Escolar Documentos
Profissional Documentos
Cultura Documentos
P24,000
40,000
50,000
P1,100,000
1,000,000
1,300,000
1,200,000
P572,000
913,000
297,000
18,700
13,200
Required: Compute the gross selling price and the tax base.
12. Tindera Co, a VAT registered taxpayer, sold to Mommy Mely some pieces of
merchandise. The amount indicated in the invoice is P8,800. Subsequently, Mommy
Mely sold the same goods to Papa Billy for P11,000 who later sold the same to Baby
Lee for P13,200.
Required:
2
Price
P2,200,000
4,000,000
2,500,000
Collection
P1,760,000
3,300,000*
385,000**
P1,540,000.
682,000.
450,000.
55,000.
Monthly Rent
P8,000
P7,500
P9,000
P9,000
4
Annual Rent
P400,000
P450,000
P500,000
P600,000
Answer
$ 9,500
$11,200
P10,500
6,000
8,000
12,500
10,000
After 20 days, the goods were sold to Mr. Quinto for P797,500. Exchange rate as
of the date of importation is P55.00 to a dollar.
Required: Compute the VAT Payable by Joey on:
a. the importation.
b. the subsequent sale.
22. Papa Libre, a tax exempt person, imported goods from the United States. Later, he
sold them to Dima Suerte, a non-exempt person. Who shall be liable to pay the
VAT on importation?
23. Intel Company has the following records of output and input taxes during the third
quarter of the current year:
Output
Taxes
P140,000
257,000
190,000
July
August
September
Input
Taxes
P165,000
198,000
156,000
Required: Compute the followinga. VAT payable for the months of July and August.
b. VAT payable for the third quarter.
24. The following data pertain to the operation of a VAT registered taxpayer for the
current relevant period:
Sales invoices:
Cash sales invoices
P462,000
Charge sales invoices
693,000
Purchase invoices:
Merchandise from VAT-registered business 495,000
Operating supplies from VAT-registered person.
121,000
Importation for sale locally (VAT inclusive)
275,000
Payment for operating services (VAT inclusive)
93,500
Various payments to non-VAT persons
71,500
Required: Compute the following:
a. Total output taxes for the period.
b. Total creditable input taxes for the period.
c. VAT payable for the period.
d. Cost of sales for the period.
e. Gross profit for the period.
f. Net operating income for the period.
P550,000.
544,500.
165,000.