Kylie Co. is a VAT-registered merchandising company. Kylie buys products from a local supplier for P10,000 each (VAT-exclusive), and usually sells the items with a 30% markup. For December 2022, due to market disruption, Kylie was forced to sell the products for P10,080 each (VAT-inclusive). Kylie was able to make 50 individual sales during the month. Assume Kylie remits its taxes the following month, how much is the VAT Payable to be presented in the Statement of Financial Position as of December 31, 2022? VAT rate applicable for both purchase and sale transaction is 12%
Kylie Co. is a VAT-registered merchandising company. Kylie buys products from a local supplier for P10,000 each (VAT-exclusive), and usually sells the items with a 30% markup. For December 2022, due to market disruption, Kylie was forced to sell the products for P10,080 each (VAT-inclusive). Kylie was able to make 50 individual sales during the month. Assume Kylie remits its taxes the following month, how much is the VAT Payable to be presented in the Statement of Financial Position as of December 31, 2022? VAT rate applicable for both purchase and sale transaction is 12%
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 7MCQ
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Kylie Co. is a VAT-registered merchandising company. Kylie buys products from a local supplier for P10,000 each (VAT-exclusive), and usually sells the items with a 30% markup. For December 2022, due to market disruption, Kylie was forced to sell the products for P10,080 each (VAT-inclusive). Kylie was able to make 50 individual sales during the month.
Assume Kylie remits its taxes the following month, how much is the VAT Payable to be presented in the
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