on-VAT business reported the following: Sales P2,500,000 Cost of Sales P1,000,000 Purchases, inclusive of VAT P560,000 How much is the amount of business tax payable
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A Non-VAT business reported the following:
Sales P2,500,000
Cost of Sales P1,000,000
Purchases, inclusive of VAT P560,000
How much is the amount of business tax payable?
Step by step
Solved in 2 steps
- A VAT-taxpayer made the following sales during the year:Domestic Sales P100,000Export Sales P120,0001. What is the amount subject to business tax?2. Compute the Output VAT.X is a percentage tax business. X issued a VAT-invoice for goods sold in the amount of P12,400 inclusive of VAT. The goods were bought for P8,000 exclusive of VAT. How much is the VAT payable? * O PO P1,329 O P1,488 О Р369X is a percentage tax business. X issued a VAT-invoice for goods sold in the amount of P12,400 inclusive of VAT. The goods were bought for P8,000 exclusive of VAT. How much is the VAT payable? * О РО O P1,329 O P1,488 О Р369
- 21. A non-VAT business reported the following: Sales Cost of Sales Purchases, inclusive of VAT P2,500,000 1,000,000 560,000 How much is the amount of business tax payable? (NO Solutions)A mixed income earner realized P920,000 from compensation, P2,000,000 in sales, P100,000 other income subject to tax and incurred P480,000 in expenses. A. What is the total compensation income subject to income tax? B. What is the income tax due from compensation? C. What is the total income from Business subject to income tax?21. A non-VAT business reported the following: Sales P2,500,000 Cost of Sales 1,000,000 Purchases, inclusive of VAT 560,000 How much is the amount of business tax payable? _ 22. A non-VAT person reported the following during the year: (NO Solutions) Domestic Sales P1,000,000 Export Sales 600,000 Importation of Goods Transaction deemed sales 500,000 100,000 Its total amount subject to 12% VAT would be: (NO solutions)
- A VAT registered trader had the following transactions: Sales of good to private entities, net of VAT 2,500,000 Purchases of goods sold to private entities, gross of 12% VAT 896,000 Sales to GOCC, net of VAT 1,000,000 Purchases of goods sold to GOCC net of VAT 700,000 How much is the output tax?21. A non-VAT business reported the following: Sales P 2,500,000 Cost of Sales 1,000,000 Purchases, inclusive of VAT 560,000 How much is the amount of business tax payable? (NO Solutions)I need step by step instructions for the problem e) what is the average income tax rate?** I know you have to divide total tax expense by the net income before taxes.So,For E) the income tax expense is $13,134Net Income before tax??Average Tax rate: ??Revenue : (sales) $144000(service) $28700All the taxes :depreciation tax $10400Interest expense $2400Income Tax expense. $13,134Supplies expense. $12,700F) if $18,500 of dividends had been declared and paid during year, what was the January 1 2016 balance of retained earnings?Retained Earnings Dec 31st : $59000Dividens declared: ???Retained Earnings January 1st: ???Please solve and explain thoroughly.
- For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Group of answer choices P3,900,000.00 P1,600,000.00 P2,400,000.00 P1,700,000.00For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Given the amount, how much is the minimum corporate income tax? Group of answer choices P78,000.00 P34,000.00 P32,000.00 P48,000.00How much of the following is gross income subject to income tax? P2,410,000 P2,210,000 P2,160,000 P1,710,000 P450,000