ABC Corporation has the followi

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 depreciable capital goods not attributable to any specific activity

40.000

Total input tax which can be refunded is:

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