A restaurant which also caters for special events had the following data: Gross receipts from customers P 500,000 50,000 Gross receipts from advanced reservations Client balances evidenced by promissory note 70,000 Total 620,000 What is the Output VAT? a. P 60,000 b. P 66,000 C. P 68,400 d. P 74,400

A restaurant which also caters for special events had the following data: Gross receipts from customers P 500,000 50,000 Gross receipts from advanced reservations Client balances evidenced by promissory note 70,000 Total 620,000 What is the Output VAT? a. P 60,000 b. P 66,000 C. P 68,400 d. P 74,400

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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Based on the information that follows: Sales $86,900 Sales Returns and Allowances 2,200 Sales Discounts 1,738 Required: Prepare the revenue section of a multiple-step income statement.