Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me andwer 14. Which of the following sales has been removed as part of the zero-rated sale of goods under the TRAIN Law?

Please help me andwer

image text in transcribed
14. Which of the following sales has been removed as part of the zero-rated sale of goods under the TRAIN Law? A. Foreign currency denominated sales B. Sales to tax-exempt persons or entities under special laws or international agreements C. Both A and B D. None of the above 15. Which of the following statements is correct with respect to creditable input tax under the TRAIN Law? A. Amortization of deferred input tax shall only be allowed until December 31, 2021 B. If there is still unutilized input tax by December 31, 2021, it shall be allowed to be applied as scheduled until fully utilized. . Both A and B C D. None of the above 16. How much is the new VAT threshold under the TRAIN Law? A. 21,919,500 C. 23,000,000 B. 22,000,000 D. 25,000,000 1?. A dealer in securities has the following data for the year 2018: Sales, shares held as inventory 124,000,000 Sales, shares held as investment 1,500,000 Cost, shares held as inventory 2,000,000 Cost, shares held as investment 500,000 Supplies expense, net of VAT 100,000 Rent expense, net of VAT 200,000 How much is the VAT payable? A. 111 T0,000 C. 3244,000 B. 204,000 D. None of the above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems

Authors: Cynthia D Heagy, Constance M Lehmann

7th Edition

1111219516, 978-1111219512

More Books

Students also viewed these Accounting questions

Question

1. Why do we trust one type of information more than another?

Answered: 1 week ago