gross earnings for the week were $2,150, his federal income tax withholding was $346, and…
A: Introduction Federal income tax: Federal income tax is the tax withheld by employer that employee is…
Q: When filing 2015 federal income taxes as a single filer, you paid 10% on the first $9,225 earned,…
A:
Q: The taxpayer started operating a grocery store during 2015. He submits the following data:…
A: Given: The tax player includes the grocery store that is operated in 2015 as follows, Merchandise…
Q: Oak Corporation has the following general business credit carryovers: 2016 $7,250 2017 21,750 2018…
A: FIFO is the method of valuation of inventory in which the earliest inventory hold by the…
Q: Arndt, Inc., reported the following for 2018 and 2019 ($ in millions): 2018 2019 Revenues $ 995…
A: Solution 4: Tax schedule showing reconciliation between pre tax financial income, taxable income,…
Q: Fantasy Sdn Bhd incurred motor vehicle expenses of RM20,000 in the year ended 30 September 2019. It…
A: The monetary payment that is required to be made to the tax authority is defined as tax. Any…
Q: June 30, 2015, Patya Co. prepaid a 1,000,000 premium on an annual insurance policy. The premium…
A: Deferred tax liability is created when taxable income per books of accounts is higher than the…
Q: A VAT-registered taxpayer has the following VAT-exclusive data for the month of January 2017:
A: VAT i.e value added tax is charged in Philippines at 12% on goods ,services and properties . So…
Q: e) Bridgeton Company started its operations at the beginning of 2018. The following information…
A: Question is based on the concept of taxation accounting
Q: Gary Noll's gross earnings for the week were $3,400, his federal income tax withholding was $612,…
A: Employment taxes are the taxes that the employer pays to the government on behalf of their business…
Q: Arndt, Ic., reported the following for 2018 and 2019 ($ in millions): 2018 2019 $ 995 $1,073 840 $…
A: Solutoin 6: Tax schedule showing reconciliation between pre tax financial income, taxable income,…
Q: A VAT taxpayer had the following sales and purchases during the month: Sales, inclusive of VAT Php…
A: Answer: 7 Regular Customers Particulars Vat Amount in Php Sales Inclusive…
Q: The following transactions of Plymouth Pharmacies occurred during 2017 and 2018: 2017 Jan. 9…
A: Journal entries: It is prepared to record the financial and non financial transaction of the…
Q: A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not…
A: In the Philippines, the Value-added Tax Rate is 12%. The Export sale is a Zero rated tax supply. The…
Q: A, keepers of garage, whose gross receipts in year 2017 totaled P 3,050,000. In year 2018, the total…
A: Common carriers tax is similar to percentage tax. Percentage tax includes the threshold limit,…
Q: During the month of June, Rowling Boutique recorded cash sales of $233,200 and credit sales of…
A: Journal entry is a record of financial transaction in the books of accounts by an organization. It…
In the third quarter of 2017, a taxpayer engaged in the sale of services whose annual gross
receipts do not exceed P1,919,500 has the following data:
Accounts receivable, beginning of the quarter 50,000
Sales during the quarter, on account 100,000
Accounts receivable, end of quarter 75,000
Purchase of supplies, total invoice amount 11,200
The percentage tax due for the quarter is_______________
Assuming the taxpayer is VAT-registered, the VAT payable is __________________
Step by step
Solved in 2 steps
- 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?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?A VAT-registered taxpayer has the following VAT-exclusive data for the month of January 2017:Accounts receivable, January 1, 2017P 500,000Sales on account for the month of January1,000,000Cash sales for the month of January300,000Accounts receivable, January 31, 2017700,000Cash purchases for the month of January 2017 400,000 a.How much is the output tax for the month of January, 2017 using 12% rate assuming the taxpayer is a trader. b.How much is the output tax for January, 2017 using 12% rate assuming the taxpayer is service provider
- 1. In the third quarter of 2019, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P3M has the following data: Accounts receivable, beginning of quarter P 50,000; Sales during the quarter 100,000; Accounts receivable, end of quarter 75,000; Purchase of supplies, total invoice amount 11,200. The percentage tax due for the quarter is 2. In the third quarter of 2019, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P3M has the following data: Accounts receivable, beginning of quarter P 50,000; Sales during the quarter 100,000; Accounts receivable, end of quarter 75,000; Purchase of supplies, total invoice amount 11,200. Assuming the taxpayer is VAT-registered, the VAT payable is:Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is P240,000, of which the related VAT paid is negligible. 1. How much is the business tax payable for the first quarter? 2. How much is the business tax payable for the third quarter?Marr Company reported rental revenue of P2,210,000 in its cash basis income tax return for the year ended November 30, 2010 . Additional information is as follows: Rent receivable – November 30, 2010 1,060,000; Rent receivable – November 30, 2009 800,000; Under the accrual basis, Marr should report rental revenue of Choices; 1,920,000 1,950,000 2,440,000 2,470,000
- Umasa Company reported rental revenue of P2,210,000 in the cash basis income tax return for the year ended November 30, 2020. Rent receivable – Nov. 30, 2020 is P1,060,000; Rent receivable – Nov. 30, 2019 is P800,000; and Uncollectible rent written off during the fiscal year is P30,000. Under accrual basis, what amount should be reported as rent revenue? P2,240,000 P1,920,000 P1,980,000 P2,500,000A 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.The following cumulative balances during the year 2018 on income and expenses were provided by Tupac Shakur, a resident citizen. 1st quarter 2nd quarter 3rd quarter 4th quarter Gross sales 300,000.00 650,000.00 910,000.00 1,200,000.00 Cost of Sales 120,000.00 262,000.00 405,890.00 426,700.00 Creditable Withholding Tax - 5,000.00 25,000.00 25,000.00 Dividends-domestic corporation 20,000.00 20,000.00 30,000.00 30,000.00 Interest income - domestic BPI 4,000.00 8,000.00 12,000.00 16,000.00 UCPB 8,000.00 12,000.00 16,000.00 18,000.00 METROBANK 5,000.00 10,000.00 15,000.00 30,000.00 CAPITAL GAIN ON SALE OF LAND 150,000.00 150,000.00 150,000.00 150,000.00 >SELLING PRICE IS P600,000…
- Johnson Ltd. Paid $64,000 in taxes for 2017, and will use this amount to estimate the quarterly instalment payments due to CRA for 2018. Johnson Ltd. has a December 31 t year end. Prepare the journal entries to record: a) the March 31, 2018 instalment amount payable, b) the instalment payment on April 15, 2018, and c) the December 31, 2018 final tax payable amount if the total yearly taxes owing was actually $59,000. (no entry for the actual payment, just the recognition of the payable amount).At the beginning of 2021, Pitman Co. had pretax financial income of $1,200,000. Additionally, there was a timing difference of $300,000 due to an accounts receivable that will not be collected until the following year. The tax rate us 30%. A. Calculate the total taxable income for 2021. B. Calculate Income tax expense, income tax payable, and the deferred amount for 2021, and create the journal entry.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 taxpayers P1,200,000 How much is the value-added tax refundable?