8-1. The Z Co. is a holder of several franchises to ope- rate essential public utilities. Gross receipts, VAT ot included, from activities covered by the fran- chise were: For selling electricity For selling water For operating a stretch of superhighway and in addition had gross receipts from: Rent of heavy equipment Percentage tax? Output value-added tax? P 2,000,000 1,800,000 2,300,000 500,000
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- Following informations are culled out from the books of Scarce Lighting Company : ($ in lakhs) ($ in lakhs) Sale of Energy Meter Rents 15.0 Contribution to Provident Funds 0.2 Original Cost of Fixed Assets Contribution from Consumers for 1.0 40.0 Cost of Generation 9.0 Selling and Distribution Expenses Rent, Rates and Taxes Management Expenses (including Audit Fee of 0.2) Depreciation Interest on Loan from State Electricity Board Contingency Reserve Income Interest on Security Deposit 2.0 Purchase of Fixed Assets 2.0 Cost of Intangibles Intangibles Write Off Stores-Opening Stores-Closing 0.5 0.5 0.1 0.5 0.2 0.05 0.3 0.2 Cash and Bank Balances-Opening Balances-Closing Contingency Reserve Investments 0.3 0.3 0.1 0.2 Interest from Bank 0.1 5.0 Further details are as under : ( $ in lakhs) Depreciation Accumulation at the beginning of the year Intangibles Written off upto the beginning of the year Security Deposit of Customers held in cash Tariff and Dividend Control Reserve-Opening Balance…The following are the composition of the total gross income of a domestic corporation which is subject to MCIT: sales (net of discount and allowances) 4,000,000.00 less: cost of sales 2,400,000.00 gross income dividends income 1,600,000.00 100,000.00 royalty income gain on sale of building total gross income 250,000.00 150,000.00 2,100,000.00 1. What is the regular corporate income tax, if the corporation has a total allowable deduction of 1,700,000? 2. What is the MCIT? 3. What is the minimum corporate income tax? MPG institute reported the following: related unrelated total 200,000.00 500,000.00 300,000.00 100,000.00 100,000.00 200,000.00 Gross income deductions taxable income 200,000.00 100,000.00 300,000.00 1. What is the tax due if the corporation is an exempt non-profit corporation? 2. Wht is the tax due if the corporation is a proprietary educational institution or non profit hospital?A VAT registered trader had the following transactions: Sales of good to private entities, net of VAT 2,500,000 Purchases of goods sold to private entities, gross of 12% VAT 896,000 Sales to GOCC, net of VAT 1,000,000 Purchases of goods sold to GOCC net of VAT 700,000 How much is the output tax?
- 8.1 Company A pay VAT by the tax deduction method, on December of year N have the situation of fixed assets as follows: (Unit: 1,000 VND). Given that all payments are made by cash in bank 1. Purchased a machine for 70.000 which is used at the factory. In addition to the purchase price, company A made the following expenditures: freight, 3.000; installation, 6.000; testing, 4.000. It is sponsored by the Developing investment funds. 2. Purchased land and a warehouse for 1.200.000. In addition to the purchase price, company A made the following expenditures: broker's commission, 12.000; transferred tax, 6.000. An independent appraisal estimates the fair value of the land and warehouse at 840.000 and 560.000, respectively. 3. Sold an equipment for 6.600 (included 10% VAT). Its cost was 60.000 and accumulated depreciation through the disposal date was 52.000. Company also paid 500 commission to broker. 4. Exchanged an older model machine for a new model. The old model had original cost of…Y Corp. had Net Receipts of 1,000,000.00. The actual entertainment, amusement and recreation expense amounted to 20,000.00. How much is the deductible entertainment, amusement and recreation expense? O 15,000.00 10,000.00 O 5,000.00 20,000.003 GOODS AND SERVICE TAX For the following consider whether it is a Taxable Supply, Input Taxed or GST Free. Calculate net GST payable position. Receipts $ 660,000 Sales of Motor Vehicles 35,000 Rent received on residential property 5,000 Interest on Deposits 1,100,000 Sale of commercial building 6,600 Employee contribution for provision of car Payments $ 330,000 Motor Vehicles purchased 10,500 Maintenance cost on the residential apartments 150,000 Salary paid to employees 1,500 Rates 400 Water bill 55,000 Repairs to motor vehicles please provide the sectin under which the calculation are made and also case law example if applicable,
- Fill in the missing numbers for the following income statement, and find the OCF and depreciation tax shield. Answer Sales $658,400 OCF = Costs 419,400 Depreciation 98,600 EBIT Taxes (22%) Depreciation tax shield = Net incomeA corporation sells its product to customers for $35 per unit. For the corporation, is that revenue, a variable expense or a fixed expense?A supplier imported goods and then sold them to a distributor for a value of 920,000 riyals inclusive of tax, then the distributor sold them to a store for a value of 1,035,000 riyals inclusive of tax, and the entire merchandise was sold to consumers for an amount of 1,150,000 riyals.Required :1- Calculating the value of the value-added tax that must be transferred to the General Authority of Zakat and Income and who will transfer it? (If you know that the tax rate is 15%)2- What is the amount of VAT transferred by the distributor to the direct authority?3- Write the journal entries in the distributor's accounts?
- Fill in the missing numbers for the following income statement. (Do not round intermediate calculations.) Sales 2$ 659,000 Costs 420,100 Depreciation 98,900 EBIT Taxes (23%) Net income b. Calculate the OCF. (Do not round intermediate calculations.) What is the depreciation tax shield? (Do not round intermediate calculations.) C. b. OCF с. Depreciation tax shield1.Assuming EMERALD Corporation is engaged in exporting goods, as well as local selling of goods.EMERALD had the following data for 2021:Export Sales, net of VAT 2,000,000Local Sales, gross of VAT 1,120,000Input tax directly allocable to export sales 100,000Input tax directly allocable to local sales 40,000Input tax not allocable to any sales 30,000 Required: Determine the VAT payable, assuming input tax on zero rated sales are claim for taxrefund. 2.EMERALD Corporation has the following sales during the month:Sale to private entities subject to 12% - 100,000Sale to private entities subject to 0% - 100,000Sale of exempt goods - 100,000Sale to gov’t. subjected to 5% final VAT Withholding - 100,000Total sales for the month - 400,000The following input taxes were passed on by its VAT suppliers:Input tax on taxable goods (12%) - 5,000Input tax on zero-rated sales - 3,000Input tax on sale of exempt goods - 2,000Input tax on sale to government - 4,000Input tax on depreciable capital goodnot…A corporation pays shipping of $3 for each unit it sells. For the corporation, is that revenue, a variable expense or a fixed expense?