3. SAN JOSE is a producer of cooking oil. The company become VAT registered t the start of 2018. Previously, the company is subject to OPT. The following data are as follows: Inventory beginning: Packaging materials bought from VAT registered is P 17,920 (VAT exc) Coconut / corn purchased from farmers is P 20,000 Data for first quarter is as follows: Sales, vat inc is P 196,000 Purchases of coconut and corn from farmers is P 40,000, net of any tax Purchase of packaging materials , VAT exc is P 25,000 Purchases of supplies, VAT inc is P 10,080 What is the presumptive input tax?

3. SAN JOSE is a producer of cooking oil. The company become VAT registered t the start of 2018. Previously, the company is subject to OPT. The following data are as follows: Inventory beginning: Packaging materials bought from VAT registered is P 17,920 (VAT exc) Coconut / corn purchased from farmers is P 20,000 Data for first quarter is as follows: Sales, vat inc is P 196,000 Purchases of coconut and corn from farmers is P 40,000, net of any tax Purchase of packaging materials , VAT exc is P 25,000 Purchases of supplies, VAT inc is P 10,080 What is the presumptive input tax?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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4. Based on number 3, what is the VAT payable? ANSWER NO. 4 ONLY!
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