PayaWash Corp,. a VAT-registered company, is engaged in laundry business. During the second quarter of 2020,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
PayaWash Corp,. a VAT-registered company, is engaged in laundry business. During the second quarter of 2020, the following information were made available: Net revenues Receivables from customers, April 1 Receivables from customers, June 30 Creditable VAT withheld by the LTO R4A from form 2306 VAT purchases, other than capital goods VAT purchases, machinery (all in April) REQUIRED: P20,000,000 4,480,000 Net revenues dd: Receivables April 1, net of VAT Less: Receivables June 30, net of VAT 6,000,000 Gross receipts or collections for the quarter Multiply by: VAT rate 12% 6,720,000 100,000 6,000,000 Receivable balances are all income related and are inclusive of VAT. Revenues and purchases are VAT exclusive. Capital goods are estimated to have a useful life of 10 years. 24,000,000 1. Compute for the following and present in good form: o Output tax due for the quarter o Total available input VAT for the quarter o Total deferred input tax o Input tax on sale to government closed to expense 20,000,000 4,000,000 18,000,000 PayaWash Corp,. a VAT-registered company, is engaged in laundry business. During the second quarter of 2020, the following information were made available: Net revenues Receivables from customers, April 1 Receivables from customers, June 30 Creditable VAT withheld by the LTO R4A from form 2306 VAT purchases, other than capital goods VAT purchases, machinery (all in April) REQUIRED: P20,000,000 4,480,000 Net revenues dd: Receivables April 1, net of VAT Less: Receivables June 30, net of VAT 6,000,000 Gross receipts or collections for the quarter Multiply by: VAT rate 12% 6,720,000 100,000 6,000,000 Receivable balances are all income related and are inclusive of VAT. Revenues and purchases are VAT exclusive. Capital goods are estimated to have a useful life of 10 years. 24,000,000 1. Compute for the following and present in good form: o Output tax due for the quarter o Total available input VAT for the quarter o Total deferred input tax o Input tax on sale to government closed to expense 20,000,000 4,000,000 18,000,000
Expert Answer:
Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Posted Date:
Students also viewed these law questions
-
Weatherford International The oilfield services industry includes thousands of companies large and small that provide drilling, seismic testing, transportation, and a wide range of other services to...
-
Subject : Strategic Management in a Global Environment Safaricom: Innovative Telecom Solutions to Empower Kenyans As the largest mobile provider in Kenya, Safaricom has touched the lives of Kenyans...
-
A plank with a mass M = 6.00 kg rides on top of two identical solid cylindrical rollers that have R = 5.00 cm and m = 2.00 kg (Fig. P10.86). The plank is pulled by a constant horizontal force F of...
-
The trial balance of Amusement Specialties Inc. follows: Sue Sibalius, your best friend, is considering investing in Amusement Specialties Inc. She seeks your advice in interpreting this information....
-
Explain why the acid-catalyzed dehydration of an alcohol is a reversible reaction, whereas the base-promoted dehydrohalogenation of an alkyl halide is an irreversible reaction
-
Im gathering some information about the sales/collection process and how it is supposed to work. Okay?
-
In recent years, Avery Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and...
-
There are four types of relational models: communal sharing, authority ranking, equality matching, and market pricing. Which relational models do you use in your interpersonal interactions? Is one...
-
One way to see whether this procedure will be successful is to split the original data set into two subsets: one subset for estimation and one subset for validation. A regression equation is...
-
Write a JAVA program to Implement the Kruskal and Prim algorithm, for this they must create the Graph classes, Vertex and Edge, for the undirected graph.
-
A person who is 6 feet and 3 inches tall and weighs 185 pound force (lbf) is driving a car at a speed of 65 miles per hour over a distance of 25 miles between two cities. The outside air temperature...
-
A steam turbine receives a flow of 3 kg/s water at 1200 kPa, 350 C and velocity of 15 m/s. The steam exits the turbine at 100 kPa, 150 C and very low velocity. Find the specific work and the power...
-
A long, straight metal rod has a radius of 5.30 cm and a charge per unit length of 26.0 nC/m. Find the electric field at the following distances from the axis of the rod, where distances are measured...
-
Table 1 below shows the probability distribution of hurricanes that have made landfall in the Caribbean. The random variable, X, is the category of the hurricane. Category 1 is the weakest hurricane...
-
1. Find explicit formulas for sequences of the form a, az, a3, ... with the initial terms given below. a) -1, 1,-1, 1,-1, 1 b) 0, 1, -2, 3, 4, 5 1 2 3 4 5 6 c) '9' 16'25' 36' 49 d) 1- - f) 0,- 11 1 1...
-
Consider the return generating process (RGP) for three assets G, T, and D. They are affected by two factors, F1,t, the investor confidence and F2,t, changes in interest rates: RG,t = 0.05-F1,t+2F2,t;...
-
C- Consider the following scenario:- A supermarket needs to develop the following software to encourage regular customers. For this, the customer needs to supply his/her residence address, telephone...
-
Combined data for three years for two firms appear below (in millions). One of these firms is Amazon.com, a rapidly growing internet retailer, and the other is Kroger, a retail grocery store chain...
-
Exhibit 5.16 presents risk ratios for Coca-Cola for Year 1 through Year 3. REQUIRED a. Assess the changes in the short-term liquidity risk of Coca-Cola between Year 1 and Year 3. b. Assess the...
-
A firms income tax return shows $50,000 of income taxes owed for 2017. For financial reporting, the firm reports deferred tax assets of $42,900 at the beginning of 2017 and $38,700 at the end of...
-
Fill in the blanks to make the following statements correct. a. Economists have designed____________ to better explain and predict the behaviour we observe in the world around us. b. A variable, such...
-
The following supply and demand schedules describe a hypothetical Canadian market for potash. a. What is the equilibrium price of potash? b. How much potash would actually be purchased if the price...
-
According to Statistics Canada, Canada's exports and imports of energy (combined totals of fossil fuels, hydro, and nuclear, all measured in petajoules) over a five-year period were as follows: a....
Study smarter with the SolutionInn App