How much is the VAT Payablein April?Given the following data during the 2nd quarter of 2022MonthOutput TaxInput TaxAprilMay12,000.0018,000.0024,000.007,000.0015,000.00June10,000.00In the books, there was a debit balance of input tax amountingto 6,000 from preceding quarter.1,0005,000

Vat is a Value added tax, it is a consumption tax on goods and services, Vat is levied at each stage…

Answered: How much is the VAT Payable in April?

Business

Accounting

How much is the VAT Payable in April?

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter4: Profitability Analysis

Section: Chapter Questions

Problem 23PC

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

How much is the VAT Payable
in April?
Given the following data during the 2nd quarter of 2022
Month
Output Tax
Input Tax
April
May
12,000.00
18,000.00
24,000.00
7,000.00
15,000.00
June
10,000.00
In the books, there was a debit balance of input tax amounting
to 6,000 from preceding quarter.
1,000
5,000

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