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 Corp.'s 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
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 Corp.'s 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
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 22P
Related questions
Question
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 Corp.'s 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
Total available input tax due for the quarter is:
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning