Furniture Inc. reported the following sales during the year (VAT exclusive): Ratio of sales to Sales Amount total Domestic Sales 70% P175,000,000 P25,000,000 Sales to Taiwan 10% Sales to USA 20% $1,000,000 Total creditable input VAT related to the above sales is P17,450,000. How much is total output VAT? (answer must all be numbers, no peso sign, no commas, no decimals & no extra spaces in between numbers)
Furniture Inc. reported the following sales during the year (VAT exclusive): Ratio of sales to Sales Amount total Domestic Sales 70% P175,000,000 P25,000,000 Sales to Taiwan 10% Sales to USA 20% $1,000,000 Total creditable input VAT related to the above sales is P17,450,000. How much is total output VAT? (answer must all be numbers, no peso sign, no commas, no decimals & no extra spaces in between numbers)
Chapter18: The Management Of Accounts Receivable And Inventories
Section: Chapter Questions
Problem 1P
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