zeroP13,200P300,000P313,200 Cruz, a businessman, imported rice from Thailand with the following details:Invoice amountP2,500,000Freight30,000Insurance35,000Bureau of customs charges45,000Compute the VAT on importation.

VAT stands for Value Added Tax. VAT is a type of sales tax which is levied on consumption on the…

Answered: Cruz, a businessman, imported rice from…

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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Cruz, a businessman, imported rice from Thailand with the following details: Invoice amount P2,500,000 Freight 30,000 Insurance 35,000 Bureau of customs charges 45,000 Compute the VAT on importation.