21. A non-VAT business reported the following: Sales P 2,500,000 Cost of Sales 1,000,000 Purchases, inclusive of VAT 560,000 How much is the amount of business tax payable? (NO Solutions) 22. A non-VAT person reported the following during the year: Domestic Sales P1,000,000 Export Sales Importation of Goods 600,000 500,000 Transaction deemed sales 100,000 Its total amount subject to 12% VAT would be:, (NO solutions)
21. A non-VAT business reported the following: Sales P 2,500,000 Cost of Sales 1,000,000 Purchases, inclusive of VAT 560,000 How much is the amount of business tax payable? (NO Solutions) 22. A non-VAT person reported the following during the year: Domestic Sales P1,000,000 Export Sales Importation of Goods 600,000 500,000 Transaction deemed sales 100,000 Its total amount subject to 12% VAT would be:, (NO solutions)
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 51P
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Question
Transcribed Image Text:21. A non-VAT business reported the following:
Sales
P2,500,000
Cost of Sales
1,000,000
Purchases, inclusive of VAT
560,000
How much is the amount of business tax payable? _
22. A non-VAT person reported the following during the year:
(NO Solutions)
Domestic Sales
P1,000,000
Export Sales
600,000
Importation of Goods
Transaction deemed sales
500,000
100,000
Its total amount subject to 12% VAT would be:
(NO solutions)
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