Tagasundo Corporation, a VAT taxpayer, owns various transportation vehicle and have thefollowing gross receipts for January 2022:Land vehicle Air vesselWater vesselDomestic of passengers500,000.00850,000.00700,000.00Domestic of cargoes300,000.00425,000.00 385,000.00330,000.00Export of passengersExport of cargoes180,000.00 185,000.00Total800,000.00 1,785,000.00 1,270,000.00Compute the total sales subject to VAT

Value added Taxes (VAT) In Philippines the tax rate of Value added taxes is 12% which are involved…

Tagasundo Corporation, a VAT taxpayer, owns various transportation vehicle and have the following gross receipts for January 2022: Land vehicle Air vessel Water vessel Domestic of passengers Domestic of cargoes Export of passengers Export of cargoes Total Compute the total sales subject to VAT 500,000.00 850,000.00 700,000.00 300,000.00 425,000.00 385,000.00 330,000.00 180,000.00 185,000.00 800,000.00 1,785,000.00 1,270,000.00

Tagasundo Corporation, a VAT taxpayer, owns various transportation vehicle and have the following gross receipts for January 2022: Land vehicle Air vessel Water vessel Domestic of passengers Domestic of cargoes Export of passengers Export of cargoes Total Compute the total sales subject to VAT 500,000.00 850,000.00 700,000.00 300,000.00 425,000.00 385,000.00 330,000.00 180,000.00 185,000.00 800,000.00 1,785,000.00 1,270,000.00

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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Question

Tagasundo Corporation, a VAT taxpayer, owns various transportation vehicle and have the
following gross receipts for January 2022:
Land vehicle Air vessel
Water vessel
Domestic of passengers
500,000.00
850,000.00
700,000.00
Domestic of cargoes
300,000.00
425,000.00 385,000.00
330,000.00
Export of passengers
Export of cargoes
180,000.00 185,000.00
Total
800,000.00 1,785,000.00 1,270,000.00
Compute the total sales subject to VAT

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