Ms. Uulits Atax is an operator of business which primary source of income is to process sardines
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ms. Uulits Atax is an operator of business which primary source of income is to process sardines called Power Sardines. The following transaction transpired during the year: Sales (net of VAT) Regular sales Personal consumption Sales to senior citizens (gross of any applicable discounts) Export Sales Total Purchases (net of VAT) Machine Fresh Sardines Office supplies Total January 3,000,000.00 February 3,600,000.00 400,000.00 600,000.00 1,600,000.00 1,400,000.00 800,000.00 5,000,000.00 6,400,000.00 January 2,400,000.00 400,000.00 100,000.00 2,900,000.00 February 300,000.00 120,000.00 420,000.00 March 2,200,000.00 600,000.00 1,200,000.00 4,000,000.00 March 200,000.00 600,000.00 110,000.00 910,000.00 Required: 1. Compute the VAT Payable for the month of January 2. Compute the VAT Payable for the month of February 3. Compute the VAT Payable for 1st quarter Ms. Uulits Atax is an operator of business which primary source of income is to process sardines called Power Sardines. The following transaction transpired during the year: Sales (net of VAT) Regular sales Personal consumption Sales to senior citizens (gross of any applicable discounts) Export Sales Total Purchases (net of VAT) Machine Fresh Sardines Office supplies Total January 3,000,000.00 February 3,600,000.00 400,000.00 600,000.00 1,600,000.00 1,400,000.00 800,000.00 5,000,000.00 6,400,000.00 January 2,400,000.00 400,000.00 100,000.00 2,900,000.00 February 300,000.00 120,000.00 420,000.00 March 2,200,000.00 600,000.00 1,200,000.00 4,000,000.00 March 200,000.00 600,000.00 110,000.00 910,000.00 Required: 1. Compute the VAT Payable for the month of January 2. Compute the VAT Payable for the month of February 3. Compute the VAT Payable for 1st quarter
Expert Answer:
Answer rating: 100% (QA)
To compute for the VAT payable we first need to determine the taxable sales for each month The taxab... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
After completing this chapter, you should be able to NOTES Air Care Services 100 Belair Avenue, Unit 25 Regina, SK S4T 4U2 Tel 1: (306) 456-1299 Tel 2: (888) 455-7194 Fax: (306) 456-3188 Business...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Suppose the United States imposes a tariff on imported sugar. What are the consequences of this on consumers, domestic and foreign producers, and land use?
-
What is the rationale for the payback method? According to the payback criterion, which franchise or franchises should be accepted if the firm's maximum acceptable payback is 2 years, and if...
-
The distance from home plate to the fence in dead center in Wrigley Field is 400 feet (see the figure). How far is it from the fence in dead center to third base? 400 ft 90 ft 90 fl
-
If you wanted to start and own a business, which of the following forms of business organization would minimize both your personal liability for the firm's obligations and the total amount of taxes...
-
Suppose the cell phone manufacturer Plum Electronics provides the following information for its costs last month (in hundreds of thousands): Requirements 1. Classify each of these costs according to...
-
Unilever manufactures personal care products in batches. In March 2026, the company produces 6 batches of shampoos with varying costs per batch: Batch Direct Materials ($) Direct Labor ($) Factory...
-
Bob Night opened "The General's Favorite Fishing Hole." The fishing camp is open from April through September and attracts many famous college basketball coaches during the off-season. Guests...
-
Estimated liability from warranties Estimated liability for premiums 3.How much is the gain or loss on debt discharge to be recognized for 2017? Indicate if gain or loss. 4.What is the interest...
-
A hospital has performed a strategic analysis and determined that is technology lags far behind that of its competitors. Therefore, the hospital is unable to offer the best quality care. What...
-
Fetzer Company declared a $ 0 . 2 0 per share cash dividend. The company has 3 4 0 , 0 0 0 shares authorized, 3 2 3 , 0 0 0 shares issued, and 1 3 , 6 0 0 shares in treasury stock. The journal entry...
-
What is the running time of this code in Big O notation regarding n? Algorithm 1 What is the running time of this code in Big O notation regarding n? 1: y=0 2: j = 1 3: while (j+jn) do 4: y=y+1 j=j+1...
-
You are a member of a student committee at your college that is evaluating building energy use and potential savings. If your committee finds that your college's potential savings would be similar to...
-
For a loan of $250,000 at 6% annual interest, with monthly payments over 15 years, if you pay an additional $100 in principle per month, how much total interest will you pay over the life of the loan?
-
Sorensen Systems Inc. is expected to pay a $2.50 dividend at year end (D1-$2.50), the dividend is expected to grow at a constant rate of 5.50% a year, and the common stock currently sells for $37.50...
-
1. Which of the four major types of information systems do you think is the most valuable to an organization? 2. How do you critically associate the ideas of business agility and business efficiency...
-
In the following table, eight years of data for Best Buy and Circuit City are presented. Evaluate the performance of the two companies over time (see Appendix A in Chapter 1 for a structured...
-
John, Jake, and Joe are partners with capital accounts of $90,000, $78,000, and $64,000 respectively. They share profits and losses in the ratio of 30:40:30. When the partners decide to liquidate,...
-
Management changed an accounting method. Several executives would have qualified for additional bonuses totaling $50,000 in the prior year under the new method. Can the firm restate the previous...
-
The internal audit department of Sachem Manufacturing Company is considering buying computer software that will aid in the auditing process. Sachem's financial and manufacturing control systems are...
-
Andre Co's chief information officer, Robert Ganning, has been asked to present a plan for the development and implementation of a new system. Peter Martin, an internal auditor for Andre Co, has been...
-
Yvette Thirdgill has a small sewing and tailoring shop in the basement of her home. She uses the single telephone line into the home for both business and personal calls. She estimates that 50...
Study smarter with the SolutionInn App