User Account

All Pages

How much is the vat payable or excess tax credit

Assignment Help Financial Accounting
Reference no: EM132979214

Question - During a quarter, ChenMitch Corp. made sales of goods amounting to P1,000,000 plus output tax of P120,000 for a total of P1,120,000. It also made sales of services amounting to P200,000 plus output tax of P24,000 for a total of P224,000.

During the same quarter, it made domestic purchases of P1,000,000 for goods for sale plus input tax of P120,000. It also hired the services of an independent contractor to repair the building used for both lines of activities for which it paid the amount of P50,000 plus P6,000 VAT. Its deferred input tax is P215,000 for which P200,000 is a carry-over input tax related to zero rated transaction.

ChenMitch received a credit memorandum for purchases returned during the quarter covering purchases made in the previous quarter amounting to P336,000, P36,000 of which adjustment pertains to input tax. It also filed a claim or refund of P200,000 of P200,000 input tax on zero rated transaction.

Required - How much is the VAT payable or excess tax credit?

Reference no: EM132979214

Questions Cloud

What is their tax liability using the tax rate schedule : Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $40,000, What is their tax liability using the Tax Rate Schedule
What is the janitorial department cost allocated : Using the direct method, what is the Janitorial Department cost allocated to the Assembly Department
How the price of natural gas is predicted to change by : How the price of natural gas is predicted to change by? Say that you work for U.S. Steel Corporation. Energy accounts for significant fraction of U.S.? Steel's.
Which requires management accountants comply : Which requires management accountants comply with the four ethical standards? Karlene is the new managerial accountant at the Bay Beach House Restaurant.
How much is the vat payable or excess tax credit : It also made sales of services amounting to P200,000 plus output tax of P24,000 for a total of P224,000. How much is the VAT payable or excess tax credit
Briefly discuss the strategic lbo model : Briefly discuss the advantages and disadvantages of the LBO deal structure and Briefly discuss the strategic LBO model
Which of the statements about xbrl is false : Which of the statements about XBRL is false? XBRL should decrease time companies spend converting their financial information into various government-prescribed
Prepare the adjusting entry for november : Lyle Company acquired a 2-year fire insurance policy for 120,000 paid in advance. Prepare the adjusting entry for November
Explain the types of accounts with the help of examples : Explain any two Income Statement concepts as per accounting principle. Explain the types of accounts with the help of examples.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What the journal entries for metro shoes

Should Urban Sole take advantage of 1/10, n/30 cash discounts even if it must borrow money at an annual rate of 11%? Explain fully

  Calculate accounting rate of return on average investment

Calculate Accounting Rate of Return on average investment and Internal Rate of Return if the net cash flows are R720 000 per year for 5 years

  What was the loss to the company due to underpricing

When Global Partners went public in September 2013, The firm issued 4.50 million shares. What was the loss to the company due to underpricing

  How long will take for account to be completely depleted

How long will it take for this account to be completely depleted? You put $1,400,000 in an account earning a 3.5% rate of return. You take $7,000 out

  Debate about the inequities contained within the tax code

Analyze the way in which the country you have researched provides services and benefits to its citizens without collecting personal income taxes.

  Why is important for a financial planner

If you were a Financial Planner, do you have any good "open-ended" questions you would as clients that would get them talking about their goals?

  Record the journal entries to set up the lease on january

Record the journal entries to set up the lease on January 1 on the books of the lessor, Dallas. Use 12% for interest. On January 1, Dallas Corp. leases a truck

  What is the WACC of your videoconferencing project

You look up Zoom's financials online and find the following: Debt Value = $2 billion. What is the WACC of your videoconferencing project

  How do you take a known dollar value totalcost such as

how do you take a known dollar value totalcost such as 240.00 back out the sales taxes from the known values using the

  Journalize the adjusting entry required at June

Journalize the adjusting entry required at June 30, the end of the first month of the current year, to record the estimated product warranty expense

  Prepare the entry to record repayment of the note on april

Indicate how the note and the accrued interest would appear on the balance sheet at December 31, 2009. Prepare the entry to record the repayment of the note on April 30, 2010.

  Post the appropriate transactions from the journals

Mar 1 Sold inventory to Fashion House (Invoice #865) for $7,000 cash. The inventory had a cost of $3,000. Post the appropriate transactions from the journals

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd