Boar Brand Corporation is a domestic corporation engaged in the manufacturing of milk products. Boar Brand had the following transactions for the quarter: Sold milk to retailers P48,000,000 Disposed a milk evaporator machine (Cost is P50,000,000, proceeds are P60,000,000) P10,000,000 Distributed milk to its shareholders as part of their property dividends P14,000,000 Transferred a milking machine to a creditor as payment of debt P8,000,000 1. How much is output VAT for the taxable quarter?

Boar Brand Corporation is a domestic corporation engaged in the manufacturing of milk products. Boar Brand had the following transactions for the quarter: Sold milk to retailers P48,000,000 Disposed a milk evaporator machine (Cost is P50,000,000, proceeds are P60,000,000) P10,000,000 Distributed milk to its shareholders as part of their property dividends P14,000,000 Transferred a milking machine to a creditor as payment of debt P8,000,000 1. How much is output VAT for the taxable quarter?

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 3MAD: Deere Company (DE) manufactures and distributes farm and construction machinery that it sells...

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On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 72,000. SunTime’s December 31, 20X1, trial balance in SFr is as follows: Debit Credit Cash SFr 8,600 Accounts Receivable (net) 24,500 Receivable from Popular Creek 6,000 Inventory 26,000 Plant and Equipment 108,000 Accumulated Depreciation SFr 11,900 Accounts Payable 12,300 Bonds Payable 54,500 Common Stock 72,000 Sales 155,400 Cost of Goods Sold 73,500 Depreciation Expense 11,900 Operating Expense 31,000 Dividends Paid 16,600 Total SFr 306,100 SFr 306,100 Additional Information The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,800 payable to SunTime. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1. Equipment is depreciated by the straight-line…
The Weymire Corporation provides you with the following information for the year ended 12/3120: Sales revenue 450,000 |Cost of goods sold 120,000 Gross margin 330,000 Depreciation expense Pension expense 72,750 28,500 Other expense 38,250 Interest expense 4,500 Gain on the sale of equipme (3,000) Income tax expense 97,500 238.500 91.500 Net Income 12/31/19 12/31/20 Cash 24,000 54,000 Accounts Receivable 75,000 70,500 Inventory 124,500 126,000 Equipment 127,500 123,000 Accumulated Depreciation (9.000) (10,500) Total 342.000 363.000 Accounts Payable 54,000 69,000 Income Taxes Payable 99,000 72,000 Interest Payable 3,000 1,500 45,000 6,000 Notes Payable, long term Accrued Pension Liability 3,000 Deferred Tax Liability Common Stock, no par 21,000 27,000 105,000 120,000 Retained Earnings 9.000 70,500 Total 342.000 363,000 Additional information: Equipment costing $73,500 was sold. New equipment was purchased, and $15,000 of common stock was issued in partial payment for the new equipment.…
On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 62,000. SunTime's December 31, 20 X1, trial balance in SFr is as follows: Debit Credit Cash SFr 8, 300 Accounts Receivable (net) 21,000 Receivable from Popular Creek 6,400 Inventory 30, 000 Plant & Equipment 106, 000 Accumulated Depreciation SFr 10, 400 Accounts Payable 13, 700 Bonds Payable 54,000 Common Stock 62, 000 Sales 161, 800 Cost of Goods Sold 71, 500 Depreciation Expense 10,400 Operating Expense 32, 500 Dividends Paid 15,800 Total SFr 301, 900 SFr 301, 900 Additional Information The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $5, 120 payable to SunTime. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1. Equipment is depreciated by the straight - line method with a 10-year life and no residual value. A full…
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