Question
1.) How much is output tax for the Quarter? 2.) How much is the total amount of input taxes for the Quarter? 3.) How much
1.) How much is output tax for the Quarter?
2.) How much is the total amount of input taxes for the Quarter?
3.) How much is VAT still payable (after deducting monthly payments) for the Quarter?
Chocobo Corporation, a VAT taxpayer, had the following data for each of the months indicated below: Sales Purchases of Goods for Sale Purchases of Office & Store Equipment (All amounts are VAT-exclusive.) January 2023 February 2023 P1,800,000 P2,000,000 P700,000 P1,200,000 P500,000 P600,000 March 2023 P2,500,000 P800,000 P1,500,000
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
To compute the output tax and input tax for the quarter we need to determine the applicable tax rate...
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Cornerstones of Financial and Managerial Accounting
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
2nd edition
978-0538473484, 538473487, 978-1111879044
