User Account

All Pages

Prepare the BIR of the company

Assignment Help Accounting Basics
Reference no: EM132817379

Question - Lance Corporation, a manufacturer of office equipment with TIN, 111-222-333-000, the principal place of business is in Cebu City, and with telephone number 444-4444, has total quarterly vatable sales at the end of June 2020 amounting to P875,000, inclusive of sale of goods to DPWH amounting to P175,000. During the beginning of the year, the company purchased a manufacturing equipment costing P2,016,000 VAT-inclusive, with an estimated life of 6 years. During the quarter, the purchases of the company are as follows:

Purchases of raw materials from domestic suppliers exclusive of those related to the goods sold to DPWH: P382,000

Purchases of raw materials on the goods sold to DPWH: P70,000

Assume that all purchases were from VAT-registered suppliers. No capital goods were acquired during the quarter.

Monthly VAT payments for the first two months of the quarter amounted to P15,000. The company filed and paid the VAT payable on August 15, 2020.

Required - Prepare the BIR form 2550Q of the company.

Reference no: EM132817379

Questions Cloud

Should humanitarian interventions be permissible : Should humanitarian interventions be permissible? What level of harm should be the threshold beyond which such interventions should be permitted?
What type of process is used : What type of process is used to make each of the following products? Beer; wedding invitations; automobiles; paper; Big Macs; custom homes; motorcycles.
What experiences did you have raising your child : What experiences did you have raising your Child? What did you learn from this Assignment? How will what you learned affect how you raise your own children?
Do think that palestine one day be two separate nations : Balfour's promise to create a national home. Do you think that Palestine and Israel would one day be two separate nations? If yes or no, explain.
Prepare the BIR of the company : Assume that all purchases were from VAT-registered suppliers. No capital goods were acquired during the quarter. Prepare the BIR of the company
Marketing and communication tool : The restaurant menu is an important marketing and communication tool. Please study the a la carte menu of The Lounge at the Ritz Carlton
Discuss the proper placement and usages of a table : Discuss the proper placement and usages of a table and a figure within the manuscript. Define the four general writing guidelines using APA style.
Aspects of operations management : Define Sustainability. What aspects of Operations Management impact sustainability and how?
Do think that balfour made mistake by proposing creation : Do you think that Balfour made a mistake by proposing the creation of a Jewish nation in Palestine? Yes or no, please explain your position.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is Bertha net capital gain or loss

What is Bertha's net capital gain or loss? Draft a letter to Bertha, explaining the tax treatment of the sale of her personal residence

  What is total change against income as result of accounting

The patent was purchased on January 1,2015 for P3,000,000, What is the total change against 2020 income as a result of the accounting change?

  Compare the alternatives on the basis of annual worth

The U.S. Bureau of Reclamation is considering three proposals for increasing the capacity of the main drainage canal in an agricultural region of Nebraska.

  What are the beginning inventories for work in process

Production costs incurred during the period were $620. What are the beginning inventories for work in process and finished goods

  Use a vertical statements format

Prepare income statements, balance sheets, and statements of cash flows for 2013 and 2014. Use a vertical statements format.

  What is the amount of the taxable gift

Andrea transferred $500,000 of stock to a trust, with income to be paid to her neice for 20 years. What is the amount of the taxable gift

  What is the amount of operating income for Cambridge Company

Administrative Expense $872 and Loss on Discontinued Operations 1,229. What is the amount of operating income for Cambridge Company

  Lori who is single purchased five-year class property for

lori who is single purchased five-year class property for 100000 and seven-year class property for 200000 on may 20

  Find the sustainable and internal growth rates for a firm

find the sustainable and internal growth rates for a firm with the following ratios asset turnover 2.00 profit margin

  Discuss jones company has employed a bookkeeper

Jones Company has employed a bookkeeper who is inexperienced. On December 28, after reviewing the records for the year

  What is the declining-balance method

When calculating depreciation expense using the declining-balance method, what number stays constant each fiscal period?

  Determine the possible tax consequences

In each of the following problems, identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd