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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How much is the net VAT payable?
Transcribed Image Text: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?
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