Page l12

Domestic sale of goods P5,000,000

sale of qoods to senior citizens, net of 20% discount 800,000
Beqinning inventorY 3oo, o0o
DomestiC purchases of goods for use in all transactions 500, 000
Importation of goods for use in all t{?nleslrms 700, 000
Endiriq inventorY 200,000
PavmenL for services for all transactions 450,000
Purchase of vehicle for-- Iand transport for use in all
transactions (estimated life 5 years purchased May 1, 2014 ) 2, 500, o0o
It{aintenance expense for the vehic-Le for land transport 1 00, 000

@ies (including salaries of P100,000

qiven to senior citizen-emPloYees) 500,000
Assrstance qiven under Adopt-A-school Program to a state 100, 0oo
col-Iege
Monthly VAT Paid (MaY and June) 300, 000

-r 63. How much is the creditable input tax?

a. P250,000 c. P165,000
b. P198,000 d. None of the choices
.1 64. How much is the VAT PaYabIe?
! a. P435, 000 c' P135, 000
b.P222,0ood.Noneofthechoices

r-\ 65. How muchis the total deductible expenses for income tax purposes?
a. P1,324,000 c' P7,024,000
b. P1,L24,OAO d' None of the choices
, '^t,'l 66- How much is the taxable net income for the quarter?
a . P3, 552, 000 c ' P2 ,352 ,000
b. P3,352,000 d' None of the choices
67. When shall the income tax return and the quarterly VAT return be
' filed for the first fiscal quarter?
't Quarterly ITR Quarterly VAT Return
a. September 30, 2014 September 30, 20L4

i:d. i::H*:',',7'29,,3?1'^
September 2A14
tXBXIi ll; ',31^
25, August 2414

r 68. (A repair work, Many repair works, A loL of repair: work) during the
\- -' rainy season will be a waste of time and money'
a. A rePair work
b. ManY rePair works
c. A lot of rePatr work
d. None of the choices
i \\ 69. The United Nations ; (is, are) composed of several
s( nations ,acting
toget.her for their common interest '
a. Is c. Either is or are
b. Are d- Neither is nor are
1. work (yourself, yourselves,
I-.1
jA. Workaholics, take note. You can literally
\ themselves) to an earll'death.
' a. Yourself
b. Yoursel-ves
c. Themselves
d. None .of the choices
E![D OF EXAMINATION