1. Joseph has a sari-sari store with P500,000 annual sales. He had the following sales during the...
Question:
1. Joseph has a sari-sari store with P500,000 annual sales. He had the following sales during the month; sale of various merchandise- P50,000; cash donated by his brother- P220,000; cash proceeds from bank loan- P320,000. How much is subject to business tax for the month?
2. A seller of goods had the following transactions in January 2019; cash sales - P300,000; credit/installment sales (40% collected)- P450,000; sales returns and allowances- P60,000; freight out charged to customers- P30,000. What is the amount subject to business tax?
3. A VAT-taxpayer received P156,000 plus P12,000 CWT certificate. What is the output VAT?
4. A service provider had the following income during the month:
Fees, paid in cash & checks - P320,000; Fees, paid in notes - P600,000; Advances by clients by future services- P80,000; Reimbursement for out-of-pocket expenses-P160,000; Reimbursement for client expenses- P80,000. How much is amount subject to business tax?
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young