paid on beginning inventory 4,800 16. How much is the input tax? 17. How much is the value added tax payable?
paid on beginning inventory 4,800 16. How much is the input tax? 17. How much is the value added tax payable?
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 2PA
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Question
A VAT taxpayer had the following data on its operations for he month of January 2018:
Sales, total invoice price P 592,480
Purchases of goods, VAT not included:
From VAT registered persons 100,000
From nonVAT registered persons 8,000
From persons subject to percentage taxes 10,000
Salaries of employees 60,000
Other operating expenses 12,000
This is the first month of being liable to value added tax. Data in inventories at the beginning of the period bought from VAT registered
persons follow:
Inventory at cost P 44,800
Inventory at realizable value 49,000
Value added tax paid on beginning inventory 4,800
16. How much is the input tax?
17. How much is the value added tax payable?
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