ABC Corporation has the following sales during the month of October: Sales to a private company, VAT exc; of P 100,000 Sales to private companies, 0% VAT rate; P 100,000 Sales of exempt goods; P 100,000 Sales to Govt; subject to 5% final VAT withholding tax; P100,000 The following input taxes were passed on by its suppliers: Input tax on taxable goods at 12%; P 6,000 Input tax on zero-rated sales of P 3,000 Input tax on sales to Govt of P 7,000 Input tax on depreciable asset- Not attributable to any specific activity (amortization) of P 20,000 Input tax on exempt sales of P 1,000 Compute the VAT Payable below: VAT output: Total VAT output Less: VAT input VAT payable (Excess VAT input)
ABC Corporation has the following sales during the month of October: Sales to a private company, VAT exc; of P 100,000 Sales to private companies, 0% VAT rate; P 100,000 Sales of exempt goods; P 100,000 Sales to Govt; subject to 5% final VAT withholding tax; P100,000 The following input taxes were passed on by its suppliers: Input tax on taxable goods at 12%; P 6,000 Input tax on zero-rated sales of P 3,000 Input tax on sales to Govt of P 7,000 Input tax on depreciable asset- Not attributable to any specific activity (amortization) of P 20,000 Input tax on exempt sales of P 1,000 Compute the VAT Payable below: VAT output: Total VAT output Less: VAT input VAT payable (Excess VAT input)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC Corporation has the following sales during the month of October:
Sales to a private company, VAT exc; of P 100,000
Sales to private companies, 0% VAT rate; P 100,000
Sales of exempt goods; P 100,000
Sales to Govt; subject to 5% final VAT withholding tax; P100,000
The following input taxes were passed on by its suppliers:
Input tax on taxable goods at 12%; P 6,000
Input tax on zero-rated sales of P 3,000
Input tax on sales to Govt of P 7,000
Input tax on
Input tax on exempt sales of P 1,000
Compute the VAT Payable below:
VAT output:
Total VAT output
Less: VAT input
VAT payable (Excess VAT input)
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