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ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject to 12%                  Php 1,000,000 Sale to private entities subject to 0%                            1,000,000 Sale exempt from VAT                                                      1,000,000 Sale to government                                                             1,000,000 Total output tax due for the quarter is: Note: Write only the amount without comma, no peso sign and round off to the nearest peso (e.g. write 100000 only if the answer is One Hundred Thousand Pesos). If your answer is Zero, write 0 only.

ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject to 12%                  Php 1,000,000 Sale to private entities subject to 0%                            1,000,000 Sale exempt from VAT                                                      1,000,000 Sale to government                                                             1,000,000 Total output tax due for the quarter is: Note: Write only the amount without comma, no peso sign and round off to the nearest peso (e.g. write 100000 only if the answer is One Hundred Thousand Pesos). If your answer is Zero, write 0 only.

FINANCIAL ACCOUNTING
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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ABC Corporation has the following sales during the 1st quarter of 2021:

Sale to private entities subject to 12%                  Php 1,000,000

Sale to private entities subject to 0%                            1,000,000

Sale exempt from VAT                                                      1,000,000

Sale to government                                                             1,000,000

Total output tax due for the quarter is:

Note: Write only the amount without comma, no peso sign and round off to the nearest peso (e.g. write 100000 only if the answer is One Hundred Thousand Pesos). If your answer is Zero, write 0 only.

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