Solution-How much is the VAT liability of Pedro

How much is the VAT liability of Pedro

Assignment Help Accounting Basics

Reference no: EM132710162

Question - Pedro, CPA practitioner, signified his intention to be taxed at 8% on his sales/receipts and other income. His records show the following for the year 2019:

	Sales	Input VAT paid
January	250,000	10,000
February	250,000	12,000
March	250,000	8,000
April	250,000	9,000
May	250,000	10,000
June	250,000	7,000
July	250,000	5,000
August	250,000	5,000
September	250,000	10,000
October	1,000,000	40,000
November	1,000,000	50,000
December	1,000,000	50,000

Required -

1. Can Pedro avail the 8% tax during the year?

2. How much is the VAT liability of Pedro?

Reference no: EM132710162

Questions Cloud

Why is the cost of capital not an accounting concept : Why is the cost of capital not an accounting concept?

Explain five features of sole proprietorship : 1. (a) Explain five features of sole proprietorship form of business.

What is a cash float : What is a cash float? Give an illustrative problem on cash float computation.

Find what situations should company accept a special order : Explain, Miley, Inc. has excess capacity. Under what situations should the company accept a special order for less than the current selling price?

How much is the VAT liability of Pedro : Pedro, CPA practitioner, signified his intention to be taxed at 8% on his sales/receipts and other income. How much is the VAT liability of Pedro

What is the cost of equity of a company : What is the cost of equity of a company whose shares are trading at 30.2 and which pays a dividend of 5 over five years and 6 after five years?

Discuss what resources are often necessary for nonacute care : Discuss what resources are often necessary for nonacute care for cardiorespiratory issues. Explain how they support patient independence.

Measure the levels of risk of a portfolio : What is the only asset that can be used to precisely measure the levels of risk of a portfolio?

Why would allocation of support department cost be important : Why would allocation of support department costs be important in-service businesses, such as hospitals or universities? Explain in detail with an example.

User Account

All Pages

How much is the VAT liability of Pedro

Reference no: EM132710162

Reference no: EM132710162

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT