Purchases of goods sold to private entities, gross of 12% VAT Sales to a GOCC, net...
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Purchases of goods sold to private entities, gross of 12% VAT Sales to a GOCC, net of 12% VAT Purchases of goods sold to GOCC, net of 12% VAT How much is the withholding VAT? 896,000 1,000,000 700,000 How much is the standard input tax? How much is the creditable input tax on sale to private entities? 19. Mang Jose, is the owner of a small variety store. His gross sales in any one year does not exceed the VAT threshold amount. He is not VAT-registered. The following data are taken from the books of the variety store for the month ending December 2017: Merchandise inventory, Dec 31 Gross sales Purchases from VAT-registered suppliers How much is the percentage tax due? P 100,000.00 450,000.00 350,000.00 20. As franchisee, Ms. Ana, had the following data on revenues and receivables, taxes not included: From operations Covered by franchise Not covered by franchise Revenues AR beginning 2,000,000 600,000 300,000 How much is the franchise tax, assuming she is a franchise grantee: a. Operating a water system? AR ending 400,000 50,000 b. Selling electricity? 21. Mr. B is a caterer and a videoke bar operator. In a taxable period, she had the following data, tax not included: For operations of the TruLuv Catering service: Cash sales Accounts receivable (catering) Credit card sales From the operations of the LuvHurtz Videoke Bar: Cash sales Credit card sales Payments: For operations, based on gross receipts (80% of which are to VAT taxpayers) How much is the amusement tax payable? How much is the value added tax payable? P 400,000 250,000 243,000 1,360,000 624,200 60% Purchases of goods sold to private entities, gross of 12% VAT Sales to a GOCC, net of 12% VAT Purchases of goods sold to GOCC, net of 12% VAT How much is the withholding VAT? 896,000 1,000,000 700,000 How much is the standard input tax? How much is the creditable input tax on sale to private entities? 19. Mang Jose, is the owner of a small variety store. His gross sales in any one year does not exceed the VAT threshold amount. He is not VAT-registered. The following data are taken from the books of the variety store for the month ending December 2017: Merchandise inventory, Dec 31 Gross sales Purchases from VAT-registered suppliers How much is the percentage tax due? P 100,000.00 450,000.00 350,000.00 20. As franchisee, Ms. Ana, had the following data on revenues and receivables, taxes not included: From operations Covered by franchise Not covered by franchise Revenues AR beginning 2,000,000 600,000 300,000 How much is the franchise tax, assuming she is a franchise grantee: a. Operating a water system? AR ending 400,000 50,000 b. Selling electricity? 21. Mr. B is a caterer and a videoke bar operator. In a taxable period, she had the following data, tax not included: For operations of the TruLuv Catering service: Cash sales Accounts receivable (catering) Credit card sales From the operations of the LuvHurtz Videoke Bar: Cash sales Credit card sales Payments: For operations, based on gross receipts (80% of which are to VAT taxpayers) How much is the amusement tax payable? How much is the value added tax payable? P 400,000 250,000 243,000 1,360,000 624,200 60%
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