1) How much is the input tax from purchases in a month of fixed assets in the following cases: a. A purchase in May of Php 200,000. (2points) b. A purchase in June of Php 1,200,00, life of the asset is 3 years. (2 points) c. Purchases in October of: (5 points) Asset No. 1 - Php 300,000 Asset No. 2 - Php 500,000 Total of Php 800,000 d. Purchase in November: (5 points) Asset no. 1 - Php 900,000, useful life of 5 years Asset No. 2 - Php 500,000, useful life of 6 years Total of Php 1,400,000 

2) Taxpayer became subject to value-added tax on January 1, 2019, by registering under the VAT system. 2018 Jan. 2019 Net Sales Php 1,000,000 Php 100,000 Net purchases from VAT supplier 400,000 60,000 Inventory, end 22,000 10,000 How much is the VAT payable at the end of January 2019?

3) An importer wishes to withdraw its importation from the Bureau of Customs. The imported goods were subjected to a 10% customs duty in the amount of Php 12,500 and to other charges in the amount of Php 9,500. a. How much is the Total Landed Cost? (3 points) b. How much is the value added tax due?

4) Data for: October November December Gross Sales Php 800,000 Php 900,000 Php 2,000,000 Purchases 900,000 200,000 1,800,000 How much is the VAT Payable on October, November and December? 

5) Sales, exports Php 900,000 Sales, domestic 100,000 Purchases from VAT suppliers 360,000 Purchases from VAT suppliers of goods sold in the Philippines 55,000 Compute the VAT payable of export and domestic sales and purchases separately. 

6) Receipts of a Contractor Company, VAT not included: Contract price on work complete as of 12/31/2019 (total contract price of Php 6,000,000) Cash received Php 4,000,000 Accounts Receivable 2,000,000 Advances on contract price, still unearned as of 12.31.2019 500,000 Payments for: Services performed by VAT sub-contractors 1,000,000 Materials purchased from VAT suppliers 2,000,000 Salaries of employees 300,000 How much is the VAT Payable?

7) Taxpayer is a manufacturer subject to VAT. Sales of manufacturing products P14,000,000 Purchases from VAT sellers, VAT not included: Materials and supplies for use in production 4,000,000 Machine with useful life of 4 years 400,000 Land 3,000,000 Costs during the month on warehouse in Progress of construction, VAT not included: Materials purchased during the month P 4,000,000 Progress billings paid to the contractor (services) 2,000,000 How much is the VAT Payable? 

Answer rating: 100% (QA)

a Input tax from purchase in May Php 200000 12 Php 24000 b Input tax from purchase in June Php 1200000 12 3 Php 48000 c Input tax from purchases in October Php 300000 Php 500000 12 Php 96000 d Input tax from purchases in November Php 900000 Php 500000 12 5 Php 500000 12 6 Php 168000 VAT payable at the end of January 2019 Php 100000 Php 10000 12 Php 10800 a Total Landed Cost Customs Duty Other Charges Php 12500 Php 9500 Php 22000 b Value Added Tax Total Landed Cost 12 Php 22000 12 Php 2640 VAT Payable on October Php 800000 Php 900000 12 Php 0 Since theres an input VAT credit VAT Payable on November Php 900000 Php 200000 12 Php 78000 VAT Payable on December Php 2000000 Php 1800000 12 Php 24000 VAT payable on exports Php 900000 Php 55000 12 Php 102000 VAT payable on domestic sales Php 100000 12 Php 12000 ... View the full answer