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- A VAT-registered taxpayer has the following VAT-exclusive data for the month of January 2017:Accounts receivable, January 1, 2017P 500,000Sales on account for the month of January1,000,000Cash sales for the month of January300,000Accounts receivable, January 31, 2017700,000Cash purchases for the month of January 2017 400,000 a.How much is the output tax for the month of January, 2017 using 12% rate assuming the taxpayer is a trader. b.How much is the output tax for January, 2017 using 12% rate assuming the taxpayer is service providerHow much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000 b. P270,000 c. P540,000 d. P786,000WhyRU Company usually depreciates its equipment using straight line method for accounting purposes, but for tax purposes its sum-of-the-years method. WhyRU Company acquired the equipment through purchase amounting to P2,400,000 on January 1,2018. Assume a tax rate of 30%. Useful life is 4 years. WhyRU Company made the following income in its income tax return available through reports for 2018 – P800,000; 2019 – P890,0000; 2020 – P1,200,000; 2021 – P1,500,000 There is no other differences between WhyRU's accounting income and taxable income for years 2018, 2019, 2020 and 2021 other than for the difference in depreciation for the equipment described.
- Present value of 1 at 12% for 10 periods Problem 6-12 (AICPA Adapted) On December 31, 2020, Precious Cómpany sold an equipment with carrying amount of P2,000,000 and received a noninterest-bearing note requiring payment of P500,000 annually for ten years. The first payment is due December 31, 2021. The prevailing rate of interest for this type of note at date of issuance is 12%. Present value of 1 at 12% for 10 periods Present value of ordinary annuity of 1 at 12% for 10 periods 0.322 5.650What is the income before tax for the third quarter ended September 30, 2020? a. P406,250 b. P375,000 c. P675,000 d. P275,0001.) How much is adjusted Interest Expense on December 31, 2021? - 37,500 2.) How much is adjusted Notes Receivable on December 31, 2021?
- What is the corrected net income before tax for the current year? A. 4,450,000B. 5,000,000C. 5,150,000D. 5,700,000Walmart Inc (WMT) has the following excerpts from their financial statements January 31, 2022 January 31, 2021 Net Receivables * (in $ Millions) 8,280 6,516 *Net Receivable = Gross receivable minus Allowance Walmart’s fiscal year “FY22” is defined as the period between February 1, 2021 – January 31, 2022 Gross (Accounts) Receivables, January 31, 2022: $9,265 Million Gross Receivables, January 31, 2021: $7,421 Million Accounts Written-off in FY 22 $221 Million 2% of credit sales is assumed to be uncollectable CALCULATE The ending balance of Allowance for uncollectable accounts as of January 31, 2022 Bad Debt Expense for the fiscal year ending on January 31, 2022. Collections during FY22Compute the income tax due in 2021. A. 50,000B. 800,000C. 290,000D. 400,000
- 14. Leslie Inc. has correctly determined the following information related to operations for 2018: Revenue from sales Expenses Income before income taxes P7,000,000 4,000,000 P3,000,000 In reviewing the records, you discovered the following items: During 2018, the company discovered an error in depreciation in 2017. The correction of this error, which has not been recorded, will result in an increase in depreciation for 2017 of P200,000. During 2018, the company sustained a loss of P400,000 because of flood, which destroyed its inventory. The company charged retained earnings and credited inventory for P400,000.Using accrual basis, how much is the reportable gross income in 2021? A. 8,000,000B. 9,000,000C. 11,000,000D. 12,000,000How much is the gross income under accrual basis? * A. 2019:P1,400,000; 2020: P1,200,000 B. 2019: P1,400,000; 2020: P1,720,000 C. 2019: P500,000; 2020: P720,000 D. 2019: P800,000; 2020: P920,000