Heddi Corporation, a VAT registered dealer of appliances, has the following data for the first quarter of 2023: Sales, total invoice value, P6,921,600 Purchases, net of input taxes, P5,500,000 Sales returns (based on total invoice value), P224,000 Purchases returns, gross of taxes, P336,000 Deferred input taxes (carried over from the third quarter of the current year), P9,500 How much is the value-added tax still due for the last quarter of the current year using the 12% VAT rate?

Heddi Corporation, a VAT registered dealer of appliances, has the following data for the first quarter of 2023: Sales, total invoice value, P6,921,600 Purchases, net of input taxes, P5,500,000 Sales returns (based on total invoice value), P224,000 Purchases returns, gross of taxes, P336,000 Deferred input taxes (carried over from the third quarter of the current year), P9,500 How much is the value-added tax still due for the last quarter of the current year using the 12% VAT rate?

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
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