Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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:


 

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

Step by Step Solution

3.33 Rating (156 Votes )

There are 3 Steps involved in it

Step: 1

To compute for the VAT payable we first need to determine the taxable sales for each month The taxab... blur-text-image

Get Instant Access to Expert-Tailored 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

Advanced Accounting

Authors: Debra C. Jeter, Paul Chaney

5th Edition

1118022297, 9781118214169, 9781118022290, 1118214161, 978-1118098615

More Books

Students also viewed these Accounting questions

Question

Why is it important to analyze your spending habits?

Answered: 1 week ago