ABC Corporation is a domestic corporation engaged in land transport business. It had the following data for April 2021: RECEIPTS Transport of passengers P1,600,000 Transport of cargoes 2,400,000 PURCHASES Gas, oil & materials for the transport of passengers 300,000 Gas, oil & materials for the transport of cargoes 600,000 All amounts are exclusive of applicable tax. How much is the VAT payable for the month of April?
ABC Corporation is a domestic corporation engaged in land transport business. It had the following data for April 2021: RECEIPTS Transport of passengers P1,600,000 Transport of cargoes 2,400,000 PURCHASES Gas, oil & materials for the transport of passengers 300,000 Gas, oil & materials for the transport of cargoes 600,000 All amounts are exclusive of applicable tax. How much is the VAT payable for the month of April?
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 24CE
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Transcribed Image Text:ABC Corporation is a domestic corporation engaged in land transport business. It had the following
data for April 2021:
RECEIPTS
Transport of passengers
P1,600,000
Transport of cargoes
2,400,000
PURCHASES
Gas, oil & materials for the transport of passengers 300,000
Gas, oil & materials for the transport of cargoes
600,000
All amounts are exclusive of applicable tax.
How much is the VAT payable for the month of April?
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