ABC Corporation has the followi
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
100%
ABC Corporation has the following sales during the 1st quarter of 2021:
Sale to private entities subject to 12%
Php
1,000;000
Sale to private entities subject to 0%
1,000,000
Sale exempt from VAT
1,000,000
Sale to government
1,000,000
The following input taxes were passed on by ABC Corps VAT suppliers:
Input tax on taxable goods
50-000
Input tax on zero-rated sale
30,000
Input tax on sale of exempt goods
20,000
Input tax on sale to government
40,000
Input tax on
40.000
Total input tax which can be refunded is:
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