From the data: May 2 - On sale to the public               Purchase price, VAT not included                   P400,000 Selling price, VAT not included                                    P900,000 May 9 - On sale to the Government Purchase price, VAT not included                                P200,000 Selling priceq                                                               P600,000 How much was the vat payable at the end of May? How much was the final value-added tax of May?

Q: CarRoq Corporation, a domestic dorporation a retailer of goods h gross sales of P 1,400,000,000 v…

A: The deduction can be taken OSD or itemized deductions. Although the amount of deduction is given so…

Q: nalyzing Tax Expense The following is an excerpt from Walmart’s Form 10‑K for the fiscal year ended…

A: Tax expense: An amount owing to a government agency by an individual or a commercial organization is…

Q: In July 20X2, a company sold goods at standard sales tax rate with a net value of $200,000, goods…

A: Computation of Output tax is as follows: Output tax =$200000 ×15%=$30000 Computation of Input tax is…

Q: Kingbird Company reports pretax financial income of $73,500 for 2020. The following items cause…

A: Taxable income of the company is adjusted financial income on which company has to pay taxes.

Q: At the end of March, account balances are: 190 Def. VAT: 20.000 TL. 191 Ded. VAT: 30.000 TL, 391…

A: Tax Payable:- It is the payment which one made on the income earned within the country or from…

Q: ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities…

A: Answer: Given Sale to private entities subject to 12%               Php 1,000,000Sale to private…

Q: A Vat taxpayer had the following data on its operations for the month of January: Sales, total…

A: Since VAT rate is not mentioned it is assumed to be 12% Input tax means the tax paid on purchase of…

Q: How much is the business tax payable for the October?

A: Vat payable is the amount of tax which a business have to pay to the government which has been…

Q: Rental income of R70 000 is received in advance. Calculate the tax base for income received in…

A: Rental payment refers to the periodic amount paid by the tenant to the owner of a property for…

Q: Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is…

A: In Philippines generate Vat tax rate is 12% on goods and services provided in the domestic territory…

Q: 10. Sheridan Corp. prepared the following reconciliation of income per books with income per tax…

A: In order to determine the current provision for income taxes, the income tax rate is required to be…

Q: The following are the data extracted from the books of a retailer and registered with the National…

A: VAT is the indirect form of tax which is levied by the government on the goods and services. VAT is…

Q: on-VAT business reported the following: Sales P2,500,000 Cost of Sales P1,000,000 Purchases,…

A: There are taxes on business there are taxes on the profit earned by business and these taxes are…

Q: ABC Corporation has the following sales during the 1ª quarter of 2021: Sale to private entities…

A:

Q: A VAT-registered business makes a sale of P10,000, inclusive of  VAT. The VAT on the sale can be…

A: VAT:   VAT stands for Value Added Tax. It is a tax a customer is liable to pay on the goods or…

Q: Gore Company, organized on January 2, 2021, had pretax accounting income of $6,200,000 and taxable…

A: Journal entries refers to the systematic documentation of the financial transactions of the company…

Q: NYFG, Inc.l has sales including sales taxes for the month of $445,200.  If the sales tax rate is…

A: Sales = Total sales / (1 + sales tax rate) = $445,200 / (1 + 0.06) = $420,000

Q: A VAT taxpayer had the following sales and purchases during the month: Sales, inclusive of VAT Php…

A: Answer: 5 Sales is VAT-exempt                       Particulars Vat VAT  Amount in Php…

Q: A retailer buys a product from the wholesaler at 120 OMR and wholesaler charges sales tax of 8%. The…

A: VAT or value added tax as the name suggets is the tax calculated on the sales value but paid after…

Q: In the quarter ended 31 March 20X2, Chas had taxable sales, net of sales tax, of $90,000 and taxable…

A: Sale tax is the tax levied on sale of goods. Sale tax paid on purchases can be booked as receivable…

Q: es to private 1,680,000 90,00 tities

A: VAT is Value Added Tax charged in the Phillipines @ 12% rate on…

Q: Carla Corporation reports pretax financial income of $262,600 for 2020. The following items cause…

A: Taxable income is the total income earned by the tax payer which can include the income from his…

Q: The applicable enacted income tax rate is 32%. In Red's December 31, 5 points 2002 balance sheet,…

A: Solution: As red is expected to maintain the level of taxable income in future, therefore company…

Q: Antiques Pty Lid made three frankable distributions during the 2020/2021 franking period as follows:…

A: Benchmark franking percentage is determined by the first distribution in the franking. This is shown…

Q: The statements of financial position of Nedburg include the following extracts: Statements of…

A: We have the following information: The tax charge in the statement of profit or loss for the year…

Q: It is mandatory to register as a VAT Taxpayer once the sales exceed 3M. During Cory Aquino's…

A: 1)It is mandatory to register as a VAT Taxpayer once the sales exceed 3M., Because it is mandatory…

Q: Determine if the timing differences are temporary or permanent. Net income per books (after-tax)…

A: Due to the differences between financial accounting and tax accounting there arises some differences…

Q: Rent income received in advance 150,000 Interest income on time deposit 200,000 Depreciation…

A: 1. Statement of computation of Taxable income: Particulars Amount(P) Income before provision…

Q: Select the correct order of the line items listed below based on the sequence of their appearance on…

A: Form US 1040 is used by the residents of the US to file an income tax returns. The form calculates…

Q: T&T restaurant, non-VAT registered, had gross receipts during the year which amount to P2,500,000.…

A: As per BIR, applicable VAT tax rate is 12% but the for the non registeered persion whose sales do…

Q: On July 10, Kelt Company, a business located in Alberta, purchased $45,000 of inventory for resale…

A: Journal Entry It is used to record the transactions of a business in records of the business. These…

Q: What is the amount subject to business tax? 2 points Jackpruit, a seller of goods, had the following…

A: Bussiness taxable income is simply the net income earned during the taxable period i.e.  taxable…

Q: 1. A is a non-VAT registered tax payer with a grocery store. The following data are available for…

A: Percentage Tax due: Total sales for the first quarter = 300,000 + 400,000 = 700,000 Vat/Percentage…

Q: Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,010 an amount…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: A company registered for Value Added Tax (VAT) in the United Kingdom.  The following information is…

A: Vat on exempt sales = Amount of exempt sales × Vat rate on exmpt sales=£16,000 × 0%=£0 Vat on…

Q: s of P150,000 November 2021. It: porate Tax Rate is 25%. If the co ecember 2021, what is the poss

A: Given  In november, Gross sale =P1400000 Cost of sales=P560000 Its profit is: 1400000-560000 =840000…

Q: J-Matt, Inc., had pretax accounting income of $291,000 and taxable income of $300,000 in 2018. The…

A: Deferred tax asset The amount of taxes that is paid or carried forward but not yet identified in the…

Q: Rainy-day Ltd Rainy-day Ltd is a company registered for Value Added Tax (VAT) in the United Kingdom.…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities…

A: GIVEN ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private…

Q: 1. How many units of Product Very Good would have to be sold in October 2021 in order to generate an…

A: solution : given Sales 200000 Variable cost 120000 Fixed cost 50000 Tax rate…

Q: 9. Black Co., organized on January 2, 20x0, had pretax financial statement income c P500,000 and…

A: Solution Given Income as per books 500000 Income as per tax 800000 Temporary…

Q: ABC Corporation has the following sales during the 1st quarter of 2019: Sale to private entities…

A: Input tax refers to the central tax (CGST), state tax (SGST), integrated tax (IGST), or union…

Q: A VAT-registered taxpayer has the following VAT-exclusive data for the month of January 2017:

A: VAT i.e value added tax is charged in Philippines at 12% on goods  ,services  and properties . So…

Q: In application for VAT refunds due from input tax on zero-rated sale, the BIR is expected to make…

A: Lets understand from the basics. Bureau of Internal Revenue(BIR) is a authority of the Philippines…

Q: ABC Corporation has the followi

A:

Q: J-Matt, Inc., had pretax accounting income of $331,000 and taxable income of $376,000 in 2021. The…

A: Income tax is the kind of tax, which the government imposes on the income generated through…

Q: ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities…

A: The central tax (CGST), state tax (SGST), integrated tax (IGST), or union territory tax (UTGST)…

Q: Probi KAY Co. reported net income for the current year 2021 at P4,180,000 before taxes. Included in…

A: Calculation of current tax expense = Taxable income x Tax rate   Calculation of Taxable expense…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.