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 O P1,329 O P1,488 O P369

The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000; Sales discounts P20,000; Sales returns and allowances P15,000; Purchase discounts P5,000; Purchase returns and allowances P7,000; Selling Expenses P40,000; General & Administrative expense P45,000; Interest income P5,000. What is the net income? P60,000 P65,000 P55,000 P180,000

B. Co an importer of merchandise for local sales had the following data on the importation: P2, 000,000 20, 000 30, 000 180, 000 40, 000 20, 000 Invoice cost Freight Insurance Customs duty Customs brokerage fees Processing fee Excise tax and other legitimate expenses of importation prior to removal from customs custody The customs duty was based on a dutiable value of the Importation (as determined by the Bureau of customs) of 90, 000 1, 800, 000 How much was the tax base of the value-added tax? How much was the value-added tax on importation?

Sales Tax A sale of merchandise on account for $17,400 is subject to a 7% sales tax. (a)  Should the sales tax be recorded at the time of sale or when payment is received?  (b)  What is the amount credited to sales?$ (c)  What is the amount debited to Accounts Receivable? If required, round your answers to the nearest cent.$ (d)  What is the account to which the $1,218.00 is credited?

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qw.15. Transactions for July, 2022   Batch 1 July 2 Purchased $2,000 of Inventory on account, terms 1/20, n/45. (Tax rate:13%)   July 7 Sold to Zoe Financial Company on credit terms 2/15, n/30 $3,000. (Tax rate:13%)   Batch 2   July 15 Paid salaries for 2 employees: Luo Jie, $1,300 cheque #10 and Zheng Rui, $1,600 cheque #15   July 17 Paid for the July 2 purchase on cheque #20.         Batch Number: 001 Batch Description: Transaction Batch #1 Entry Number: 001 Entry Description:    Date: Period: Source: GL - Account Number Account Description Debit Credit          Journal Entry Totals    Entry Number: 002 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit          Journal Entry Totals    Batch Totals      Batch Number: 002 Batch Description: Transaction Batch #2 Entry Number: 001 Entry Description:    Date: Period: Source: GL - Account Number Account Description Debit Credit          Journal Entry Totals    Entry Number: 002 Entry Description:…

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EONY Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30. Freight is ₱500, FOB Shipping point collect. The net purchases under the net method is?

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