Lady sells real property in the course of its business. During the last quarter of 2018, it had sold a parcel of land under the following terms (VAT inclusive): Total contract price P1,120,000 Down payment, 10/05/2018 112,000 1st installment (12/31/2018) 112,000 2nd installment (2/1/2019) 56,000 How much is the output vat in the last quarter of 2018?
Lady sells real property in the course of its business. During the last quarter of 2018, it had sold a parcel of land under the following terms (VAT inclusive): Total contract price P1,120,000 Down payment, 10/05/2018 112,000 1st installment (12/31/2018) 112,000 2nd installment (2/1/2019) 56,000 How much is the output vat in the last quarter of 2018?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter17: Business Tax Credits And The Alternative Minimum Tax
Section: Chapter Questions
Problem 21P
Related questions
Question
Lady sells real property in the course of its business. During the last quarter of 2018, it had sold a parcel of land under the following terms (VAT inclusive):
|
Total contract price |
P1,120,000 |
|
Down payment, 10/05/2018 |
112,000 |
|
1st installment (12/31/2018) |
112,000 |
|
2nd installment (2/1/2019) |
56,000 |
How much is the output vat in the last quarter of 2018?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning