ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject to 12% Php 1,000,000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1,000,000 Sale to government 1,000,000 The following input taxes were passed on by ABC Corp.'s VAT suppliers: Input tax on taxable goods 50,000 Input tax on zero-rated sale 30,000 Input tax on sale of exempt goods 20,000 Input tax on sale to government 40,000 Input tax on depreciable capital goods not attributable to any specific activity 40,000

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
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ABC Corporation has the following sales during the 1st quarter of 2021:

Sale to private entities subject to 12%

Php 1,000,000

Sale to private entities subject to 0%

1,000,000

Sale exempt from VAT

1,000,000

Sale to government

1,000,000

The following input taxes were passed on by ABC Corp.'s VAT suppliers:

Input tax on taxable goods

50,000

Input tax on zero-rated sale

30,000

Input tax on sale of exempt goods

20,000

Input tax on sale to government

40,000

Input tax on depreciable capital goods not attributable to any specific activity 40,000

Total available input tax due for the quarter is:

 

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