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The company has no beginning inventory. Value Added Tax (VAT) is 18%. 5 March: Purchased on account TL 14.000 merchandise inventory + VAT. 12
The company has no beginning inventory. Value Added Tax (VAT) is 18%. 5 March: Purchased on account TL 14.000 merchandise inventory + VAT. 12 March: Sold on account merchandise for TL 8.000 + VAT. Cost of the merchandise sold was TL 4.000. Required: A) How much is the VAT Deductible? B) How much is the VAT Received? C) How much should be the VAT payment to the Tax Office on April 26?
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Financial Accounting Information for Decisions
Authors: John J. Wild
8th edition
125953300X, 978-1259533006
