Garrett, a VAT registered taxpayer
1. Garrett, a VAT registered taxpayer, imported cigarettes from Japan for sale. At a later date, he sold them in the Philippines. Enumerate the internal revenue taxes that he will have to pay and explain why he is liable with such tax.
Homework Answers
Garrett will have to pay value-added tax and excise Tax. He is classified as a VAT registered taxpayer and he engaged on importation of goods into the Philippines. Additionally, he will also have to pay excise tax because his business involves selling cigarette, a non-essential good.
Problem 17-26 (a) (LO. 6) Melinda, a cash basis, calendar year taxpayer, filed a 90-day extension for her Federal i...
Problem 17-26 (a) (LO. 6) Melinda, a cash basis, calendar year taxpayer, filed a 90-day extension for her Federal income tax return without any tax payment. She paid the taxes that were due when she filed the return 65 days after the due date. a. What penalty or penalties will Melinda incur? Melinda is liable for only the failure to pay penalty b. How much will she have to pay if her additional tax is $75,000? Disregard any interest she...
QUESTION1 PART A (15 MARKS) Lorna's Boutique, a registered VAT vendor situated in Rundu, is an...
QUESTION1 PART A (15 MARKS) Lorna's Boutique, a registered VAT vendor situated in Rundu, is an upmarket clothing boutique for ladies. All suppliers of Loma's Boutique are registered VAT vendors. Lomas Boutique makes use of a periodic inventory system. A VAT rate of 15% is applicable. The fashion apparel industry has significantly evolved over the years. The changing dynamics of the fashion industry have forced retailers to desire low cost and flexibility in quality and design of fashion items as...
Calculate the VAT payable by, or refundable to Toys4All (pty) ltd for its tax period 1 Jan 2020 to 29 Feb 2020. Where there are no VAT consequences, provide a brief reason why. A VAT rate of 15% applied throughout the applicable tax period on standard-rat
Question 4 Toys4All (Pty) ltd (“Toys4All or the company”) is a registered Value –Added Tax (VAT) vendor and has a two-month tax period. Toys4All operates as a wholesaler of toys that are supplied both local and foreign retailers.The following income and expenditure amounts, inclusive of vat where applicable, have been generated for the tax period 1 Jan 2020 to 29 Feb 2020:RINCOMELocal sales 1,524,900 Export sales 250,000 Interest on loan to a resident subsidiary company 3,450 Bad debts recovered...
Calculate the VAT payable by, or refundable to Toys4All (pty) ltd for its tax period 1 Jan 2020 to 29 Feb 2020. Where there are no VAT consequences, provide a brief reason why. A VAT rate of 15% applied throughout the applicable tax period on standard-rat
Question 4 Toys4All (Pty) ltd (“Toys4All or the company”) is a registered Value –Added Tax (VAT) vendor and has a two-month tax period. Toys4All operates as a wholesaler of toys that are supplied both local and foreign retailers.The following income and expenditure amounts, inclusive of vat where applicable, have been generated for the tax period 1 Jan 2020 to 29 Feb 2020:RINCOMELocal sales 1,524,900 Export sales 250,000 Interest on loan to a resident subsidiary company 3,450 Bad debts recovered...
PLEASE explain how to get the answer ? Alternative Inventory Methods Garrett Company has the following...
PLEASE explain how to get the answer ? Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 300 17 Purchase 200 $5.10 25 Sale 150 28 Purchase 100 5.90 May 5 Purchase 250 5.10 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required:...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Cost/Unit April 1 Balance 17 Purchase 25 Sale Units 500 200 $5.40 28 May 5 18 22 5.70 5.40 Purchase Purchase Sale Sale 300 The cost of the inventory on April 1 Is 55, 54, and 52 per unit, respectively, under the FIFO, average and fine m ELLE he cost of the inventory on April 1 is $5, $4, and $2 per...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 300 17 Purchase 200 $5.10 25 Sale 150 28 Purchase 100 5.70 May 5 Purchase 250 5.10 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of...
Your client, Alice Tully (an unmarried taxpayer), owns some Tesla stock, which has dropped dramatically in...
Your client, Alice Tully (an unmarried taxpayer), owns some Tesla stock, which has dropped dramatically in value. She is going to sell the stock before it falls further in value. She will have an $11,000 loss on the sale; that is the only asset she will sell this year. She asks you if she can deduct the $11,000 loss on her tax return this year. You tell her that you will give her an answer later after you research the...
For 2018, Randy, an unmarried taxpayer, has wages of $45,000. He has a significant amount of...
For 2018, Randy, an unmarried taxpayer, has wages of $45,000. He has a significant amount of income from dividends and interest and therefore expects to have a federal income tax liability of $18,000. His total federal income tax withholding for the year is $9,500. Randy had $100,000 of adjusted gross income and a federal tax liability of $11,000 on his 2017 return. To avoid a penalty for underpayment of estimated taxes, what is the minimum amount of total estimated tax...
AT 2 Written questions Q1. Susan is a registered tax agent. For each of the followinR...
AT 2 Written questions Q1. Susan is a registered tax agent. For each of the followinR scenarios, identify which principles of the Code of Professional Conduct issued by Tax Practitioners Board (TPB) have been breached and explain how to avoid similar breaches in the future. Support your answers with tax legislation or case law. 1. Susan has been engaged by ABC Ltd to prepare its income tax return. Later Susan finds that ABC Ltd and her husband had entered into...
Problem 17-26 (a) (LO. 6) Melinda, a cash basis, calendar year taxpayer, filed a 90-day extension for her Federal income tax return without any tax payment. She paid the taxes that were due when she filed the return 65 days after the due date. a. What penalty or penalties will Melinda incur? Melinda is liable for only the failure to pay penalty b. How much will she have to pay if her additional tax is $75,000? Disregard any interest she...
QUESTION1 PART A (15 MARKS) Lorna's Boutique, a registered VAT vendor situated in Rundu, is an upmarket clothing boutique for ladies. All suppliers of Loma's Boutique are registered VAT vendors. Lomas Boutique makes use of a periodic inventory system. A VAT rate of 15% is applicable. The fashion apparel industry has significantly evolved over the years. The changing dynamics of the fashion industry have forced retailers to desire low cost and flexibility in quality and design of fashion items as...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Cost/Unit April 1 Balance 17 Purchase 25 Sale Units 500 200 $5.40 28 May 5 18 22 5.70 5.40 Purchase Purchase Sale Sale 300 The cost of the inventory on April 1 Is 55, 54, and 52 per unit, respectively, under the FIFO, average and fine m ELLE he cost of the inventory on April 1 is $5, $4, and $2 per...
AT 2 Written questions Q1. Susan is a registered tax agent. For each of the followinR scenarios, identify which principles of the Code of Professional Conduct issued by Tax Practitioners Board (TPB) have been breached and explain how to avoid similar breaches in the future. Support your answers with tax legislation or case law. 1. Susan has been engaged by ABC Ltd to prepare its income tax return. Later Susan finds that ABC Ltd and her husband had entered into...
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