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Mahigos owns the following businesses:     Annual Gross Receipts Annual Gross Sales Restaurant 1,350,000 1,000,000 Barbershop 625,000 600,000 Seller of marine food products 1,875,000 2,000,000       Purchases of goods from VAT suppliers totaled P1,200,000 (related to VAT business if applicable). How much is the VAT payable or percentage tax for the year?   Group of answer choices P318,000 P108,000 P93,000 P48,000

Mahigos owns the following businesses:     Annual Gross Receipts Annual Gross Sales Restaurant 1,350,000 1,000,000 Barbershop 625,000 600,000 Seller of marine food products 1,875,000 2,000,000       Purchases of goods from VAT suppliers totaled P1,200,000 (related to VAT business if applicable). How much is the VAT payable or percentage tax for the year?   Group of answer choices P318,000 P108,000 P93,000 P48,000

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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Mahigos owns the following businesses:
 
 
Annual Gross Receipts
Annual Gross Sales
Restaurant
1,350,000
1,000,000
Barbershop
625,000
600,000
Seller of marine food products
1,875,000
2,000,000
     
Purchases of goods from VAT suppliers totaled P1,200,000 (related to VAT business if applicable).
How much is the VAT payable or percentage tax for the year?
 
Group of answer choices
P318,000
P108,000
P93,000
P48,000
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