Finals is approaching. I want to practice through this

1. A donor made the following donations in 2020

Date Donee Net gift

January 4 Best friend 100,000

March 7 Brother, as wedding gift 300,0000

November 10 Sister, as birthday gift 500,000

December 25 Mother, as Christmas gift 400,000

February 14, 2021 Girl Friend

Compute for the donor's tax due in:

(A) January 4

(B) March 7

(C) November 10

(D) December 25

(E) February 14, 2021

2. A farm supply dealer made the following sales during a month:

Fertilizer P45,000

Hybrid corn and rice seeds 65,000

Pesticides 120,000

Water pumps and hand tractors 240,000

Compute the sales subject to business tax.

3. A VAT taxpayer incurred the following during the month:

Consultancy fees P700,000

Salaries expense 400,000

Supplies expense 300,000

Purchases from VAT suppliers were P250,000 supplies and P400,000 equipment. The equipment is expected to last for 5 years. What is the creditable input VAT during the month?

4. A VAT taxpayer made the following purchases during the year:

Purchases of goods exclusive of VAT

P50,000

Purchases of goods inclusive of VAT

44,800

Purchases of services exempt from VAT

10,000

Purchases of services inclusive of VAT

23,520

What is the input VAT?

5. Dino Rado opted to be registered as a VAT taxpayer effective the third quarter of 2020. He had the following analysis of beginning inventory for the month of July 2020:

Purchases from non-VAT suppliers P210,000

Purchases from VAT suppliers, inclusive of VAT 22,400

What is the transitional input VAT?

6. A VAT-registered corporation reports on a fiscal year. It made the following purchases of depreciable capital goods in the current quarter ending August 31, 2020 from VAT suppliers:

June 2020

Truck, estimated 10-year useful life P700,000

Office equipment, estimated 4-year useful life P500,000

August 2020

Office furniture, estimated 5-year useful life P600,000

Assume all amounts are exclusive of VAT.

What is the creditable input VAT in June 2020?

7. What is the creditable input VAT in July 2020?

8. What is the creditable input VAT for the quarter ending of August?

9. Sardinia, a sardines canning company, had the following purchases as inputs for its manufacturing operations during a month:

Tin cans, exclusive of VAT P80,000

Tomatoes 150,000

Sardines 200,000

Labels, exclusive of VAT 20,000

What is the presumptive input VAT allowable to Sardinia?

10. What is the total creditable input VAT allowable to Sardinia?

11. Abenson Builders won a government contract to build a bridge at a contract price of P80,000,000. During a month, it had the following expenditures in connection with the contract:

Construction supplies P2,500,000

Employee salaries 500,000

Depreciation expense 300,000

Abenson billed the government P4,000,000 for project completion which the government settled in the same month.

What is the actual input VAT of Abenson for the month?

12. Sammy Andy Corp. (SAC) buys sugar cane from farmers and processes it into refined sugar. During a month, SaC made the following purchases:

Purchase of cane sugar P1,800,000

Other supplies, excluding VAT 300,000

Other expenses, including VAT 112,000

A total of 2,000 bags were produced, of which 1,500 were sold at a price of P1,600 per bag in the same month. SAC paid the advanced VAT on the production in accordance with the BIR's prescribed new base price for refined sugar. What is the advanced VAT?

13. What is the total credit against output (including the advanced VAT) for the month?

14. An insurer had the following receipts and input VAT during the month

Cash collection: For life insurance - P4,000,000; For non-life - P2,500,000

Promissory note: For life insurance - P500,000; For non-life - P100,000

Traceable input VAT: For life insurance - P120,000; For non-life - P80,000

Other input VAT: P70,000

Compute the VAT payable

15. A VAT-registered bus company had the following receipts in January 2020:

Receipts from passengers P2,700,000

Receipts from cargoes P300,000

Input VAT on gasoline P50,000

Input VAT on bus insurance and repairs P30,000

Input VAT on purchase of a new bus P360,000

What is the VAT payable for January?