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Based on number 3, what is the VAT payable

Based on number 3, what is the VAT payable

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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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?
Transcribed Image Text: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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