Heddi Corporation, a VAT registered dealer of appliances, has the following data for the first quarter of 2023: Sales, total invoice value, P6,921,600 Purchases, net of input taxes, P5,500,000 Sales returns (based on total invoice value), P224,000 Purchases returns, gross of taxes, P336,000 Deferred input taxes (carried over from the third quarter of the current year), P9,500 How much is the value-added tax still due for the last quarter of the current year using the 12% VAT rate?

Heddi Corporation, a VAT registered dealer of appliances, has the following data for the first quarter of 2023: Sales, total invoice value, P6,921,600 Purchases, net of input taxes, P5,500,000 Sales returns (based on total invoice value), P224,000 Purchases returns, gross of taxes, P336,000 Deferred input taxes (carried over from the third quarter of the current year), P9,500 How much is the value-added tax still due for the last quarter of the current year using the 12% VAT rate?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 16CE

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