1. The Hercules Construction Corporation, a VAT-registered taxpayer, had the following data on its construction projects, VAT not yet included, for the last quarter of 2019: P20,000,000.00 16,000,000.00 2,000,000.00 Hallmark Building - 100% complete Contract Price Collections in October and November 2019 Partial collection of retention receivable in December 2019 Summit Apartments - 80% complete Contract Price Advances received in October 2019 Collections received in November 2019 Billings in December 2019 Retention receivable SFC Business Center - to be started in January 2020 Contract Price Advances received in December 2019 for mobilization Deposits received in December 2019 for materials Purchase of materials from VAT suppliers during the quarter of which only 80% was paid Payment for subcontracting services to VAT service providers during the quarter Payment of construction workers' wages for the quarter Purchase of construction equipment in November 2019* 10,000,000.00 4,000,000.00 3,000,000.00 1,000,000.00 2,000,000.00 15,000,000.00 300,000.00 2,000,000.00 6,000,000.00 1,800,000.00 250,000.00 2,400,000.00 *With an estimated economic useful life of 6 years. Required: Compute the following: (a) the output tax (per project in detail); and (b) the input tax (in detail); and the VAT payable, if any, for the quarter. 2. Tradewinds Transport Services is a registered VAT domestic carrier by land of both cargoes and passengers. The following transactions, taxes not yet included, transpired in first quarter of 2020: Gross receipts from transport of cargoes P 2,880,000.00 Gross receipts from transport of passengers 3,120,000,00 Payment to VAT suppliers for both cargoes and passengers 400,000.00 Payment to non-VAT suppliers for both cargoes and passengers 260,000.00 Required: Compute the value-added tax payable and/or percentage tax, if any. 3. Grand Corporation imported goods from the United States. The goods were subjected to customs duties in the amount of P36,000.00 representing 8% of the dutiable value of the goods, excise tax of P5,000.00 and the following charges: freight, P4,200.00; insurance, P9,000.00; postage, P2,500.00; customs brokerage fees, P9,800.00; wharfage dues, P3,000.00; arrastre charges, P2,000.00; processing fees, P4,000; and facilitation fee, P3,500.00. Trucking charges from the customs warehouse to the company's establishment in Novaliches amounted to P4,704.00, inclusive of VAT. Required: Compute the following: (a) the value-added tax due on the importation; and (b) the value-added tax payable assuming the imported goods are sold for P600,000.00, exclusive of VAT, and packaging materials with a total invoice price of P896.00 purchased from VAT suppliers were used for the goods before they were sold. NOTE: This solution sheet is nya. Durite description raven ist Show computation in these for the market PROBLEM - HERCULES CONSTRUCTION CORPORATION IS Point O + 1 1 Balting C Gener 2018 Partection of movie Training Surat Com A 2010 ingen December 2008 Restore Telpu SFC . AD D D Purchase Payment for women Powe Total rol PROBLEM 2-TRADEWINDS TRANSPORT SERVICES O Leo VAT Pa MA werowe PROBLEM GRAND CORPORATION D Customer Bew Posta Whatag som Ah Proce Talv VAT Lepus Om Penge VAT NOTE: This solution sheet is only a guide. Delete descriptions/items which you deem are not needed or leave the space blank if no amount is to be placed on the space provided/or marked with ?. Show computation in paretheses for those items marked with "(asterisk). PROBLEM 1 - HERCULES CONSTRUCTION CORPORATION (45 Points) Tax Base VAT P ? D P ? Output tax Hallmark Building Contract price Collections in October and November 2019 Partial collection of retention receivable Total output tax - Hallmark Building ? ? 2 2 P ? ? ? ? ? Summit Apartments Contract price Advances received in October 2019 Collections received in November 2019 Billings in December 2019 Retention receivable Total output tax - Summit Apartments ? ? ? ? ? ? ? ? SFC Business Center Contract price Advances received in December 2019 for mobilization Deposits received in December 2019 for materials Total output tax - SFC Business Center ? ? ? ? ? ? Total output tax P P ? ? ? ? Less: Input tax Purchase of materials Payment for subcontracting services Payment of construction workers' wages Purchase of construction equipment Total input tax ? ? ? ? ? ? VAT payable P ? PROBLEM 2 - TRADEWINDS TRANSPORT SERVICES (15 Points) Cargoes Output tax Less Input tax a P ? ? VAT payable ? Passengers Gross receipts Multiplied by P ? ? (State description and amount of business tax due) ? PROBLEM 3 - GRAND CORPORATION (30 Points) a P ? ? ? 2 ? Dutiable value Customs duties Excise tax Freight Insurance Postage Customs brokerage fees Wharfage dues Arrastre charges Processing fees Facilitation fee ? ? ? ? ? 2 Total value 2 VAT on the importation P ? b Output tax Less: Input tax On the importation Trucking charges Packaging materials ? ? ? VAT payable P