Reference no: EM132879798

Questions -

Q1. M is a VAT registered business with a total sales of P5,240,000 inclusive of VAT. How much is the direct tax to be paid by M to the BIR in relation to VAT?

Q2. A is a non-VAT business with a total sales of P1,500,000 of which 70% has been collected. Its total purchases inclusive of VAT is P 1,120,000. How much is the business tax of A?

Q3. A is a non-VAT business with a total sales of P4,600,000 of which 70% has been collected. Its total purchases inclusive of VAT is P1,120,000. How much is the VAT payable of A?

Q4. N is a VAT-registered business with a net taxable income of P450,000 which is 10% of sales. Total purchases during the quarter is P5,062,400 inclusive of VAT. If the cost of sale is 70% of sales, how much is the net VAT payable for the quarter?

Q5. Dok Ling sells "pasalubong" products along Magsaysay. His average monthly sales is P40,000 with a gross profit rate of 25%. How much is his total percentage tax in the year?

Q6. Lulu Guina has an annual average gross sales of P60,000 in her small sari-sari store. Her percentage tax would be.

Q7. A non-VAT sole proprietorship variety store experienced an average annual gross receipt of less than P550,000. For the 1st quarter of 2019, the following information were gathered:

Beginning inventory of merchandise P 120,000

Purchases from VAT registered suppliers 450,000

Gross sales 540,00

How much is the business tax?

Q8. Mrs. Fiona de Guzman, a mini-mart owner and a non-VAT registered person provides the following data for the year 2015:

Gross sales P 500,000

Cost of sales 200,000

Merchandise inventory, end 100,000

Operating expense 100,000

How much is the amount of percentage tax payable?