An insurance company had the following gross receipts (excluding vat, if applicable) during the month: Cash collections from life premiums- P3,600,000; Notes receivable for life premiums - P400,000; Cash collections from non-life premiums - P2,200,000; Notes receivable from non-life premiums - P600,000. How much is output VAT? (answer must all be numbers, no peso sign, no commas, no decimals and no extra spaces in between numbers)
An insurance company had the following gross receipts (excluding vat, if applicable) during the month: Cash collections from life premiums- P3,600,000; Notes receivable for life premiums - P400,000; Cash collections from non-life premiums - P2,200,000; Notes receivable from non-life premiums - P600,000. How much is output VAT? (answer must all be numbers, no peso sign, no commas, no decimals and no extra spaces in between numbers)
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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