ABC Corporation is a VAT-registered business. Its income tax due during the year amounted to P1,800,000....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
ABC Corporation is a VAT-registered business. Its income tax due during the year amounted to P1,800,000. Its net taxable income is 40% of sales. Total purchases during the year is P8,960,000 inclusive of VAT. If the cost of sales is 70% of sales, how much is the net VAT payable for the year? ABC Corporation is a VAT-registered business. Its income tax due during the year amounted to P1,800,000. Its net taxable income is 40% of sales. Total purchases during the year is P8,960,000 inclusive of VAT. If the cost of sales is 70% of sales, how much is the net VAT payable for the year?
Expert Answer:
Related Book For
Posted Date:
Students also viewed these finance questions
-
Melinda has a VAT registered business in Dublin and her turnover comes from both taxable, (accountancy services) and exempt (financial services), supplies. For the year ended 31 December 2020, she...
-
ABC Corporation is a US client in the retail industry looking to update and improve their finance organization. The client's finance organization is operated by an XYZ Corporation. They've been...
-
William Collins is a VAT registered sole trader who uses standard quarterly VAT accounting. The following is a summary of his businesss sales and revenue expenditure for his VAT quarter ending 31 st...
-
Graph the exponential equation. Then state the inverse function in logarithmic form and graph it. Then state the domain and range of each function. = ()* = to Domain: Range: Inverse: Domain: Range:...
-
Based on the following information, calculate the expected return and standard deviation of the following stock. STATE OF ECONOMY RATE OF RETURN STATE OF ECONOMY IF STATE OCCURS PROBABILITY OF...
-
Arm AB has a constant angular velocity of 16 rad/s counterclockwise. At the instant when = 90?, determine the acceleration (a) Of collar D, (b) Of the midpoint G of bar BD. 60 mm 200 mm D 120 mm
-
In January 2022, the nominal interest rate on a 1-year Treasury bill was 0.53 percent. From January 2022 to January 2023, the consumer price index rose from 283 to 301. If you bought the 1-year...
-
Recently, some branches of Donut Shop, Inc., have dropped the practice of allowing employees to accept tips. Customers who once said, Keep the change, now have to get used to waiting for their...
-
11. 12. The product formed in the first step of the reaction of Br CH3-CH2-CH-CH2-CH-CH3 with excess Mg/ Et2O (Et = C2H5) is: Br (A) CH3-CH2-CH-CH2-CH-CH3 H3C-CH-CH2-CH-CH2-CH3 CH2 (B) CH3-CH CH-CH3...
-
GERALD AND MOIRA RYAN 1.0 INTRODUCTION: INDIVIDUAL FEDERAL INCOME TAX RETURN 2016 ANNUAL EDITION ALL DATES RELATE TO YEAR 2016 UNLESS STATED OTHERWISE You have been employed to complete the Federal...
-
Gustav Corporation owns 90% of Hans Corporation's stock. On April 3, Hans Corporation, with current E & P of $680,000, distributes land (fair market value of $85,000; basis of $140,000) to...
-
Briefly discuss 2 different reasons why some products/services can pass through the currency risk to the foreign customers? Provide an example for each reason ?
-
Operating exposure arises from unexpected changes in the future value of operations and financing cash flows, as a result of unexpected changes in the exchange rate. Discuss (with examples) the two...
-
PART 4 Record the following transactions for Totally Clips Hair Salon for September 2 0 2 2 . 1 . Olivia Livingston invested $ 3 0 , 0 0 0 to start the business. 2 . Paid rent for the month, $ 1 , 2...
-
A bank has an ATM installed inside the bank and is available to its customers only from 7 am to 6 pm Monday through Friday. The manager of the bank wanted to investigate if the percentage of...
-
What do you think about the idea of catalytic capital or impact investing? If you were an investor, how would you measure social or environmental Return On Investment? or: Inspired by cold hard Cash...
-
In a Cournot market where all firms sell an identical good and have identical production technologies with constant marginal costs then introducing an additional firm will lead to a higher quantity...
-
Michelles trust is subject to 3.8% surtax on the lesser of the trusts net investment income or the excess of the trusts adjusted gross income over the $12,400 threshold (the highest trust tax rate)....
-
Explain whether each of the following would be included in GDP, GNP, or both of the United States. (a) The salary of an American who is working in Japan for Honda (a Japanese company). (b) The...
-
Discuss how the behavior of investment described in this chapter strengthens or weakens the case for the Taylor rule.
-
Assume that consumption and permanent income are derived as shown in equations (15.2) and (15.3). In those equations, let = 0.8 and j = 0.5. Assume that 2010 actual income of $30,000 equals permanent...
-
Aside from Calories, what else do you need to obtain through your diet? (a) a complete protein (b) a complete carbohydrate (c) vitamins and minerals (d) both a complete protein and vitamins and...
-
Trace the path of blood through the body, beginning with blood returning from the tissues to the heart. Be sure to name each of the chambers of the heart.
-
Which blood vessels are responsible for nutrient and waste exchange with tissues?
Study smarter with the SolutionInn App