In the third quarter of 2017, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P1,919,500 has the following data: Accounts receivable, beginning of the quarter 50,000 Sales during the quarter, on account 100,000 Accounts receivable, end of quarter 75,000 Purchase of supplies, total invoice amount 11,200 The percentage tax due for the quarter is_______________ Assuming the taxpayer is VAT-registered, the VAT payable is __________________
In the third quarter of 2017, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P1,919,500 has the following data: Accounts receivable, beginning of the quarter 50,000 Sales during the quarter, on account 100,000 Accounts receivable, end of quarter 75,000 Purchase of supplies, total invoice amount 11,200 The percentage tax due for the quarter is_______________ Assuming the taxpayer is VAT-registered, the VAT payable is __________________
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
In the third quarter of 2017, a taxpayer engaged in the sale of services whose annual gross
receipts do not exceed P1,919,500 has the following data:
Sales during the quarter, on account 100,000
Accounts receivable, end of quarter 75,000
Purchase of supplies, total invoice amount 11,200
The percentage tax due for the quarter is_______________
Assuming the taxpayer is VAT-registered, the VAT payable is __________________
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education