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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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
P100,000
10,000
5,000
80,000
6,000
7,000
Purchase Returns & Allowances
Purchase Discounts
Sales
Sales Returns and Allowances
Sales Discounts
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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F423b7f94-c09f-4804-bacd-09612a329d63%2F9ac662f9-b96b-43a1-9c81-c3450fd6801f%2Fjnpz16j_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
P100,000
10,000
5,000
80,000
6,000
7,000
Purchase Returns & Allowances
Purchase Discounts
Sales
Sales Returns and Allowances
Sales Discounts
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?
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