Sana Oil Corporation, a manufacturer of cooking oil made of corn since 2010. For the taxable year 2018 however, it started its operations as a VAT registered (from being VAT Exempt). The following were th transactions during the quarter taken from its books and available records as follows: TRANSACTIONS Sales (ex. of vat) Purchases: Corn used as raw materials (ex. of vat) Supplies and other materials (ex. of vat) Two heavy equipment, useful life is 8 years Four light equipment, useful life is 4 years Beginning Inventory: Supplies/other materials from VAT suppliers Supplies/other materials from non VAT suppliers JULY P 850,000 130,000 160,000 900,000 550,000 15,000 65,000 AUGUST SEPTEMBER P 720,000 P 800,000 165,000 185,000 215,000 180,000
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- T&T restaurant, non-VAT registered, had gross receipts during the year which amount to P2,500,000. If the year of operation is 2019, * Subject to Output VAT of P300,000 Subject to Output VAT of P267,854 Subject to Percentage tax of P75,000 Subject to Percentage on the P2,000,000A VAT registered person engages in both VAT and VAT exempt business. During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts toP200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200. The creditable input tax isA VAT registered person is engages in both VAT and VAT exempt During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts to P200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200 The creditable input tax is:
- XYZ Company manufactures equipment that are sold through installment. XYZ recognizes revenue on the year of sale for financial reporting and when installment payments are received for income tax purposes. In 2020, the company earned a gross profit of P6,000,000 for accounting and P1,500,000 for income tax purposes. In relation to its sales, XYZ also provides warranties for its equipment. Warranty costs are accrued as expense for financial reporting and recognized as deductible expense in the income tax return when paid. Accrued warranty expense for 2020 is P2,500,000, but only P500,000 of warranty costs are actually paid during the year.In addition, XYZ also earned P500,000 of interest, net of final withholding taxes, from its bank deposits. Interest income subject to final withholding taxes is non-taxable income for income tax purposes. The entity also paid P100,000 insurance premium on the life of its president in relation to an insurance policy where XYZ Company is the beneficiary.…Inic CHAS, Inc. is engaged in the sale of parts for electric gate motors for residential and commercial garages and driveways. CHAS closes its books on December 31 of each year. The 10k report and the 2021 annual report were published on March 25, 2022. On December 15, 2021, CHAS purchased inventory on credit for $850,000 with terms 3/10, n/30. The company uses the gross method to account for its accounts payable. On December 23, 2021, 60% of the balance due was paid in cash, and the rest was paid in January 2022. The balance paid in January 2022 was made with working capital from the company itself. Determine the balance of accounts payable that the company should have reported as part of its current debts in the 2021 Annual Report (10K). to. $510,000 b. $340,000 с. $355,300 d. $0 acBook AirDuring the 2nd quarter of 2016 (June 2016 – August 2016) Ping-Pong Industries (located at 535 Main Street, Brentwood, NY 11717; Sales Tax ID# 44455566677) had total sales of $126,000. Of this amount, $21,000 were non-taxable. All of the sales were made in Suffolk County, and the company does not report gross credit card and debit card sales. This is not the final sales tax return for the company, and the company pays the sales tax amount that is due when filing the form. The company does not use a third-party designee, and prepares the sales tax forms on its own. The forms are signed by Alton Thompson, the CEO of the company (phone number: 631-555-8476, no e-mail address), and are filed on the due date for the form. Based on the instructions that have been provided for Form ST-100, complete Form ST-100 of Ping-Pong Industries for the 2nd quarter of the year. Please do all the pages in the form, if needed. https://www.tax.ny.gov/pdf/current_forms/st/st100.pdf
- SA Traders operates as a hardware store and is a registered VAT vendor. The applicable tax rate is 15%. SA Traders makes use of the periodic inventory system, as well as control accounts. The transaction amounts are VAT inclusive where applicable. On 4 August 2020, Rod Traders purchased stationery for use in the office and paid R1 120 in cash. The amount in the VAT input column in the relevant journal for this transaction will be: A. R146,09 B. R137,54 C. R0 as the amount should be recorded as VAT output. D. R168,00The following are three independent situations. 1. Hairston Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Hairston’s past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Hairston’s liability for stamp redemptions was $13,000,000 at December 31, 2019. Additional information for 2020 is as follows. Stamp service revenue from stamps sold to licensees0000 $9,500,000 Cost of redemptions (stamps sold prior to 1/1/20)0000 6,000,000 c. If all the stamps sold in 2020 were presented for redemption in 2021, the redemption cost would be $5,200,000. What amount should Hairston report as a liability for stamp redemptions at December 31, 2020? 2. In packages of its products, Burnitz Inc. includes coupons that may be presented at retail stores to obtain discounts on other Burnitz products. Retailers are reimbursed for the face amount of coupons redeemed plus 10%…On January 2020, DEF Corporation is a VAT registered manufacturer of refined sugar, purchased in cash from STU Corporation, also a VAT registered company, sugar cane amounting to P80,000. The refined sugar produced were sold on January 2020 on credit for P150,000, VAT exclusive. Compute for the VAT payable. P18,000 P8,400 P14,800 P9,600
- ABC Company sells gift certificates which can be use to purchase their merchandise. The gift certificates have an expiration date of 3 years from the date of issuance. Upon redemption or expiration, ABC recognizes the unearned revenue as realized. Some data are as follows:Unearned revenue from gift certificates outstanding, January 1 - P 500,000Gift certificates sold during 2019 - P 400,000The Unearned revenue from gift certificates outstanding has decreased by P 200,000 during the year. The gift certificates redeemed during the year was twice the value of the gift certificates expired for the year 2019.The gross profit rate based on sales is 30%.How much revenue must be recognized related to the gift certificates redeemed during the year 2019?ABC Company sells gift certificates which can be use to purchase their merchandise. The gift certificates have an expiration date of 3 years from the date of issuance. Upon redemption or expiration, ABC recognizes the unearned revenue as realized. Some data are as follows:Unearned revenue from gift certificates outstanding, January 1 - P 500,000Gift certificates sold during 2019 - P 400,000The Unearned revenue from gift certificates outstanding has decreased by P 200,000 during the year. The gift certificates redeemed during the year was twice the value of the gift certificates expired for the year 2019.The gross profit rate based on sales is 30%.How much is the liability outstanding related to gift certificates not yet redeemed as of December 31,2019? How much revenue must be recognized related to the gift certificates redeemed during the year 2019?In 2016, DFS Medical Supply collected rent revenue for 2017 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2016 amounted to $300,000 at December 31, 2016. DFS had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of 40% and 2016 income tax payable of $950,000, prepare the journal entry to record income taxes for 2016.