Assuming all applicable input taxes are to be claimed as credits against output taxes, the VAT payable is:
Assuming all applicable input taxes are to be claimed as credits against output taxes, the VAT payable is:
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 37P
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Transcribed Image Text:A. The following data were gathered pertaining to the business of
person for a taxable quarter in 2018:
Vat-registered
Taxable sales
P1,200,000
Zero-rated sales
P600,000
Exempt Sales
P450,000
Input tax- taxable
P67,500
Input tax- zero rated P15,000
Input tax-exempt
P22,500
Input tax that cannot be attributed specifically to any transaction,
P30,000.
Assuming all applicable input taxes are to be claimed as credits
against output ta es, the VAT payable is:
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