From the data: May 2 - On sale to the public               Purchase price, VAT not included                   P400,000 Selling price, VAT not included                                    P900,000 May 9 - On sale to the Government Purchase price, VAT not included                                P200,000 Selling priceq                                                               P600,000 How much was the vat payable at the end of May? How much was the final value-added tax of May?

Q: prises withno ployees. from the wages paid each employee. Enter all amounts as positive numbers. If…

A: Tax liability refers to the obligation of a taxpayer towards the government. This obligation…

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Q: What is the vat payable? P43,830 P44,280 P46,680 P59,248

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A: Sales tax percentage = Sales tax amount/cost before tax

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Q: Based on the information below, what amount should be debited for Wages/Salaries Expense? Total…

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Q: The original price of an item was $146. Given that the total price with tax was $156.45, determine…

A: Original Price after tax = op = $146Total Price Before Tax = tp = $156.45

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Q: True False

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Q: Am. 111.

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Q: If the sales tax is 6% and the purchase price is $193, what is the amount of tax?

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.