Homework Help is Here – Start Your Trial Now!
Business
Accounting
What is the vat payable? P43,830 P44,280 P46,680 P59,248

What is the vat payable? P43,830 P44,280 P46,680 P59,248

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 2PB
See similar textbooks
icon
Related questions
Question
What is the vat payable? P43,830 P44,280 P46,680 P59,248
A Vat taxpayer had the following data on its operations for the month of January: Sales, total invoice price P592,480 Purchases of goods, Vat not included: From Vat registered persons 100,000 From non-vat registered persons 80,000 Purchases of services, Vat not included: From Vat registered persons 20,000 From non-vat registered persons 8,000 From persons subject to percentage taxes 10,000 Salaries of employees 60,000 Other operating expenses 12,000 This is the first month of being liable to the value added tax. Data on inventories at the beginning of the period bought from VAT registered persons follow: Inventory at cost P44,800 Inventory at net realizable value 49,000 Value added tax paid on beginning inventory 4,800 Input Taxes are
Transcribed Image Text:A Vat taxpayer had the following data on its operations for the month of January: Sales, total invoice price P592,480 Purchases of goods, Vat not included: From Vat registered persons 100,000 From non-vat registered persons 80,000 Purchases of services, Vat not included: From Vat registered persons 20,000 From non-vat registered persons 8,000 From persons subject to percentage taxes 10,000 Salaries of employees 60,000 Other operating expenses 12,000 This is the first month of being liable to the value added tax. Data on inventories at the beginning of the period bought from VAT registered persons follow: Inventory at cost P44,800 Inventory at net realizable value 49,000 Value added tax paid on beginning inventory 4,800 Input Taxes are
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Sales Tax, Restaurant Tax and Lodging Taxes
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
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS