21. A non-VAT business reported the following:SalesCost of SalesPurchases, inclusive of VATP2,500,0001,000,000560,000How much is the amount of business tax payable?(NO Solutions)

Tax payable refers to the amount of tax that an individual or business owes to the government for a…

Answered: 21. A non-VAT business reported the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The company estimates 1% of sales revenue should be used to estimate for bad debt expense. what is the amount and what accounts
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21. A non-VAT business reported the following: Sales P 2,500,000 Cost of Sales 1,000,000 Purchases, inclusive of VAT 560,000 How much is the amount of business tax payable? (NO Solutions)
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Questions on Failure to pay tax under withholding due date QI: Humble Limited paid PAYE for the month of June 2018 on 15th on September15, 2018. The tax liability for the period was GHC1,550. Compute the penalty due Solution Q2: Humble Limited paid PAYE for the month of June 2018 on 15th on November15, 2018. The tax liability for the period was GHC2,000. Compute the penalty due

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21. A non-VAT business reported the following: Sales Cost of Sales Purchases, inclusive of VAT P2,500,000 1,000,000 560,000 How much is the amount of business tax payable? (NO Solutions)