BDF limited as the following supplies: Supplies at standard rate $5,000,000 Supplies at Zero percent $3,000,00 Supplies at 25% $2,000,000 Exempt Supplies $5,000,000 The GCT threshold is $10,000,000 Which of the following statement is correct? a. BDF limited taxable has exempt supplies. The company is not required to register for VAT. b. BDF limited taxable supplies is $7,000,000. The company is not required to register for VAT. c. BDF limited total supplies is $9,000,000. The company is required to register for VAT. d. BDF limited total supplies is $15,000,000. The company is required to register for VAT.
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BDF limited as the following supplies:
Supplies at standard rate $5,000,000
Supplies at Zero percent $3,000,00
Supplies at 25% $2,000,000
Exempt Supplies $5,000,000
The GCT threshold is $10,000,000
Which of the following statement is correct?
- a. BDF limited taxable has exempt supplies. The company is not required to register for VAT.
- b. BDF limited taxable supplies is $7,000,000. The company is not required to register for VAT.
- c. BDF limited total supplies is $9,000,000. The company is required to register for VAT.
- d. BDF limited total supplies is $15,000,000. The company is required to register for VAT.
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- The amount of sale to qualified PWDs INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens and PWDs enjoy exemption from VAT and also a 20% on their purchase of certain goods or services. How much should the business report as “Sales” to be able to avail of the special deduction from its gross income? a. 1,120,000 b. 1,000,000 c. 896,000 d. 800,000On January 30, 2021, XYZ Corporation, a non-VAT registered company, purchased from ABC Corporation, a VAT registered company, goods and paid a total amount P156,800, inclusive of VAT. on February 1, 2021, XYZ Corporation became liable to VAT. The goods were sold on February 28, 2021 for P280,000, VAT inclusive. Compute for the VAT payable P30,000 P13,200 P27,200 P16,800Compute for the VAT payable. 1) On January 30, 2021, XYZ Corporation, a non-VAT registered company, purchased from ABC Corporation, a VAT registered company, goods and paid a total amount P156,800, inclusive of VAT. on February 1, 2021, XYZ Corporation became liable to VAT. The goods were sold on February 28, 2021 for P280,000, VAT inclusive. Compute for the VAT payable. a. P30,000 b. P13,200 c. P27,200 d. P16,800 2. 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. a. P18,000 b. P8,400 c. P14,800 d. P9,600 3. Bible Community of the Philippines, Inc. (BCPI)is registered with the Securities and Exchange Commission as a nonstock, not-for-profit corporation with the primary purpose of…
- ABC Water Co. enters into the following three franchise agreements on July 1, 20x1: Probability of Cash of ys, Present Direct Franchisee down collection value of costs es. note incurred Reasonably assured 60,747 32,000 Uncertain 20,000 48,037 Significantly uncertain 00 00 33,801 142,585 21,520 78.520 ur- Totals 60,000 not ch Additional information: The down payments are non-refundable and are due at contract inception. The discount rate on all the notes is 12% and the first installment payments are due on July 1, 20x2. •At contract inception, Water expects to provide Franchisee B a price concession and concludes that it is probable that Franchisee B will pay half of the note. The adjusted present a 00 value of the note is P24,018. The discount rate is 12%. * The nature of the licenses is to provide the customers the 'right to use' Water's intellectual property as it exists at grant date. The SƏL the much is the total profit recognized from the three contracts in 20x1? e is c. 78,312 d.…A non-life insurance company reported a total gross premium of P2,100,000 and 100,000 cancellations. The legally required amount of reserve fund to be maintained by the company is 800,000. The beginning balance of the reserve fund is 650,000. During the year, the company paid and transferred to its reserve fund. How is the special allowable deduction for payment to reserve fund for the period? a. 800,000 b. 650,000 c. 150,000 d. Zero37. SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Professional/Management/Consultancy fees (Individual) Gross receipts 3M or below with sworn declaration - 5% Gross receipts over 3M or VAT-reg or without sworn declaration – 10% Purchase of goods or properties by Top Withholding Agents (TWA) - 1% - goods 2% - service Professional/Management/Consultancy fees (Non-Individual) Gross receipts 720,000 or below - 10% Gross receipts over 720,000 – 15% Partners in general professional partnerships (drawings, advances, sharings, allowances, etc.) 720,000 or less -10% Above 720,000 – 15% Contractors/subcontractors (security, janitorial, etc.) 2% Commission (if not employee) 10% Director’s fees (if not employee) 10% or 15% (720,000 threshold) Income distributed to beneficiaries of estates/trusts 15% Rental 5% Below are the data provided to you by Nicanor, a top withholding agent for the month…
- 35 ABC Corporation has the following sales during the 1st quarter of 2019: 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…Water Co. enters into the following three franchise agreements on July 1, 20x1: Probability of Cash Present Direct Franchisee collection down value of costs payment note Reasonably assured incurred 20,000 60,747 32,000 B Uncertain 20,000 48,037 25,000 C Significantly uncertain 20,000 33,801 21,520 Totals 60,000 142,585 78,520 Additional information: . The down payments are non-refundable and are due at contract inception. The discount rate on all the notes is 12% and the first installment payments are due on July 1, 20x2. At contract inception, Water expects to provide Franchisee B a price concession and concludes that it is probable that Franchisee B will pay half of the note. The adjusted present value of the note is P24,018. The discount rate is 12%. The nature of the licenses is to provide the customers the 'right to use' Water's intellectual property as it exists at grant date. Water transfers the licenses to the customers on July 1, 20x1. How much is the total profit recognized…Camp Corp is doing their HST return. They ordinarily have no HST collected from their customers, but they do claim a refund for their ITCS. What type of supplies are they selling? ) Zero Rated Supplies O Fully Taxable Supplies Exempt Supplies ACB Corp is a CCPC with $300,000 of taxable income. That amount is made up of $50,000 in non-active rental income and $250,000 in active business income. Calculate the corporate taxes owing
- 36. SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Professional/Management/Consultancy fees (Individual) Gross receipts 3M or below with sworn declaration - 5% Gross receipts over 3M or VAT-reg or without sworn declaration – 10% Purchase of goods or properties by Top Withholding Agents (TWA) - 1% - goods 2% - service Professional/Management/Consultancy fees (Non-Individual) Gross receipts 720,000 or below - 10% Gross receipts over 720,000 – 15% Partners in general professional partnerships (drawings, advances, sharings, allowances, etc.) 720,000 or less -10% Above 720,000 – 15% Contractors/subcontractors (security, janitorial, etc.) 2% Commission (if not employee) 10% Director’s fees (if not employee) 10% or 15% (720,000 threshold) Income distributed to beneficiaries of estates/trusts 15% Rental 5% Below are the data provided to you by Nicanor, a top withholding agent for the month…Farm Solutions, Inc, sold the following items to farmers for the taxable quarter ending June 30, 2021:Fertilizers P3,040,000Pesticides 2,260,000Seeds 3,200,000Seedlings 6,050,000Farm equipment 18,730,000Total P33,280,000 1. How much is Farm Solutions, Inc's Output VAT 2. When should Farm Solutions file its VAT return for the taxable quarter ending June 30, 2021 3. When should Farm Solutions file its VAT return for the taxable quarter ending June 30, 2021 4. Assuming Farm Solutions is an agricultural cooperative, and the farmer are its members, how much is Farm Solutions' output VAT?39. SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Professional/Management/Consultancy fees (Individual) Gross receipts 3M or below with sworn declaration - 5% Gross receipts over 3M or VAT-reg or without sworn declaration – 10% Purchase of goods or properties by Top Withholding Agents (TWA) - 1% - goods 2% - service Professional/Management/Consultancy fees (Non-Individual) Gross receipts 720,000 or below - 10% Gross receipts over 720,000 – 15% Partners in general professional partnerships (drawings, advances, sharings, allowances, etc.) 720,000 or less -10% Above 720,000 – 15% Contractors/subcontractors (security, janitorial, etc.) 2% Commission (if not employee) 10% Director’s fees (if not employee) 10% or 15% (720,000 threshold) Income distributed to beneficiaries of estates/trusts 15% Rental 5% Below are the data provided to you by Nicanor, a top withholding agent for the…