Question
CONAN Corporation is a VAT registered taxpayer and had the following information for the month of January 2018: Cash sales, Invoice amount - P
CONAN Corporation is a VAT registered taxpayer and had the following information for the month of January 2018: Cash sales, Invoice amount - P 660,800 Sales on account - 246,400 Purchases - 291,200 Consignment shipments (inclusive of tax) - less than 60 days - 38,500 Consignment shipments (inclusive of tax - more than 60 days - 22,400 Goods paid to creditors (dacion en pago) - 16,800 Goods given as Christmas gift to employees - 19,040 Property dividend to stockholders - 8,960 INSTRUCTIONS: How much is the total output tax on the above transactions ? How much is the total input tax on the above transactions? How much is the amount of the VAT payable ?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Answer Question 1 P10986900 Question 2 P3494400 Question 3 P7492500 Solution If amount reflected is ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get StartedRecommended Textbook for
Intermediate Accounting
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
10th Canadian Edition, Volume 1
978-1118735329, 9781118726327, 1118735323, 1118726324, 978-0176509736
Students also viewed these Accounting questions
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
View Answer in SolutionInn App