Ms. Uulits Atax is an operator of business which primary source of income is to process sardines called Power Sardines. 

The following transaction transpired during the year:

 

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Ms. Uulits Atax is an operator of business which primary source of income is to process sardines called Power Sardines. The following transaction transpired during the year: Sales (net of VAT) Regular sales Personal consumption Sales to senior citizens (gross of any applicable discounts) Export Sales Total Purchases (net of VAT) Machine Fresh Sardines Office supplies Total January 3,000,000.00 February 3,600,000.00 400,000.00 600,000.00 1,600,000.00 1,400,000.00 800,000.00 5,000,000.00 6,400,000.00 January 2,400,000.00 400,000.00 100,000.00 2,900,000.00 February 300,000.00 120,000.00 420,000.00 March 2,200,000.00 600,000.00 1,200,000.00 4,000,000.00 March 200,000.00 600,000.00 110,000.00 910,000.00 Required: 1. Compute the VAT Payable for the month of January 2. Compute the VAT Payable for the month of February 3. Compute the VAT Payable for 1st quarter Ms. Uulits Atax is an operator of business which primary source of income is to process sardines called Power Sardines. The following transaction transpired during the year: Sales (net of VAT) Regular sales Personal consumption Sales to senior citizens (gross of any applicable discounts) Export Sales Total Purchases (net of VAT) Machine Fresh Sardines Office supplies Total January 3,000,000.00 February 3,600,000.00 400,000.00 600,000.00 1,600,000.00 1,400,000.00 800,000.00 5,000,000.00 6,400,000.00 January 2,400,000.00 400,000.00 100,000.00 2,900,000.00 February 300,000.00 120,000.00 420,000.00 March 2,200,000.00 600,000.00 1,200,000.00 4,000,000.00 March 200,000.00 600,000.00 110,000.00 910,000.00 Required: 1. Compute the VAT Payable for the month of January 2. Compute the VAT Payable for the month of February 3. Compute the VAT Payable for 1st quarter

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To compute for the VAT payable we first need to determine the taxable sales for each month The taxab... View the full answer