How much is the VAT Payablein May?Given the following data during the 2nd quarter of 2022Output Tax12,000.00MonthInput TaxAprilMayJune7,000.0018,000.0015,000.0024,000.0010,000.00In the books, there was a debit balance of input tax amountingto 6,000 from preceding quarter.3,0002,0001,000

VAT or Value added tax is an Indirect tax which is imposed on Goods and Services. Net VAT payable is…

How much is the VAT Payable in May? Given the following data during the 2nd quarter of 2022 Month Output Tax 12,000.00 18,000.00 24,000.00 Input Tax April May June 7,000.00 15,000.00 10,000.00 In the books, there was a debit balance of input tax amounting to 6,000 from preceding quarter. 3,000 O 2,000 O 1,000

How much is the VAT Payable in May? Given the following data during the 2nd quarter of 2022 Month Output Tax 12,000.00 18,000.00 24,000.00 Input Tax April May June 7,000.00 15,000.00 10,000.00 In the books, there was a debit balance of input tax amounting to 6,000 from preceding quarter. 3,000 O 2,000 O 1,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 6Q: What amount is payable to a state tax board if the original sales price is $3,000, and the tax rate...

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Incomc Taxes Then Company has been in operation for several years. It has both a deductible and a taxable temporary difference. At the beginning of 2019, its deferred tax asset was 690, and its deferred tax liability was 750. The company expects its lutine deductible amount to be deductible in 2020 and its Inline taxable amount to 1 taxable in 2021. In 2018, Congress enacted income tax rates for future years as follows: 2019, 30%; 2020, 34%; and 2021, 35%. At the end of 2019, Then reported income taxes payable of 25,800, an increase in its deferred tax liability of 300, and an ending balance in its deferred tax asset of 860. Thun has prepared the following schedule of items related to its income taxes for 2019. Required: Fill in the blanks in the preceding schedule. Show your calculations.
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What amount is payable to a state tax board if the original sales price is $3,000, and the tax rate is 3.5%?