4. Based on number 3, what is the VAT payable?ANSWER NO. 4 ONLY! 3. SAN JOSE is a producer of cooking oil. The company become VAT registered t thestart of 2018. Previously, the company is subject to OPT. The following data are as follows:Inventory beginning: Packaging materials bought from VAT registered is P 17,920 (VATexc)Coconut / corn purchased from farmers is P 20,000Data for first quarter is as follows:Sales, vat inc is P 196,000Purchases of coconut and corn from farmers is P 40,000, net of any taxPurchase of packaging materials , VAT exc is P 25,000Purchases of supplies, VAT inc is P 10,080What is the presumptive input tax?

VAT Payable = Output VAT - Presumptive Input VAT The rates of VAT are as follows Presumptive input…

Answered: Based on number 3, what is the VAT…

Business

Accounting

Based on number 3, what is the 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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Question

4. Based on number 3, what is the VAT payable?

ANSWER NO. 4 ONLY!

3. SAN JOSE is a producer of cooking oil. The company become VAT registered t the
start of 2018. Previously, the company is subject to OPT. The following data are as follows:
Inventory beginning: Packaging materials bought from VAT registered is P 17,920 (VAT
exc)
Coconut / corn purchased from farmers is P 20,000
Data for first quarter is as follows:
Sales, vat inc is P 196,000
Purchases of coconut and corn from farmers is P 40,000, net of any tax
Purchase of packaging materials , VAT exc is P 25,000
Purchases of supplies, VAT inc is P 10,080
What is the presumptive input tax?

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