Problem 6. The Germany Company, a processor of Spanish Sardines since 2008, became liable to VAT...

 

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Problem 6. The Germany Company, a processor of Spanish Sardines since 2008, became liable to VAT on January 1, 2013. The following are its financial data in the said month: Output Tax on sales of merchandise Input Tax on purchase of merchandise Gross Value of Inventories as of Dec. 31, 2012 Related Input Taxes paid on the above inventories. Presumptive input VAT on ingredients Required: Compute for the VAT payable in January marlalte P53,000 14,200 285,000 21,300 6,500 lo adid Problem 6. The Germany Company, a processor of Spanish Sardines since 2008, became liable to VAT on January 1, 2013. The following are its financial data in the said month: Output Tax on sales of merchandise Input Tax on purchase of merchandise Gross Value of Inventories as of Dec. 31, 2012 Related Input Taxes paid on the above inventories. Presumptive input VAT on ingredients Required: Compute for the VAT payable in January marlalte P53,000 14,200 285,000 21,300 6,500 lo adid

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Assumptions January 2013 is the first month the company is liable for VAT All transactions during th... View the full answer