The company has no beginning inventory. Value Added Tax (VAT) is 18%. 5 March: Purchased on...
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The company has no beginning inventory. Value Added Tax (VAT) is 18%. 5 March: Purchased on account TL 14.000 merchandise inventory + VAT. 12 March: Sold on account merchandise for TL 8.000 + VAT. Cost of the merchandise sold was TL 4.000. Required: A) How much is the VAT Deductible? B) How much is the VAT Received? C) How much should be the VAT payment to the Tax Office on April 26? The company has no beginning inventory. Value Added Tax (VAT) is 18%. 5 March: Purchased on account TL 14.000 merchandise inventory + VAT. 12 March: Sold on account merchandise for TL 8.000 + VAT. Cost of the merchandise sold was TL 4.000. Required: A) How much is the VAT Deductible? B) How much is the VAT Received? C) How much should be the VAT payment to the Tax Office on April 26?
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Financial Accounting Information for Decisions
ISBN: 978-1259533006
8th edition
Authors: John J. Wild
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