Company A is a general VAT taxpayer, and the applicable VAT rate for the sale of goods is 13%, the income tax rate is 25%, and the selling price does not include VAT. It is assumed that both the sale of goods and the provision of services are eligible for revenue recognition, and their costs are carried forward on a lump-by-line basis when revenue is recognized, without taking into account other factors. In May 2020, Company A had the following transactions and events:
(1) On May 1, a 6-month labor service contract was signed with Company B, and a one-time fee was collected upon completion, and the total contract price was 3 million yuan. As of May 31, the total labor cost actually incurred was 450,000 yuan (all employee compensation), and it is estimated that 1.8 million yuan of labor costs will be incurred to complete the contract. Assuming that the outcome of the service transaction can be reliably estimated, Company A determines the progress of performance in proportion to the cumulative actual costs incurred to the estimated total costs, without taking into account VAT.
(2) On May 3, a batch of goods were sold, and the amount indicated on the special VAT invoice was 600,000 yuan, and the payment had not yet been received. The actual cost of the batch of goods is 400,000 yuan.
(3) On May 10, the excess raw materials were sold to the outside world, and the cost amount was 200,000 yuan. The price indicated on the special VAT invoice is 1 million yuan and the tax amount is 130,000 yuan.
(4) On May 15, the company's administrative staff issued self-produced products as employee benefits, and the taxable price of the batch of products was 350,000 yuan, and the actual cost was 250,000 yuan.
(5) A total of 400,000 yuan of sales expenses, 100,000 yuan of financial expenses, and administrative fines of 50,000 yuan were incurred this month.
Based on the above information, without considering other factors, the following questions are analyzed and answered. (The calculation result can be kept in two decimal places)
1. According to the information (1), the labor service income that should be recognized in May is ( ) 10,000 yuan.
A.75 B.60 C.180 D.300
【Analysis】
Information (1) Revenue is recognized according to the performance obligations within a certain period of time, and the revenue recognition amount is calculated according to the progress of performance.
Progress of performance = 45 / (45 + 180) * 100% = 20%
Revenue to be recognized = 300 * 20% = 60 (million yuan)
Answer: B
2. According to the information (3), the following statement is correct ( ).
A. The raw material price of 1 million yuan collected shall be included in the non-operating income
B. The cost of raw materials of 200,000 yuan should be included in other business costs
C. The cost of raw materials of 200,000 yuan should be recognized as the cost of main business
D. Sales of raw materials to recognize other business income of 1 million yuan
【Analysis】
Information (3) Sales materials recognize other business income of 1 million yuan, and carry forward other business costs of 200,000 yuan.
Answer: BD
3. According to the data (4), the error in the following processing is ( ).
A. The issuance of self-produced products to employees of the enterprise also requires confirmation of output tax
B. Confirm the remuneration payable to employees of 400,000 yuan
C. The management expenses of the enterprise should be increased by 395,500 yuan
D. The business does not recognize revenue and carries forward the remuneration payable to employees according to the cost of the product
【Analysis】
The following acts of units or individual industrial and commercial households shall be regarded as the sale of goods and shall be subject to value-added tax
(1) Deliver the goods to other units or individuals for sale;
(2) Sales of consignment goods:
(3) Taxpayers who have two or more institutions and practice unified accounting transfer goods from one institution to other institutions for sale, except where the relevant institutions are located in the same county (city).
(4) Use self-produced and commissioned goods for non-VAT taxable items
(5) Use self-produced or commissioned goods for collective welfare or individual consumption
(6) Provide goods produced, commissioned for processing or purchased as investment to other units or individual industrial and commercial households;
(7) Distribute goods produced, commissioned for processing or purchased to shareholders or investors:
(8) Gifting goods produced by oneself, commissioned for processing or purchased to other units or individuals free of charge
| situation | Self-production Commission processing to recover materials | Foreign purchases | |
| Internal | Simple tax-deductible items, tax-free items | × | × |
| Collective welfare or individual consumption | √ | × | |
| foreign | investment | √ | √ |
| assignment | √ | √ | |
| donation | √ | √ | |
| Entrust others to sell on behalf of others or entrusted to sell on behalf of others | √ | √ | |
| Transfer of goods between unified accounting agencies (different counties and cities) | √ | √ |
Self-produced products were issued to the company's administrative staff as employee benefits, and the taxable price of the batch of products was 350,000 yuan, and the actual cost was 250,000 yuan. The accounting entries are as follows:
Debit: Administrative expenses 39.55
Credit: Compensation payable to employees - non-monetary benefits 39.55
Debit: Compensation Payable to Employees— Non-Monetary Benefits 39.55
Credit: Main business income 35
Tax Payable — VAT payable (output VAT) 4.55
meantime:
Debit: Cost of main business 25
Credit: Inventory Goods 25
Answer: BD
4.In May, the realized operating profit was ( ) million yuan.
A.26.26 B.35.45 C.35.9 D.75
【Analysis】
Operating profit = main business income + other business income - main business cost - other business costs - management expenses - sales expenses - financial expenses = 60 + 60 + 35 + 100-45-40-25-20-39.55-40-10 = 35.45 (million yuan)
Answer: B
5. The income tax expense that should be calculated this month is ( ) million yuan.
A.6.57 B.8.86 C.8.65 D.18.75
【Analysis】
Calculation of the taxable amount of income tax
Taxable income = total annual profit + tax adjustment increase - tax adjustment reduction
Taxable amount = taxable income× applicable tax rate - tax deduction amount - credit
1. Increase in tax adjustment
(1) Accounting profits have been deducted, but the tax law stipulates that items that cannot be deducted (such as tax late fees, administrative fines, etc.) should be increased in full;
(2) If the accounting profit has been deducted, but exceeds the deduction standard stipulated in the Enterprise Tax Law (such as the excess part of business entertainment expenses, advertising expenses and business publicity expenses), the part exceeding the deduction standard shall be increased.
2. Tax adjustment reduction
(1) Make up for losses in previous years; (2) tax-free income and non-taxable income; (3) Add deduction items (such as research and development expenses).
Taxable income = 35.45-5 + 5 = 35.45 (million yuan)
Tax payable = 35.45 * 25% = 8.86 (million yuan)
Answer: B