Answered: How much is the VAT payable?

Business

Accounting

How much 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

A seller of goods had the following data during the month.
Total Sales Invoice (billed price) Php 224,000
Gross receipts, including VAT 201,600
Sales returns and allowances, billed price 11,200
Input VAT 12,000

How much is the VAT payable?

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