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?

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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A5