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Corresponding Supporting Schedule

This document contains 20 questions regarding the calculation of taxes for various businesses and transactions. It includes questions about output VAT, input VAT, business taxes, franchise tax, overseas communication tax, and capital gains tax. The businesses described operate in industries like merchandising, services, restaurants, hardware, broadcasting, transportation, and pharmaceuticals. The questions require reviewing financial information for the businesses and applying the relevant tax laws and rates to determine tax liabilities.

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almira garcia
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434 views3 pages

Corresponding Supporting Schedule

This document contains 20 questions regarding the calculation of taxes for various businesses and transactions. It includes questions about output VAT, input VAT, business taxes, franchise tax, overseas communication tax, and capital gains tax. The businesses described operate in industries like merchandising, services, restaurants, hardware, broadcasting, transportation, and pharmaceuticals. The questions require reviewing financial information for the businesses and applying the relevant tax laws and rates to determine tax liabilities.

Uploaded by

almira garcia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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TAX EXAMINATION- SET B

GENERAL INSTRUCTIONS: Provide the correct answer of your choice with the
corresponding supporting schedule.

TPP is engaged in both merchandising and service business. TPP is


VAT registered enterprise with the following information for the
quarter: Cash sales P400,000. Installment sales P100,000.
Installment collection P30,000. Returns P20,000. Quota rebates
P10,000. Services provided P150,000. Collection for services
P75,000.
1. How much is the output VAT?

X Company, engaged in restaurant business, uses accrual basis of


accounting in its financial statements. Its operation for the year
ended shows the following:
Gross Revenue on account to customers 3,500,000
Gross Receipts from senior citizens,
net of 20% discount 400,000
Purchases, directly attributable to customers
other than senior citizens, net of VAT 300,000
Purchases, cannot be attributed, net of VAT 200,000
Direct Cost 2,000,000
Purchase of Equipment,
used for all services rendered 600,000
Increase in Accounts Receivable (VAT inclusive) 224,000
Operating Expenses 1,000,000

2. Compute the output VAT?


3. Compute the creditable input VAT?
4. Determine the amount of Gross Income?
5. Determine the amount allowable deduction?

X Company is engaged in a hardware business. It uses accrual basis


of accounting in its financial statement.
Gross Revenue 3,500,000
Sales Returns 200,000
Increase in Accounts Receivable, VAT inclusive 224,000
Increase in Inventory, net of VAT 150,000
Purchases 1,000,000
Supplies (40% from VAT registered) VAT exclusive 600,000
Services (60% from VAT registered) VAT exclusive 500,000
Other Operating Expenses 200,000
6. Compute the output VAT?
7. Determine the creditable input VAT?
8. Determine the taxable income?
Vanderwoodsen is a radio-TV broadcasting franchise grantee. The previous
year, its gross receipts did not exceed P 10,000,000. In the first month
of the current year, it had the following data:
Gross receipts, sale of airtime P 2,000,000
Payments received from user of radio station’s
communications facilities for
overseas communications 500,000
Business expenses 700,000

9. How much was the franchise tax due?


10. How much was the overseas communications tax?

A VAT taxpayer purchased the following machineries for the second


quarter of 2018 (VAT not included)
Life Cost
Asset 1 April 10 4 years 800,000
Asset 2 April 20 5 years 1,000,000
Asset 3 May 14 3 years 600,000
Asset 4 May 20 2 years 400,000
Asset 5 June 10 3 years 600,000
Asset 6 June 15 6 years 1,200,000

11. The input tax for April 2018 is


12. The input tax for May 2018 is
13. The input tax for June 2018 is
14. The input tax for the quarter ending June 2018 is

Grab Jeep Inc. is a common carrier operating 20 buses with routes from
Digos to Davao and is likewise a transport contractor with 3 freight
trucks. For the taxable year 2018, it reported gross receipts from bus
operations of P 36,000,000. Its gross receipts from transport of goods
and cargoes amounted to P 800,000.

15. Assuming the company is non-vat registered, the business tax due
is
16. Assuming the company is vat registered, the business tax due is

Venus Drug made the following sales during the quarter


Senior Citizens PWDs Others
Vitamins and minerals 300,000 20,000 500,000
Insulin 200,000 100,000 400,000
Other meds 100,000 140,000 300,000
Digital BP 50,000 20,000 150,000
Therapy equipment 80,000 290,000 210,000

17. Compute the exempt sales for PWDs


18. Compute the exempt sales for PWDs

Casa Guns, a closely held corporation, has 140,000 authorized shares,


and has decided to conduct an IPO involving 40,000 unissued shares at
P5 per share to boosts its capital. Jess, holder of 20,000 shares,
decided to sell his 15,000 shares during the IPO.
19. The tax due on the transactions is
20. Assuming after the IPO, Casa Guns conducted another sale of
50,000 of its shares at P5. Hence, Jess also sold his 5,000
remaining shares after the IPO at P6. The tax due on the
transactions is

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