Question 21

A ‘sari-sari’ store registered as a VAT-taxpayer had the following sales:

Sales of newspapers P 20,000
Sales of fish and meat 30,000
Sales of fruits and vegetables 10,000

Sales from snacks and soft drinks 15,000

Sales from general merchandise 80,000

Total P 155,000

How much is the total VATable sales?

Correct answer: P95,000

Question 22
Consultants are exempt from VAT because their services are like employment.
Correct answer: False

Question 23
A restaurant reported the following revenues and receipt in May:
Rice and Viands P 120,000
Soft drinks 10,000
Snacks 30,000
Total P 160,000

Compute the exempt sales.

Correct answer: P0

Question 24
The leasing of residential units is exempt from VAT if the annual rentals do not exceed P15,000 per unit.
Correct answer: False

Question 25
Vethany Hospital reported P20,000,000 gross receipts from patient service revenue and an additional P10,000,000 form
other accessory hospital services which include P5,000,000 sales of medicine. Which of the following is the amount
subject to business tax?
Correct answer: P5,000,000

Question 26
The sale of processed agricultural products is VATable.
Correct answer: True

Question 27
The sale of fertilizers, seeds, and pesticides are all exempt from VAT.
Correct answer: False

This study source was downloaded by 100000864310599 from CourseHero.com on 03-24-2023 00:46:39 GMT -05:00

https://www.coursehero.com/file/94694903/BusiTax3docx/
 Question 28
A domestic airline had the following receipts during the month:

Passenger fares P 5,000,000

Cargoes, mails, and excess baggage 2,000,000
Total P 7,000,000

Which is the total amount subject to business tax?

Correct answer: P7,000,000

Question 29
A farm supply dealer made the following sales during the month:
Fertilizer P 45,000
Hybrid corn and rice seeds 65,000
Pesticides 120,000
Water pumps and hand tractors 240,000
Total P 470,000

Compute the sales subject to business tax.

Correct answer: P360,000

Question 30
Sidewalk Mall leases commercial spaces to various businesses on its mall. Receipts for the month are as follows:
Spaces with rental below P12,800/month P 1,200,000
Spaces with rental above P12,800/month 1,800,000
Total P 3,000,000

Which of the following is the amount exempt from business tax?

Correct answer: P0

This study source was downloaded by 100000864310599 from CourseHero.com on 03-24-2023 00:46:39 GMT -05:00

https://www.coursehero.com/file/94694903/BusiTax3docx/
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