D. The following selected account balances were taken from the records of J. Gucela Company, for the month of January 20B. (VAT of 12% is billed separately). Purchases PI00,000 10,000 5,000 Purchase Returns & Allowances Purchase Discounts Sales Sales Returns and Allowances Sales Discounts 80,000 6,000 7,000 3 - Required: 1. Compute the Input Tax 2. Compute the Output Tax 3. Compute the Prepaid Tax 4. Entry to close the Output Tax to Input Tax 5. Where do we show the Prepaid Tax in the Financial Statements?

D. The following selected account balances were taken from the records of J. Gucela Company, for the month of January 20B. (VAT of 12% is billed separately). Purchases PI00,000 10,000 5,000 Purchase Returns & Allowances Purchase Discounts Sales Sales Returns and Allowances Sales Discounts 80,000 6,000 7,000 3 - Required: 1. Compute the Input Tax 2. Compute the Output Tax 3. Compute the Prepaid Tax 4. Entry to close the Output Tax to Input Tax 5. Where do we show the Prepaid Tax in the Financial Statements?

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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