May Yaman is engaged in a VAT-business and a non-VAT business. Her records show the following data, no tax included, for the taxable year: Sales From VAT business P6,000,000 From non-VAT business 4,000,000 Purchases For VAT business from VAT suppliers 3,000,000 For non-VAT business 2,000,000 Purchases from VAT suppliers of supplies used for VAT and non-VAT business 30,000 Expenses incurred for both VAT and non-VAT business (70% of these expenses were paid to VAT-registered enterprises) 100,000 The VAT payable is: Group of answer choices
May Yaman is engaged in a VAT-business and a non-VAT business. Her records show the following data, no tax included, for the taxable year: Sales From VAT business P6,000,000 From non-VAT business 4,000,000 Purchases For VAT business from VAT suppliers 3,000,000 For non-VAT business 2,000,000 Purchases from VAT suppliers of supplies used for VAT and non-VAT business 30,000 Expenses incurred for both VAT and non-VAT business (70% of these expenses were paid to VAT-registered enterprises) 100,000 The VAT payable is: Group of answer choices
Chapter23: Exempt Entities
Section: Chapter Questions
Problem 29P
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Question
May Yaman is engaged in a VAT-business and a non-VAT business. Her records show the following data, no tax included, for the taxable year:
| Sales | |
| From VAT business | P6,000,000 |
| From non-VAT business | 4,000,000 |
| Purchases | |
| For VAT business from VAT suppliers | 3,000,000 |
| For non-VAT business | 2,000,000 |
| Purchases from VAT suppliers of supplies used for VAT and non-VAT business | 30,000 |
| Expenses incurred for both VAT and non-VAT business (70% of these expenses were paid to VAT-registered enterprises) | 100,000 |
The VAT payable is:
Group of answer choices
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ISBN:
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Author:
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Publisher:
CENGAGE LEARNING - CONSIGNMENT