A VAT-registered corporation has the following data taken from the books of accounts for the first...

 

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A VAT-registered corporation has the following data taken from the books of accounts for the first quarter of the year: Gross sales Sales returns and allowances Sales discount given at the time of sale Sales discount given to cover early payment Sales allowance to cover roll back in prices Cost of sales Office equipment purchased in current year Vehicle for land transport imported in January 2018 Purchase of goods for sale (included in the cost of sales above) Operating expenses (40% with passed-on VAT) Office supplies purchased VAT payments for January and February 5,000,000 100,000 400,000 200,000 120,000 1,500,000 1,100,000 2,000,000 300,000 500,000 90,000 40,000 Assuming the above figures are exclusive of VAT, how much is the total taxable sales for the quarter and the outstanding VAT payable for the quarter (March)? A VAT-registered corporation has the following data taken from the books of accounts for the first quarter of the year: Gross sales Sales returns and allowances Sales discount given at the time of sale Sales discount given to cover early payment Sales allowance to cover roll back in prices Cost of sales Office equipment purchased in current year Vehicle for land transport imported in January 2018 Purchase of goods for sale (included in the cost of sales above) Operating expenses (40% with passed-on VAT) Office supplies purchased VAT payments for January and February 5,000,000 100,000 400,000 200,000 120,000 1,500,000 1,100,000 2,000,000 300,000 500,000 90,000 40,000 Assuming the above figures are exclusive of VAT, how much is the total taxable sales for the quarter and the outstanding VAT payable for the quarter (March)?

Answer rating: 100% (QA)

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