Heddi Corporation, a VAT registered dealer of appliances, has the following data for the first quarter of 2023: Sales, total invoice value, P6,921,600 Purchases, net of input taxes, P5,500,000 Sales returns (based on total invoice value), P224,000 Purchases returns, gross of taxes, P336,000 Deferred input taxes (carried over from the third quarter of the current year), P9,500 How much is the value-added tax still due for the last quarter of the current year using the 12% VAT rate?

Heddi Corporation, a VAT registered dealer of appliances, has the following data for the first quarter of 2023: Sales, total invoice value, P6,921,600 Purchases, net of input taxes, P5,500,000 Sales returns (based on total invoice value), P224,000 Purchases returns, gross of taxes, P336,000 Deferred input taxes (carried over from the third quarter of the current year), P9,500 How much is the value-added tax still due for the last quarter of the current year using the 12% VAT rate?

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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