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Aliena Trading, a VAT registered company, bought goods on account for Php22,400 from Marikina Shoe Store which is also a VAT registered company. A few days after Aliena sold the goods to cash customers for Php33,600. Please take note that the invoices are VAT inclusive. Compute for the VAT payable of Aliena Trading.

Aliena Trading, a VAT registered company, bought goods on account for Php22,400 from Marikina Shoe Store which is also a VAT registered company. A few days after Aliena sold the goods to cash customers for Php33,600. Please take note that the invoices are VAT inclusive. Compute for the VAT payable of Aliena Trading.

FINANCIAL ACCOUNTING
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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VAT = 12%, Philippines is the country

1. Aliena Trading, a VAT registered company, bought goods on account for Php22,400 from Marikina Shoe Store which is also a VAT registered company. A few days after Aliena sold the goods to cash customers for Php33,600. Please take note that the invoices are VAT inclusive. Compute for the VAT payable of Aliena Trading.
Transcribed Image Text:1. Aliena Trading, a VAT registered company, bought goods on account for Php22,400 from Marikina Shoe Store which is also a VAT registered company. A few days after Aliena sold the goods to cash customers for Php33,600. Please take note that the invoices are VAT inclusive. Compute for the VAT payable of Aliena Trading.
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