Boar Brand Corporation is a domestic corporation engaged in the manufacturing of milk products. Boar Brand had the following transactions for the quarter: Sold milk to retailers P48,000,000 Disposed a milk evaporator machine (Cost is P50,000,000, proceeds are P60,000,000) P10,000,000 Distributed milk to its shareholders as part of their property dividends P14,000,000 Transferred a milking machine to a creditor as payment of debt P8,000,000 1. How much is output VAT for the taxable quarter?

Boar Brand Corporation is a domestic corporation engaged in the manufacturing of milk products. Boar Brand had the following transactions for the quarter: Sold milk to retailers P48,000,000 Disposed a milk evaporator machine (Cost is P50,000,000, proceeds are P60,000,000) P10,000,000 Distributed milk to its shareholders as part of their property dividends P14,000,000 Transferred a milking machine to a creditor as payment of debt P8,000,000 1. How much is output VAT for the taxable quarter?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 42P

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