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    Tax Solution

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    Rodel Francis G. Sanita
    Bud Company is a VAT-registered trading business that reported gross sales of $5,000,000 for the tax year with a gross margin of $480,000 and cost of sales of $5,000,000. Purchases including VAT totaled $10,000,000 with an output VAT of $1,200,000 and input VAT of $720,000, resulting in net VAT payable of $480,000.

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    Tax Solution

    Uploaded by

    Rodel Francis G. Sanita
    194 views1 page
    Bud Company is a VAT-registered trading business that reported gross sales of $5,000,000 for the tax year with a gross margin of $480,000 and cost of sales of $5,000,000. Purchases including VAT totaled $10,000,000 with an output VAT of $1,200,000 and input VAT of $720,000, resulting in net VAT payable of $480,000.

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    Tax solution

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    Bud Company is a VAT-registered trading business that reported gross sales of $5,000,000 for the tax year with a gross margin of $480,000 and cost of sales of $5,000,000. Purchases including VAT totaled $10,000,000 with an output VAT of $1,200,000 and input VAT of $720,000, resulting in net VAT payable of $480,000.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    194 views1 page

    Tax Solution

    Uploaded by

    Rodel Francis G. Sanita
    Bud Company is a VAT-registered trading business that reported gross sales of $5,000,000 for the tax year with a gross margin of $480,000 and cost of sales of $5,000,000. Purchases including VAT totaled $10,000,000 with an output VAT of $1,200,000 and input VAT of $720,000, resulting in net VAT payable of $480,000.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 1

    9-7 Bud Company, a VAT-registered trading business, showed the following data for the taxable year, Gross

    Margin Cost of Sales Purchases, including VAT answer: Gross Margin Cost of Sales Gross Sales Output VAT rate Output VAT Purchases, inlcuding VAT divided by Input VAT Output VAT Input VAT Net VAT Payable A. 480,000 5,000,000 5,000,000 10,000,000 12% 1,200,000 6,720,000 9.33333333 720000 1,200,000 720,000 480,000 5,000,000 5,000,000 6,720,000

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