Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

1. Omega Corporation is engaged in a business subject to value added tax and another business which is not subject to value added tax. Omega's

1. Omega Corporation is engaged in a business subject to value added tax and another business which is not subject to value added tax. Omega's business data for the current year were provided as follows:

Sales, vat business, invoice amountP 896,000

Sales, non-vat business,200,000

Purchases of goods, vat business, invoice amount224,000

Purchases of goods for non-vat business, inclusive of input vat33,600

Purchase of depreciable asset for common use, vat included112,000

Purchase of supplies for common use, vat included2,240

Rental of premises for both types of business. The lessor

is non-vat registered person22,400

Required: Determine the vat payable for the year.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management and Cost Accounting

Authors: Colin Drury

8th edition

978-1408093887

Students also viewed these Accounting questions