11. LIBERTAD CO., is a VAT registered trader of construction supplies, had the following data for the 4th quarter of 2021 and 1st quarter of 2022: Gross sales to export oriented enterprise Gross sales to government (gross of final withholding tax) 4th Qtr 2021 Gross sales to other customers Total VAT purchase of goods other than capital goods Total VAT purchase of services PO 1st Qtr 2022 P5, 000 000 5,000,000 30,000,000 25, 000, 000 5,000,000 5, 000, 000 25,000,000 20,000,000 5,000,000 For the first quarter of 2021, the Company has filed a tax refund on its input VAT attributable to zero-rated sales. No payments have been made for the monthly VAT returns filed. How much is the VAT payable for the 4th quarter of 2021? a. P500,000 b. P750,000 c. P600,000 d. P350,000
11. LIBERTAD CO., is a VAT registered trader of construction supplies, had the following data for the 4th quarter of 2021 and 1st quarter of 2022: Gross sales to export oriented enterprise Gross sales to government (gross of final withholding tax) 4th Qtr 2021 Gross sales to other customers Total VAT purchase of goods other than capital goods Total VAT purchase of services PO 1st Qtr 2022 P5, 000 000 5,000,000 30,000,000 25, 000, 000 5,000,000 5, 000, 000 25,000,000 20,000,000 5,000,000 For the first quarter of 2021, the Company has filed a tax refund on its input VAT attributable to zero-rated sales. No payments have been made for the monthly VAT returns filed. How much is the VAT payable for the 4th quarter of 2021? a. P500,000 b. P750,000 c. P600,000 d. P350,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bb.31.
Transcribed Image Text:11. LIBERTAD CO., is a VAT registered trader of construction supplies, had
the following data for the 4th quarter of 2021 and 1st quarter of 2022:
Gross sales to export oriented
enterprise
Gross sales to government (gross
of final withholding tax)
4th Qtr
2021
Gross sales to other customers
Total VAT purchase of goods other
than capital goods
Total VAT purchase of services
PO
1st Qtr
2022
P5, 000 000
5,000,000
30,000,000
25,000,000
5,000,000
5, 000, 000
25,000,000
20,000,000
20, 000, 000
5,000,000
For the first quarter of 2021, the Company has filed a tax refund on its
input VAT attributable to zero-rated sales. No payments have been made
for the monthly VAT returns filed. How much is the VAT payable for the
4th quarter of 2021?
a. P500,000
b. P750,000
c. P600,000
d. P350,000
C
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