Miyuki Company operstes a retsil store. All items are sold subject to a 12% value sdded tsx which the entity collects and records as sales revenue. The entity files quarterly sales tax returns when due by the twentieth day following the end of the sales quarter. However, in accordance with state] requirements, the entity remits value added tax collected by the twentieth day of the month following any month such collections exceed P50,000.the entity takes these payments as credits on the quarterly sales tax return. The value added taxes paid sare charged against salejs revenue. Following is a monthly summary appearing in the first quarter sales revenue for 2017: Debit Credit January February March 560,000 392,000 448,000 60,000 On March 31, 2017. what amount should be reported ss value added taxes pavable?

Miyuki Company operstes a retsil store. All items are sold subject to a 12% value sdded tsx which the entity collects and records as sales revenue. The entity files quarterly sales tax returns when due by the twentieth day following the end of the sales quarter. However, in accordance with state] requirements, the entity remits value added tax collected by the twentieth day of the month following any month such collections exceed P50,000.the entity takes these payments as credits on the quarterly sales tax return. The value added taxes paid sare charged against salejs revenue. Following is a monthly summary appearing in the first quarter sales revenue for 2017: Debit Credit January February March 560,000 392,000 448,000 60,000 On March 31, 2017. what amount should be reported ss value added taxes pavable?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 11E

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Kevin Company operates a retail store. All items are sold subject to a 12% value added tax which the entity collects and records as sales revenue. The entity files quarterly sales tax returns when due by the 20th day following the end of the sales quarter. However, in accordance with state requirements, the entity remits value added tax collected by the 20th day of the month following any month if such collections exceed P100,000. The entity takes these payments as credits on the quarterly sales tax return. The value added taxes paid are charged against sales revenue. Following is a monthly summary appearing in the first quarter of 2021 sales revenue account: October November December Debit a. $180,000 b. $216,000 120,000 On December 31, 2021, the amount to be reported as valued added taxes payable is: C. $300,000 d. P336,000 Credit $1,120,000 784,000 896,000
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