BANITOG, BRIGITTE C.

BSA 221
ANSWERS

Required 1

2,400,000 x 3% = 72,000

Required 2

Output vat (2,400,000 x12%) 288,000

Input Vat (1,250,000 x 12%) (150,000)

Vat Payable 138,000

ANSWERS

Required 1

16,000,000 x 2.5% = 400,000

Required 2

16,000,000 x 2% = 320,000

Required 3

6,000,000 x 3% = 180,000
ANSWERS:

Required 1

Tax rate % Tax

Interest on short term loans:
Maturity period 3% years P 4,000,000
Maturity period of 5 years 3,500,000
Total P 7,500,000 5% P 375,000

Interest on long term

More than 5 years maturity P 6,000,000
More than 5 years maturity 1,200,000
Total P 7,200,000 1% P 72,000

Dividends P 500,000 0% 0

Other item of gross income:

Rental Income P 775,000 7% P 54,250
Gross Receipts Tax (1st quarter) P 501,250
Required 2

Tax rate % Tax

Interest on short term loans:
Maturity period 3% years P 2,800,000
Maturity period of 5 years 3,300,000
Total P 6,100,000 5% P 305,000

Interest on long term

More than 5 years maturity P 7,200,000
More than 5 years maturity 950,000
Total P 8,150,000 1% P 81,500

Dividends P 400,000 0% 0

Other item of gross income:

Rental Income P 825,000 7% P 57,750
Net trading gain P175,000 7% P12,250
Gross Receipts Tax (2st quarter) P 456,500