The following data are available for SAN ROQUE, a producer of cooking oil and became VAT registered for the first time in 2018 (ALL amounts are net of tax): Sales are P 680,000; Purchases of corn as raw materials are P 80,000; Purchased of supplies from VAT registered is P 20,000; Two equipment costing P 700,000 (useful life is 4 years); Four big pieces of equipment costing P 400,000 (useful life is 6 years); the Beginning inventory of supplies purchased from a VAT registered, is P5,000, net of tax and beg inventory for corn of P 12,000. What is the VAT payable in July?

The following data are available for SAN ROQUE, a producer of cooking oil and became VAT registered for the first time in 2018 (ALL amounts are net of tax): Sales are P 680,000; Purchases of corn as raw materials are P 80,000; Purchased of supplies from VAT registered is P 20,000; Two equipment costing P 700,000 (useful life is 4 years); Four big pieces of equipment costing P 400,000 (useful life is 6 years); the Beginning inventory of supplies purchased from a VAT registered, is P5,000, net of tax and beg inventory for corn of P 12,000. What is the VAT payable in July?

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 43P

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