VAT payable in February is *Given the following date during the 1st quarter of 2022:Input Tax15,00022,00010,000MonthOutput TaxJanuaryFebruary20,00040,00050,000MarchIn the books, there was a debit balance of input tax of 8,000from preceding quarter/year.O 18,000O 15,00010,000

VAT Payable: The outgoing VAT must be paid to the tax authorities each time, that is the reason why…

Answered: VAT payable in February is

Business

Accounting

VAT payable in February is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

VAT payable in February is *
Given the following date during the 1st quarter of 2022:
Input Tax
15,000
22,000
10,000
Month
Output Tax
January
February
20,000
40,000
50,000
March
In the books, there was a debit balance of input tax of 8,000
from preceding quarter/year.
O 18,000
O 15,000
10,000

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