A dealer in securities has the following for the year 2018: Sales, shares held for sale in the ordinary course of trade or business P5,000,000 Sales, shares held as capital asset 1,500,000 Cost of shares, held for sale in the ordinary course of trade or business 2,000,000 Cost of shares, held as capital asset 500,000 Supplies expense, net of VAT 100,000 Rent expense, net of VAT 200,000 How much is the net VAT payable?

A dealer in securities has the following for the year 2018: Sales, shares held for sale in the ordinary course of trade or business P5,000,000 Sales, shares held as capital asset 1,500,000 Cost of shares, held for sale in the ordinary course of trade or business 2,000,000 Cost of shares, held as capital asset 500,000 Supplies expense, net of VAT 100,000 Rent expense, net of VAT 200,000 How much is the net VAT payable?

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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