A、Debit Trade accounts receivable $235 Credit Sales $235
B、Debit Trade accounts receivable $200 Credit Sales $165 Credit Sales tax control account $35
C、Debit Trade accounts receivable $235 Credit Sales $200 Credit Sales tax control account $35
D、Debit Sales $200 Debit Sales tax control account $35 Credit Trade accounts payable $235
第1题
第2题
(a) Phi Ltd is a company set up in Guangzhou. In 2014 Phi Ltd incurred the following expenses:
(1) A consultancy fee of RMB3,500 for services provided in China paid to Mr Xie, who is a China tax resident.
(2) A consultancy fee of RMB70,000 for services provided in China paid to Ms Ma, who is not a China tax resident.
(3) A royalty of RMB80,000 paid to Deji Ltd, which is a China tax resident enterprise.
(4) A royalty of RMB90,000 paid to Backa Ltd, which is not a China tax resident enterprise.
Required:
For each of the four payments, state whether Phi Ltd will be a withholding agent for income tax, and where Phi Ltd is the withholding agent, calculate the amount of income tax to be withheld.
Note: Ignore value added tax and business tax, and any tax incentives available under tax treaties. (7 marks)
(b) Jack has set up an e-shop selling goods via an internet platform. His total sales in 2014 were RMB400,000. He did not register with the tax authorities or pay any taxes in 2014. This was discovered by the tax bureaus in 2015.
Required:
State the possible consequences Jack may be exposed to under the Tax Collection and Administrative Law, as a result of his failure to comply with the tax registration and tax payment requirements. (3 marks)
第3题
A、DR $9,000
B、CR $5,850
C、CR $9,000
D、DR $5,850
第4题
According to the passage, the sales tax is on all the following EXCEPT ______ .
A.clothes
B.desk pads
C.children shoes
D.portable computers
第5题
第6题
Sales (including sales tax) amounted to $27,612.50, and purchases (excluding sales tax) amounted to $18,000. What is the balance on the sales tax account, assuming all items are subject to sales tax at 17.5%?
A、$962.50 debit
B、$962.50 credit
C、$1,682.10 debit
D、$1,682.10 credit
第7题
(b) Write a letter to Joanne setting out the value added tax (VAT) registration requirements and advising on
whether or not she should or could register for VAT and if registered if she could recover the VAT suffered on
the consultancy fees and computer purchased in October 2005. (7 marks)
第8题
A、$3,600
B、$3,000
C、$2,267
D、$3,267
第9题
A.Dr Purchases $500, Dr Sales tax $75, Cr Payables $575
B.Dr Purchases $575, Cr Sales tax $75, Cr Payables $500
C.Dr Purchases $500, Cr Payables $500
D.Dr Purchases $575, Cr Payables $575
第10题
Jack Co is registered for sales tax and the standard rate of sales tax is 20%. In August 20X9, sales and purchases were as follows: l Sales of $300,000 before sales tax; these items are subject to sales tax at the standard sales tax rate l Sales of $80,000 before sales tax; these items are zero-rated l Purchases of $128,000 before sales tax,; these items are subject to sales tax at the standard sales tax rate What is the net amount due to or reclaimable from the tax authorities in respect of these transactions?
A、$44,000
B、$34,400
C、$52,000
D、$60,000
为了保护您的账号安全,请在“上学吧”公众号进行验证,点击“官网服务”-“账号验证”后输入验证码“”完成验证,验证成功后方可继续查看答案!