How much is the vat payable or excess vat input

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Reference no: EM132822896

Question - Ms. Co-operates a convenience store while she offers bookkeeping services to her client while she offers bookkeeping services to her client. In 2018, her sales amounted to 800,000 vat inclusive, in addition to her receipts from bookkeeping services of 300,000 (vat exclusive).

Other data: Purchase of merchandise 350,000 vat inclusive payment to Meralco 5,125.00 vat inclusive rent 18,000 for the month vat inclusive.

a. How much is the vat input?

b. How much is the vat output?

c. How much is the vat payable or excess vat input?

d. How much is the income tax of Ms. Co under itemized deduction.

Reference no: EM132822896

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