Sayon Company renders repair services to its customers. During the month, the company had the following customers:
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Question:
During the month, the company had the following customers:
Customer A was billed 25,000, VAT-exclusive, and the entire bill was paid during the month.
Customer B was billed 28,000, VAT-inclusive, and the entire bill was paid during the month.
Customer C was billed 33,600, VAT-inclusive, and the entire bill was still unpaid at month end.
Customer D, made a down payment of 23,520, VAT-inclusive, for a service to be rendered by
Sayon next month.
During the month, Sayon Company bought supplies from a non-VAT supplier to be used in his
repair services. The supplies amounted to 29,120.
Compute for:
a. Percentage tax
b. Output tax
c. Input tax
d. VAT payable
.
Assuming the supplier of Sayon is VAT-registered, compute for:
e. Percentage tax
f. Output tax
g. Input tax
h. VAT payable
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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