1. SAN JUAN becomes subject to VAT for the first time. The following data are available for SAN JUAN for the first quarter of 2018: Beginning inventory purchased from VAT registered P 20,160 at cost (VAT inc) Beginning inventory purchased from NON VAT P 120,000 at cost Sales, vat inc is P 212,800 Purchases of packaging materials from a VAT registered is P 80,000 (net of tax) Purchases of materials for manufacturing cooking oil, net of tax is P 30,000 The water bill, net of tax is P 10,000 The electricity bill, net of tax is P 20,000 Salaries of employees, gross of tax are P 50,000 What is the VAT payable (excess vat input)?
1. SAN JUAN becomes subject to VAT for the first time. The following data are available for SAN JUAN for the first quarter of 2018: Beginning inventory purchased from VAT registered P 20,160 at cost (VAT inc) Beginning inventory purchased from NON VAT P 120,000 at cost Sales, vat inc is P 212,800 Purchases of packaging materials from a VAT registered is P 80,000 (net of tax) Purchases of materials for manufacturing cooking oil, net of tax is P 30,000 The water bill, net of tax is P 10,000 The electricity bill, net of tax is P 20,000 Salaries of employees, gross of tax are P 50,000 What is the VAT payable (excess vat input)?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 7MCQ
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1. SAN JUAN becomes subject to VAT for the first time. The following data are available for SAN JUAN for
the first quarter of 2018:
Beginning inventory purchased from VAT registered P 20,160 at cost (VAT inc)
Beginning inventory purchased from NON VAT P 120,000 at cost
Sales, vat inc is P 212,800
Purchases of packaging materials from a VAT registered is P 80,000 (net of tax)
Purchases of materials for manufacturing cooking oil, net of tax is P 30,000
The water bill, net of tax is P 10,000
The electricity bill, net of tax is P 20,000
Salaries of employees, gross of tax are P 50,000
What is the VAT payable (excess vat input)?
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