17. A is engaged in two (2) lines of businesses, one is VAT-registered and the other is Non- VAT. His records show the following (VAT not included): Sales: From VAT business P 4,000,000 From Non-VAT business 6,000,000 Purchases of goods from VAT suppliers: For VAT business 2,000,000 For Non-VAT business 3,000,000 For both businesses 20,000 1,800,000 Operating expenses at is net income?

17. A is engaged in two (2) lines of businesses, one is VAT-registered and the other is Non- VAT. His records show the following (VAT not included): Sales: From VAT business P 4,000,000 From Non-VAT business 6,000,000 Purchases of goods from VAT suppliers: For VAT business 2,000,000 For Non-VAT business 3,000,000 For both businesses 20,000 1,800,000 Operating expenses at is net income?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 40P

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