Related questions
34
ABC Corporation has the following sales during the 1st quarter of 2021:
Sale to private entities subject to 12% Php 1,000,000
Sale to private entities subject to 0% 1,000,000
Sale exempt from VAT 1,000,000
Sale to government 1,000,000
The following input taxes were passed on by ABC Corp.'s VAT suppliers:
Input tax on taxable goods 50,000
Input tax on zero-rated sale 30,000
Input tax on sale of exempt goods 20,000
Input tax on sale to government 40,000
Input tax on
Total input tax which can be refunded is:
Note: Write only the amount without comma, no peso sign and round off to the nearest peso (e.g. write 100000 only if the answer is One Hundred Thousand Pesos). If your answer is Zero, write 0 only.
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps
- A domestic enterprise in 2009 taxable income of $10 million, it has branches in A and B.The taxable income of the branch of State A is $7 million, of which the income from production and operation is $6 million (tax rate is 40%) and the income from interest is $1 million (tax rate is 20%).The taxable income of the branch of State B is $3 million, of which the income from production and operation is $2 million (tax rate is 20%) and the income from interest is $1 million (tax rate is 11%).B country in 2008 there are 20,000 dollars of overseas income tax payable without deduction. Requirements: calculate the enterprise income tax payable by the enterprise in 2009 (summarize domestic and foreign income).arrow_forward14 Victory ML Bus company has the following data for the first quarter of 2021: Gross receipt from passengers P 8,000,000 Gross revenue from cargo operations 5,000,000 Expenses – Passengers operation 4,750,000 Expenses – Cargo operations 2,500,000 Gross receipt from rental of facilities 2,000,000 Additional info: 25% of its gross revenue from cargo operations were still outstanding as of the end of the quarter Required: determine the total business tax due for the first quarterarrow_forwardIsaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment payments. In 2021, Isaac had $676 million in sales of this type. Scheduled collections for these sales are as follows: 2021 $ 83 million 2022 137 million 2023 129 million 2024 162 million 2025 165 million $ 676 million Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes. Ignoring operating expenses, what deferred tax liability would Isaac report in its year-end 2021 balance sheet?arrow_forward
- #9 helparrow_forwardReconciling between Effective and Statutory Tax Rates Baltimore Inc. reported pretax GAAP income of $72,000 in 2020. In analyzing differences between GAAP income and taxable income, the company determined that it had deducted $9,000 in nondeductible fines and added $5,040 in tax-exempt municipal interest revenue to GAAP income. The statutory tax rate is 25%. Prepare a reconciliation between Baltimore Inc.'s effective and statutory tax rates. • Note: Round percentage to one decimal place (for example, enter 3.4 for 3.35%). Percentage Statutory tax rate 0 % Tax-exempt income 0 % Non-deductible expense 0 % Effective taxX rate 0 %arrow_forward7arrow_forward
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education