--t

RgSA: The Review School ofAccountancy Page 8 of 9

56. Stockhouse, a VAT-registered stor:kbroker and deal.er in securities, has the following
data for the first quarter of the currenl year (net of applicable taxes):
Commissions received from representing bluyers p 200,000
Coruni-ssions received from representing sell-ers 300,000
Se111ng price of shares of stock:
Hope Cor:p. held as inventory 400,000
Faj.th Corp. held as investment 600,000
Acquisition cost:
Hope Corp. held as i.nventory 300, 0oo
faith Corp. ileld as investment 350,000
Operating expenses connecLed with VAT-subject
transactions:
Suoplies bought from VAT-reqistered s_rupplier 70,000
Salaries of employees 90,000
Elect rici t y 5,000
WaLer 3,000
How much is the VAT-sltbiecf ol:oss r., ipts?
I a. P850, 000 P500,000
b. P600,000 ! None of the. choices

r
ti I l^lhich of the following shal-.l be subje{:t to t_he l)8 percentage tax on VAT_exempt person
rnder Sect i.on !0 j,=1i111=- '
ls

Sale ofa-qlf ice suppl i e.s, se.Iler not VAT-regist.ered, gross annual- sales do not
exceed pl, 9-19;ff0- ----
b. sa"le of mango gross annuar sares do not exceec.r p1,919,500
c' Mitling of palay inl.o rice gross annual receipts exceed. p1,919,500
d' sare of pr:ocessed agricultural productsf not- vAT-regj.stered, gross annuar sal-es
exceed P1 , 919,_500
58 to 59 are basecl on the foTTowi-ng: a /domesfj.J\common car.r.ier. by air
\..-_____/ has the following
data for the rnonLh:
' Gross receipts from transport of passengers from Manila t_o Cebu p-2,000,000
.Gross receipts from transport of passengers from Manj.la to llongkonE
21500r000
Gross receipts from transport of goods and {);lrgo f.rom Manila to Cebu 1r5,00,000
58. How rrLuch is the com&on carrier/ s tax for thc. rt.nth?
a. P600, 000 ' !1 'rQ ' 369
r15( b. f300,000 :). -.e
!
'ti 59, Ho'nr mr;ch is the VAT-subjcct gr.css; receipL:;?
,.. P6,000,000 P2, 000, 000
r). P3,500,0C0 rl. Norre of the choices
tj
60. How much i-s the output VAT, if an-y?
!, a. P600, 000 l?240,000
b. P420,0OA :1. None of the choices
a'.
t 6L, An iriternational air carr.ier doing business in the phi,lippines
\l is subject to lhe 3Z
al . on transport of pas-senger, cargo
and-/or mair originating from the philippines.
i;. on transport of cargo and/or. mail- originati.o., r.o*
Phi lippines .
within ar-ra outsla" the
62- on transport- of cargo and/or mail 0riginat-lng philippines.
from
63. on t'ransport of cargo ar,tj/or mail or:iginating the
cont-inuous and unjni_erruptdd f]ight. from the phirippines in a

62' A franchlse qrantee of wa[er utilities has the foI]-owinq gross

receipts for: the first
v month cf t_he current year:
Gross rece1pts, safe of wat.er
Pi,tt'r:ta??
Gross recei.pt-s, rent of office spaces
Expenses/ safe of wa.ter
Expenses, rent of office spaces 1'000'000'
,00, c00
il.:.,w much is the frarrchise Lax?
d. P105,000 '--/* c. P50, 000
r-. P 70,000 d. None of the choices