SAN JOSE has the following data for first quarter of 2018:Output taxP 30,000P 45,000P 10,000MonthInput taxP 25,000P 40,000P 6,000JanFebMarchThe company has debit balance of input tax at the beginning of the year amounting to P9,000.6. what is the VAT payable for the first quarter of 2018?

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The company has debit balance of input tax at the beginning of th 6. what is the VAT payable for the first quarter of 2018?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

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Publisher:OpenStax

Chapter3: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 8MC: A company has wants to earn an income of $60,000 after-taxes. If the tax rate is 32%, what must be...

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

SAN JOSE has the following data for first quarter of 2018:
Output tax
P 30,000
P 45,000
P 10,000
Month
Input tax
P 25,000
P 40,000
P 6,000
Jan
Feb
March
The company has debit balance of input tax at the beginning of the year amounting to P
9,000.
6. what is the VAT payable for the first quarter of 2018?

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