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Posted on Jul 22, 2024

41. The output taxes? The VAT payable on domestic sales? The net input taxes refundable? 42. The input tax closed to expense equal to:: 44.

image text in transcribed 41. The output taxes? The VAT payable on domestic sales? The net input taxes refundable? 42. The input tax closed to expense equal to:: 44. The business tax of Kabalikat Co. before tax credits is; 47. The total VAT on importation is 48. VAT paid on the above importation was

$200,000 41. The taxpayer is a VAT registered building contractor for January 2014 Cash received on contract price For Buidlinge1 constructed in the Phils to house offices of foreign Investors: Remittance received in dollars ($1.P55) Cash received (VAT not included) For Building #2 constructed in the Philippines For Labor For Materials From owners, for building permits Bldge1 Bldg 2 Payments made (VAT included when applicable) For services of VAT registered supplier P224,000 P448,000 For materials from VAT registered suppliers 1.120.000 2.240,000 For salaries of employees 22.400 44,800 P1,000,000 2,000,000 30,000 The output taxes a. P360,000 CP363,800 b. P1,680,000 d. None of the above The VAT payable on domestic sales a. PO cP108.000 b. P72,000 d. None of the above d. The net input taxes refundable a PO cP72,000 b. P108,000 d. None of the above 42. Mr. Kontratista is a building contractor. Contract prices received in a month (value added tax not included) were From the National Gov't Public works P6,000,000 From property owners 4,000,000 Purchases of materials for public works contracts 3,250,000 Purchases of labor from subcontractors for public works contracts 500,000 Purchase of materials for contracts with property owners 600,000 Purchase of labor from sub-contractors on contract with property owners 400,000 VAT withheld on payments by the National Gov't based on contract price 5% The input tax closed to expense equal to: a. P270,000 c. P150,000 b. P30,000 d. P120,000 44. Kabalikat Co. is a customs broker and a forwarder, representing importers at the piers and transporting their importations to warehouses to all points of Luzon. In an importation of Stateside Co., the costs of the importer were awes not included): Invoice costs of importation exchange rate is US$1:P55 US$30,000 Expenses on the importation up to the Philippine Port P20,000 Excise tax 10,000 Customs duty 15,000 Customs brokerage charges paid to Kabalikat Co. 8,000 Forwarding charges paid to Kabalikat Co. 25,000 The business tax of Kabalikat Co. before tax credits is: : a. VAT of P3,960 b. VAT of P3,000 c. Percentage tax of P990 d. Percentage tax of P7,500 47. The following are pertinent data regarding the importation of goods intended for local sales: Items imported Sparkling wines Number of cases 50 cases Prevailing Retail Price P600 per bottle of 750 ml. Purchase price US$50 per case Specifications: 12 bottles of 750 ml/case Sparkling wines Applicable excise tax P300 per 1 liter Applicable customs duty P50 per 1 liter Prevailing exchange rate P40 per US$1 Ocean Freight P5,000 The total VAT on importation is - - a. P37,800 c. P28,800 b. P31,500 d. P16,200 48. Importation for a month ITEMS CIF IMPORT CHARGES Before Release After Release From Customs Fresh flowers P400,000 P80,000 P16,000 Fresh fruits 1,000,000 65.000 35.000 Breeding Stock (Livestock) 100,000 20,000 10,000 VAT paid on the above importation was a. P57,600 cP72,000 b. P59,520 d. P199,800 $200,000 41. The taxpayer is a VAT registered building contractor for January 2014 Cash received on contract price For Buidlinge1 constructed in the Phils to house offices of foreign Investors: Remittance received in dollars ($1.P55) Cash received (VAT not included) For Building #2 constructed in the Philippines For Labor For Materials From owners, for building permits Bldge1 Bldg 2 Payments made (VAT included when applicable) For services of VAT registered supplier P224,000 P448,000 For materials from VAT registered suppliers 1.120.000 2.240,000 For salaries of employees 22.400 44,800 P1,000,000 2,000,000 30,000 The output taxes a. P360,000 CP363,800 b. P1,680,000 d. None of the above The VAT payable on domestic sales a. PO cP108.000 b. P72,000 d. None of the above d. The net input taxes refundable a PO cP72,000 b. P108,000 d. None of the above 42. Mr. Kontratista is a building contractor. Contract prices received in a month (value added tax not included) were From the National Gov't Public works P6,000,000 From property owners 4,000,000 Purchases of materials for public works contracts 3,250,000 Purchases of labor from subcontractors for public works contracts 500,000 Purchase of materials for contracts with property owners 600,000 Purchase of labor from sub-contractors on contract with property owners 400,000 VAT withheld on payments by the National Gov't based on contract price 5% The input tax closed to expense equal to: a. P270,000 c. P150,000 b. P30,000 d. P120,000 44. Kabalikat Co. is a customs broker and a forwarder, representing importers at the piers and transporting their importations to warehouses to all points of Luzon. In an importation of Stateside Co., the costs of the importer were awes not included): Invoice costs of importation exchange rate is US$1:P55 US$30,000 Expenses on the importation up to the Philippine Port P20,000 Excise tax 10,000 Customs duty 15,000 Customs brokerage charges paid to Kabalikat Co. 8,000 Forwarding charges paid to Kabalikat Co. 25,000 The business tax of Kabalikat Co. before tax credits is: : a. VAT of P3,960 b. VAT of P3,000 c. Percentage tax of P990 d. Percentage tax of P7,500 47. The following are pertinent data regarding the importation of goods intended for local sales: Items imported Sparkling wines Number of cases 50 cases Prevailing Retail Price P600 per bottle of 750 ml. Purchase price US$50 per case Specifications: 12 bottles of 750 ml/case Sparkling wines Applicable excise tax P300 per 1 liter Applicable customs duty P50 per 1 liter Prevailing exchange rate P40 per US$1 Ocean Freight P5,000 The total VAT on importation is - - a. P37,800 c. P28,800 b. P31,500 d. P16,200 48. Importation for a month ITEMS CIF IMPORT CHARGES Before Release After Release From Customs Fresh flowers P400,000 P80,000 P16,000 Fresh fruits 1,000,000 65.000 35.000 Breeding Stock (Livestock) 100,000 20,000 10,000 VAT paid on the above importation was a. P57,600 cP72,000 b. P59,520 d. P199,800