27. Mr. Kwon imports Korean vegetables and sells them in the domestic market for Korean residents inthe Philippines. The following data relates to his operations during the period:Total landed cost of importationP 800,000Total Sales1,200,000What is the VAT on importation?(No Solutions)28. In the immediately preceding problem, what is the VAT on sales?.

As per the circular issued by Bureau of Internal Revenue…

Answered: 7. Mr. Kwon imports Korean vegetables…

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Accounting

7. Mr. Kwon imports Korean vegetables and sells them in the domestic market for Korean residents in

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

27. Mr. Kwon imports Korean vegetables and sells them in the domestic market for Korean residents in
the Philippines. The following data relates to his operations during the period:
Total landed cost of importation
P 800,000
Total Sales
1,200,000
What is the VAT on importation?
(No Solutions)
28. In the immediately preceding problem, what is the VAT on sales?.

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