Sisiw Company is a non-VAT registered company which sells dry goods. The sales for the month are
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Question:
Sisiw Company is a non-VAT registered company which sells dry goods.
The sales for the month are the following:
100,000 to VAT-registered customers, 70% of which has been collected in cash.
70,000 to non-VAT registered customers, 50% of which has been collected in cash.
The company also had the following purchases for the month:
80,000 from VAT-registered suppliers, 100% paid
30,000 from non-VAT registered suppliers, 50% paid
Compute for:
a. Percentage tax?
b. Output tax?
c. Input tax?
d. VAT payable?
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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