Multiple-Choice – Problems: Part 1
1. Sabina Sabina Flour Millin Milling g (SFM) Corporat Corporation ion imports imports and and mills wheat wheat for the the domestic domestic market. market. During the month, it imported wheat at a total landed cost of !, """,""". #he same was milled and $ielded %,""" sacks of flour. 1,%"" sacks was sold at a price of %,&"" per sack. 'hat is the adanced *# to be paid b$ SFM upon importation of the wheat+ a. " b. %,"""
c. !-",""" d. &-",""
e. %. Sugar ann$ ann$ Corporat Corporation ion (SC) (SC) bu$s sugar sugar cane from farmers farmers and and processes processes them them into refined refined sugar. During a month, SC made the following purchases/ f. g. urcha urchase se of canes canes sugar sugar 1,"", 1,"",""" """ h. 0ther 0ther supplies supplies,, ecluding ecluding *# !"",""" !"",""" i. 0ther 0ther epens epenses, es, includ including ing *# 11%," 11%,""" "" 2. k. * total total of %,""" %,""" bags were were produced. produced. 1,3"" 1,3"" were sold sold at a price of 1,-"" 1,-"" per bag bag in the same same month. l. m. SC paid the adanced * *# on the production in accordance with the 4567s 4567s prescribed new based price for refines sugar. sugar. n. 8 o. 'hat 'hat is the the adan adanced ced *#+ a. %"&, %"&,"" """ " b. %1-,"""
c. %, %,"" """ " d. !!-,"""
c. !. 5n the immediatel$ immediatel$ preceding problem, problem, what is the the total credit against against output output * *# (including the the adanced adance d *#) *#) for the month+ a. !1, !1,"" """ " c. &3-, &3-,"" """ " b. !%&,""" d. &",""" &. 3. * * *#9tapa$er 9tapa$er had the following data on its * *# obligation obligation at the last :uarter of the $ear/ -. ;. 0utput 0utput *# on regular regular sales sales 13",""" 13",""" . 5nput *# on regular regular sales 1%",""" 1%",""" <. *danc *danced ed input input *# ;",""" ;",""" 1". *danced input *# claimed as ta credit &",""" 11. *# paid in the prior months &",""" 1%. 1!. 'hat is the input * *# carr$9oer carr$9oer for the following :uarter+
a. " c. 3",""" b. &",""" d. ",""" 1&. 13. Mr. =speron, * *# registered person, had the following transactions during the month/ 1-. 1;. Sales to non9*# persons, *# eclusie &"",""" 1. Sales to *# persons, *# eclusie 3"",""" 1<. urchases from *# persons, *# eclusie %"",""" %". urchases from non9*# persons 1"",""" %1. %%. Compute the *# pa$able. a. &,""" c. !-,""" b. ;%,""" d. %&,""" %!. %&. Ms. Chelsea had the following transactions in >une %"1&/ %3. %-. Sale of *#9eempt goods %"",""" %;. Sale of atable goods &"",""" %. urchases of *#9eempt goods 1%",""" %<. urchases of atable goods %3",""" !". !1. *ll figures are eclusie of *#. Compute the *# pa$able. a. &%,""" c. %1,""" b. %;,-"" d. 1,""" !%. !!. #he following gross receipts and input *# relates to a non9profit and non9stock charitable institution in the month/ !&. Contribution from the public ,""",""" !3. ?oernment grant 1,""",""" !-. Sales of gift shop items <"",""" !;. 6ental of acant premises 1,""",""" !. !<. 5nput *# related to shop and rental operations 11%,""" &". 5nput *# related to non9profit operations &%,""" &1. &%. 'hat is the *# pa$able+ a. " c. ;-,""" b. 11-,""" d. &",""" &!. &&. * seller of goods reported the following in the month/ &3. &-. Cash sales &3",""" &;. Credit sales (&"@ collected) -3",""" &. 5nstallment sales (!"@ collected) &"",""" &<. #otal sales, eclusie of *# 1,3"",""" 3". 31. urchases of goods, *# inclusie &&,""" 3%. urchases of e:uipment, *# inclusie 1,"",""" 3!. 3&. 'hat is the *# pa$able+ a. 1!%,""" c. %&,"""
b. 1!",%"" d. " 33. 3-. #he net income of *klan #rading Compan$ during the :uarter is as follows/ 3;. 3. ?ross income (&"@ of sales) !-",""" 3<. Aess/ =penses 1%",""" -". et income %&",""" -1. -%. !;.3"@ of the epenses were from *#9suppliers. *ll the inentories were purchased from *# suppliers. 5nentor$ increased b$ -",""" at the end of the month. -!. -&. Compute the *# pa$able. a. &3,""" c. !",-"" b. !;,"" d. %,"" -3. --. *4C Construction Compan$ started work on a 3, -"",""" fied price construction contract. Details of its operations during the :uarter is presented below/ -;. -. #otal progress billings on the contract %,-,""" -<. Collection from the contract %,%&",""" ;". Depreciation epense -"",""" ;1. Supplies epense 1!&,&"" ;%. Salaries epense &"",""" ;!. Btilities epense, inclusie of 1%,""" *# 1&",""" ;&. ;3. *ssuming all data are inclusie of *#, computer the *# pa$able. a. %-1,-"" c. %1!, -"" b. %3,-"" d. %1",-"" ;-. ;;. * *# registered seller of goods had the following sales and purchases, eclusie of *#/ ;. ;<. Sales "",""" ". Sales return and allowances %",""" 1. urchases -"",""" %. urchases returns and allowances &",""" !. &. #he *# pa$able is a. " c. %&,-"" b. %1,-"" d. %-,&"" 3. -. Mrs. 4aniaga, a fruit and egetable dealer, had the following sales and purchases/ ;. . Sales of fruits and egetables "",""" <. urchases of fruits and egetables 3"",""" <". urchases of cellophane and containers, eclusie of *# %",""" <1. <%. Determine the *# pa$able. a. " c. !-,""" b. !!,-"" d. !&,""
<&. * *#9registered trader reported the following during the month/ <3. <-. =port sales "",""" <;. Domestic sales 1,%"",""" <. urchases 1,""",""" <<. 1"". #he *# pa$able is a. %&,""" c. ;%,""" b. -",""" d. 1%",""" 1"1. 1"%. * domestic seller and eporter had the following summar$ of trading actiities in the :uarter/ 1"!. 1"&. =port sales 1,""",""" 1"3. Domestic sales 1,3"",""" 1"-. urchases 1,%"",""" 1";. 1". !-,""" input *# was applied for a ta refund during the period. 1%,""" 1"<. *# was paid in the two prior months of the :uarter. 11". 111. #he *# pa$able still due should be a. %&,""" c. -",""" b. !-,""" d. ;%,""" 11%. 113.
Multiple-Choice – Problems: Part 2
1. * realt$ dealer disposed two residential units during the month/ 11&. 113. Bnit 1&1 4 %,3"",""" 11-. Bnit 1&% C !,3"",""" 11;. #otal sales, eclusie of *# -,""",""" 11. 11<. #otal input *# during the month %1",""" 1%". 1%1. Compute the *# pa$able a. ;%",""" c. %<;,3"" b. 31",""" d. %1",""" 1%%. %. * *#9registered restaurant had the following transactions during the month. 1%!. 1%&. 6eceipts from food sered -"",""" 1%3. 6eceipts from softdrinks %"",""" 1%-. urchases of rice, meat and egetables %"",""" 1%;. urchases of egetables 1"",""" 1%. urchases of softdrinks 1%",""" 1%<. urchases of food condiments ",""" 1!". 1!1. *ssume all amounts are eclusie of *#. 1!%. 1!!. Compute the *# pa$able.
a. " c. !-,""" b. <,-"" d. ;%,""" 1!&. !. * *#9registered ta practitioner who is using the cash basis of accounting disclosed the following results of operations (eclusie of *#)/ 1!3. 1!-. 6eceipts from clients 3,""",""" 1!;. *dance from clients 1,""",""" 1!. Salaries epense !,""",""" 1!<. Depreciation epense %"",""" 1&". 0ffice supplies epense 3"",""" 1&1. Btilities epense 3",""" 1&%. 1&!. Compute the *# pa$able. a. 13",""" c. -!&,""" b. 3!&,""" d. -3&,""" 1&&. &. * manufacturing subcontractor generated the following receipts from arious clients/ 1&3. 1&-. 6eceipts from =* locator &,""",""" 1&;. 6eceipts from on9=* locators 1,""",""" 1&. 5nput *# traceable =* clients 1"",""" 1&<. 5nput *# traceable to non9=* locators 3",""" 13". 5nput *# on general operations -",""" 131. 13%. Compute the *# pa$able. a. !<",""" c. 3",""" b. 3,""" d. " 13!. 3. DEC, radio broadcasting compan$ with M annual receipts, generated a total reenue of 1M out of which "",""" was collected during the month. 5t incurred a -"",""" total ependitures out of which %%&,""" were paid to *# suppliers. 13&. 133. Compute the *# pa$able. a. " c. &,""" b. %&,""" d. ;%,""" 13-. -. * *#9tapa$er had the following data during the month/ 13;. 13. 6egular sales !,""",""" 13<. =port sales 1,3"",""" 1-". 5nput *# on regular sales ( ",""" 1-1. applied for ta credit certificate) 1"",""" 1-%. 1-!. Compute the *# pa$able. a. 1%",""" c. %",""" b. 1"",""" d. " 1-&. ;. *n insurer had the following receipts and input *# data during the month/ 1-3.
1--. Aife on9life #otal . 1-;. Cash collection &,""",""" %,3"",""" -,3"",""" 1-. romissor$ note 3"",""" 1"",""" -"",""" 1-<. #raceable input *# 1%",""" ",""" %"",""" 1;". 0ther input *# ;",""" 1;1. 1;%. Compute the *# pa$able. a. %!%,""" c. %";,""" b. %%",""" d. 1<3,""" 1;!. . * lessor of commercial spaces had the following receipts and input *# data for the month/ 1;&. 1;3. Spaces with 3,""" monthl$ rental 3"",""" 1;-. Spaces with 1",""" monthl$ rental "",""" 1;;. Spaces with 13,""" monthl$ rental ;"",""" 1;. Spaces with %",""" monthl$ rental 1,""",""" 1;<. #otal !,""",""" 1". 11. #otal input *# during the month 1%. 1!. Compute the *# pa$able. a. !-",""" c. %"&,""" b. %;",""" d. 13!,""" 1&. <. * domestic airliner had the following transactions during the month/ 13. 186. International operation 1;. 6eceipts from outgoing flights %,""",""" 1. 6eceipts from incoming flight %,3"",""" 1<. 190. Domestic operation 1<1. #ransport of passengers &,""",""" 1<%. #ransport of cargoes, mails, ecess baggage 1,3"",""" 1
%"-. Compute the *# pa$able. a. -,""" b. -;,3"" 207.
c. &,"" d. &&,"""
Multiple-Choice – Problems : Part 3
1. Deni Marketing bought a building to house its retail actiities. #he following relates to its sales and input *# during the :uarter/ %". %"<. Sales of goods !,""",""" %1". =port sales 1,3"",""" %11. Sales of *#9eempt goods 3"",""" %1%. #otal sales, eclusie of *# 3,""",""" %1!. %1&. 5nput *# carr$9oer in the prior :uarter -",""" %13. 5nput *# on purchase atable goods 13",""" %1-. 5nput *# on building (%" $ear life) 1",""" %1;. *# paid prior months ",""" %1. %1<. 'hat is *# pa$able+ a. " c. ;",""" b. -&,""" d. 1!",""" %%". %. * *#9registered bus compan$ had the following receipts in >anuar$ %"13/ %%1. %%%. 6eceipts from passengers %,;"",""" %%!. 6eceipts from cargoes !"",""" %%&. 5nput *# on gasoline 3",""" %%3. 5nput *# on bus insurance and repairs !",""" %%-. 5nput *# on purchase of new bus !-",""" %%;. %%. 'hat is the *# pa$able for >anuar$ + a. " c. !",""" b. %;,&"" d. %;&,""" %%<. !. * domestic sea carrier had the following receipts and attributable input *# for the month/ %!". %!1. 6eceipts from passengers %,&"",""" %!%. 6eceipts from cargoes -"",""" %!!. #otal input *# for the month %&",""" %!&. %!3. 'hat is the *# pa$able+ a. 1%",""" c. %&,""" b. &,""" d. " %!-. &. * *# registered teleision compan$ with annual receipts of M reported 1M total reenue for the month of >une %"13. 5t collected 1,%"",""" from arious clients including adances and paid "",""" of epenses, 3-",""" of which is paid to *# suppliers. %!;. %!. #he collections and pa$ments are inclusie of *#.
%!<. %&". 'hat is the *# pa$able+ a. " c. -,3;1 b. 3%,"" d. ;-,"" %&1. 3. * bookstore had the following summar$ transactions during the month/ %&%. %&!. Sales of books inentor$ !"",""" %&&. Sales of school supplies, eclusie of *# ;"",""" %&3. 6ental epense, inclusie of *# 3-,""" %&-. Salaries epense 1"",""" %&;. Btilities epense, eclusie of *# %",""" %&. %&<. 'hat is the *# pa$able+ a. 1%",""" c. ;, 1%" b. &,""" d. ;;,""" %3". -. Danes 4akeshop had the following details of operations during the month/ %31. %3%. Sales of bread &,""",""" %3!. Sales of cakes 3"",""" %3&. 5mportation of flour 1,""",""" %33. 0ther purchases, inclusie of %&",""" *# %,3"",""" %3-. Salaries epenses 3"",""" %3;. 0ther epenses, eclusie of 1%",""" *# 1,%"",""" %3. %3<. Compute the *# pa$able. a. %",""" c. 1&",""" b. -",""" d. 1",""" %-". ;. Sweet apa Corporation is a *#9registered sugar refiner. Details of its operations are as follows/ %-1. %-%. Domestic sale of refined sugar !,""",""" %-!. =port sales of refined sugar %,""",""" %-&. urchases of sugar cane 1,""",""" %-3. 0ther purchases, inclusie of *# &&,""" %--. *danced input *# paid %&",""" %-;. %-. 'hat is the *# pa$able+ a. !1%,""" c. ;%,""" b. %;%,""" d. !%,""" %-<. . 4aguio ?eneral Gospital had the following receipts and input *#/ %;". %;1. 6eceipts from hospital operations %",""",""" %;%. Sales of medicines &,""",""" %;!. 5nput *# traceable to hospital operations %,1"",""" %;&. 5nput *# on hospital drugstore 1%",""" %;3. %;-. Compute the *# pa$able. a. --",""" c. !"","""
b. !-",""" d. %-",""" %;;. <. * *#9registered professional reiew school had the following receipts during the month/ %;. %;<. #uition fees "",""" %". Miscellaneous fees 1"",""" %1. Sale of snacks 13",""" %%. %!. 6eiewer salaries !"",""" %&. urchase of supplies, eclusie of *# 13",""" %3. 0ther epenses, inclusie of 1-,""" *# %%",""" %-. %;. Compute the *# pa$able. %. a. " c. <%,""" %<. b. %,""" d. 11",""" %<". 1". Cordon College had the following receipts and input *# pa$ments/ %<1. %<%. #uition fees "",""" %
!%%. !%!. !%&. !%3. !%-. !%;. !%. !%<. !!". !!1. !!%. !!!. !!&. !!3. !!-. !!;. !!. !!<. !&". !&1. !&%. !&!. !&&. !&3. !&-. !&;. !&. !&<. !3". !31. !3%. !3!. !3&. !33. !3-. !3;. !3. !3<. !-". !-1. 362. !-!. !-&. !-3. !--. !-;. !-. !-<. !;". !;1.
%",""" actual input *# is traceable to the sales to the goernment. Compute the *# pa$able. a. " b. 3&,"""
Answers:
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