D6) Chocobo Corporation, a VAT taxpayer, had the following data for each of themonths indicated below:January 2022 February 2022March 2022SalesP2,000,000P1,800,000Purchases ofP700,000P500,000Goods for SalePurchases ofOffice & StoreP1,200,000P600,000Equipment(All amounts areVAT-exclusive.)How much is VAT payable for the month of January 2022?P2,500,000P800,000P1,500,000

This question is related to the VAT so before moving into the question we know the meaning of VAT.…

Answered: How much is VAT payable for the month…

Business

Accounting

How much is VAT payable for the month of January 2022?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable…

A: To increase sales there is need investment in assets and that investment can be managed internally…

Q: For each class of provision, an entity shall disclose except * O unused amounts reversed during the…

A: For each class of provision, an entity shall disclose the following :- Unused amounts reversed…

Q: 6. Which of the following is not determined by the shipping terms? a. When legal title or…

A: Free on Board (FOB) is a term used to indicate when the ownership of goods transfers from buyer to…

Q: True/False) All of the regulations for Section 162 are proposed regulations.

A: The general rule for section 162 states that "A deduction of ordinary and necessary expenses paid or…

Q: Legal expenses incurred by a company to provide general legal advice is an allowable deduction under…

A: The Income Tax Act defines the tax that is being collected by the Central government charged on the…

Q: P12.2 (c)

A: Ending Retained Earnings = Beginning Retained Earnings + Net income - dividend declared…

Q: What is the cash impact from OWC during Year 2? If the change releases cash use a positive sign, if…

A: To calculate the change in Operating Working Capital (OWC) during Year 2, you need to consider…

Q: Q2: “Goodwill cannot be said to depreciate”. Explain the statement.

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: Explain how the § 179 immediate expensing deduction affects the computation of MACRS cost recovery.

A: Depreciation is defined as the accounting method implemented to allocate the cost of a long-term…

Q: THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company.…

A: T Accounts 1. Cash Account Particular Debit Particular Credit To capital A/c…

Q: Intermediate Accounting 105 May I please have a GAAP explanation, along with examples providing…

A: The objective of the question is to understand the conditions under which a short-term obligation…

Q: According to IAS 1, what are the classification of liabilities? O Current, noncurrent, estimated and…

A: Answer - According to IAS 1 - Liabilities are basically classified as Current and Non Current…

Q: 6600 is not the answer

A: Child Tax Credit is $3,600 for children aged 6 and Under at end of 2021 Child Tax Credit is $3,000…

Q: answer for the last one: The VAT Payable a.61,065 b. 69,815

A: The first 3 questions answers are provided in original question.

Q: X-ray any three(3) revenue allocation principles, clearly explaining the benefits and criticisms of…

A: 1. Per Capita Equalization Principle: This principle stipulates that each state or region should…

Q: hich of the following cannot be qualified as a commodity certificate? A) Certificate of will B)…

A: Commodity certificate: It is a payment method used by a commodity credit corporation in lieu of…

Q: Question 8

A: When net credit sales is divided with average accounts receivable it results in receivable turnover…

Q: (Optional) Consider the following assets: Asset | A E(r) Cov(A) Cov(B) Cov(X) Cov(Y) Cov(Z) В Y Z…

A: Given, Portfolio P consists of assets A and B. Portfolio Q consists of assets X, Y and Z.

Q: 7. Compute Working Capital: a. 60,000 b. 50,000 c. 55,000 d. 100,000 e. 10,000 3. Compute Current…

A: Ratio Analysis -When comparing one business to another in the same sector or industry, ratio…

Q: Revenue and expense recognition under the current IFRS conceptual framework is the same as under the…

A: IFRS (International Financial Reporting Standards):IFRS is a set of accounting standards developed…

Q: Explanation 1031 like-kind exchange

Q: 605.53 is not the correct answer, please double check

A: Traditional Model & Expected Cash Flow Model: Traditional Approach - In the traditional…

Q: What is free trade what are its pros and cons?

A: Trade is an economic activity in which buying and selling are involved. It involves buying and…

Q: What is AAA (Section 1368(e))

A: The S corporation is a corporation that chooses to pass all income, losses, deductions, and all…

Q: E14.3 (b)

A: The cash flow statement is helpful for the stakeholders as they can identify the organization's…

Q: Give 5 Exempt Sale of Goods or Properties.

A: Exempt sales under Indian GST law means any goods or services which attract nil rate of tax or…

Q: 81 Which of the following is correct? I. Direct origination costs – added to principal II.…

A: Origination Fees: It is the fees charged by the bank against the borrower for the creation of loan.…

Q: please question d) e) and F)

A: in order to calculate Weighted average cost of capital it is important to know the cost of capital…

Q: Use a two period binomial tree to price a 8 month American style call on on TFS struck at $8. The…

A: Financial derivatives known as call options and put options provide the holder the right, but not…

Q: The amount by which the balance sheet does not balance at first is called _______. A. total B.…

A: When balance sheet doesn't balance at the first, it means there is some error or mistake which need…

Q: 11. concepts assume that a business will continue in operation indefinitely. А. В. Materiality…

A: Every businessman starts their business with the assumption that the business will survive for an…

Q: Intermediate Accounting 105 May I please have a GAAP explanation, along with examples providing…

A: Under Generally Accepted Accounting Principles (GAAP), short-term obligations are generally…

Q: The numbers indicate that it would be profitable to accept a special order. Should we consider any…

A: We often see companies receiving special orders for selling a product from some customers. To…

Q: You didnt answer the question 4, 5 , 6

A: Under or Overapplied Overhead: When real manufacturing overhead expenses exceed allocated…

Q: 6, 7, and 8 are not answe

A: 4. What was the cost of goods manufactured for the year -$ 912,1005. What was the cost of goods sold…

Q: Which one of the following category unearned revenue belong to? a. Current liability b. Limited…

A: Unearned revenue is a liability till the performance has been done by the supplier.

Q: M&M 58 Ksl and M&M63 KSl are equal

A: M&M 58 and M&M 63 -M&M refers to Modigliani and Miller and it indicates the capital…

Q: 6. Explain: "agency debt"

A: Agency debt refers to bonds that are issued by government-sponsored entities (GSEs) such as Fannie…

Q: Retail Sales and Wholesale Sales are the only divisions of Terra Company. The following information…

A: ROI = Total net income/Total operating assets

Q: E9.9 (a)

A: Depreciation=Cost of the asset-salvage valueNo. of useful life years The revised Depreciation as per…

Q: 20. Which of the following equation is TRUE? A. Asset + Capital = Liability Asset + Expense –…

A: Accounts are generally classified into 5 categories: Assets account Liabilities account Capital…

Q: it say 43,636.36 is incorrect

A: Here,Annual Incremental Cahs Inflows is $16,500Time Period is 3 yearsInterest Rate is 10%Note: As…

Q: The number of parties involved in discounting a bill of exchange is :

A: A Bill of exchange is a written agreement/order given by one party to the other for an agreed amount…

Q: it say 6224.00 is incorrect

A: The problem is based on present worth analysis. Here, net present value of the investment and…

Q: The ct of plaie ppot Agt p pdon A SIPL C S195 D. L0 E Noor of the anwers comect

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: 10078+0987=

A: The aggregate of two or more number is called addition. The + symbol is used for addition.

Q: E9.7(a,b2)

A: This Numerical has covered the concept of Depreciation Accounting. There are many methods of…

Concept explainers

Loanable Funds Theory

The loanable funds theory is a neoclassical theory that determines the interest rate where the demand for loanable investments and supply of loanable funds intersect. To determine the interest rate, this theory employs linear regression and a demand curve. At the equilibrium point, demand for borrowings and demand for the issuance of borrowing funds are inextricably linked. This point of equilibrium should equalize demand and the supply of money available for borrowing.

Question

D6)

Chocobo Corporation, a VAT taxpayer, had the following data for each of the
months indicated below:
January 2022 February 2022
March 2022
Sales
P2,000,000
P1,800,000
Purchases of
P700,000
P500,000
Goods for Sale
Purchases of
Office & Store
P1,200,000
P600,000
Equipment
(All amounts are
VAT-exclusive.)
How much is VAT payable for the month of January 2022?
P2,500,000
P800,000
P1,500,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Question 3: When is an employer NOT required to file a quarterly Form 941? Answer: А. O When annual tax liability for federal income, Social Security, and Medicare tax is less than $1,000 В. O When annual tax liability for federal income, Social Security, and Medicare tax is less than $1,500 С. O When annual tax liability for federal income, Social Security, and Medicare tax is less than $2,500 D. When annual tax liability for federal income, Social Security, and Medicare tax is less than $100,000
IAS 1 was reissued on _____. (MM/DD/YYYY)
27-Which one of the following is an example for 'Deferrals'? a. Provision for doubtful debt b. Depreciation c. Unearned revenue d. Outstanding expenses
Q7
D6
er 31, 2020 al analysis encil only, ennies blank aper properly. lines as
14.
Kingcade Corporation keeps careful track of the time required to fill orders. Data concerning a particular order appear below: Hours 18.3 Wait time Process time Move time Queue time 1. 1 Inspection time 0.1 2.0 9.1 The manufacturing cycle efficiency (MCE) was closest to: (Round your intermediate calculations to 1 decimal place.)
TRUE OR FALSE
None
V5. Explain 5 reasons that can help you with the theory of descriptive decision-making during your undergraduate studies
why is revenue in problem 1: 2 b 16510 ?