A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not included: Sales, exports P4,000,000 Purchases from VAT taxpayersP1,200,000 How much is the value-added tax refundable?

A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not included: Sales, exports P4,000,000 Purchases from VAT taxpayersP1,200,000 How much is the value-added tax refundable?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 6Q: What amount is payable to a state tax board if the original sales price is $3,000, and the tax rate...

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Question

A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not included:

Sales, exports P4,000,000

Purchases from VAT taxpayersP1,200,000

How much is the value-added tax refundable?

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