Mr. Diretso is concurrently employed at Cumaliua Corporation and Cumanan Corporation. He received the following during the month:Compute for the VAT to be paida. ₱0b. ₱7,440c. ₱9,643d. ₱10,800 Cumanan Corp.Cumaliua Corp.P50,0007,000SalariesP40,0006,000Less: Withholding TaxLess: Loan RepaymentLess: SSS, PhilHealth, HMDFNet Pay12,0003,000P40,000P22,000Compute for the VAT to be paid.

In this question, we should consider the data given to compute and explain the VAT. We need to…

Mr. Diretso is concurrently employed at Cumaliua Corporation and Cumanan Corporation. He received the following during the month: Compute for the VAT to be paid a. ₱0 b. ₱7,440 c. ₱9,643 d. ₱10,800

Mr. Diretso is concurrently employed at Cumaliua Corporation and Cumanan Corporation. He received the following during the month: Compute for the VAT to be paid a. ₱0 b. ₱7,440 c. ₱9,643 d. ₱10,800

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

Mr. Diretso is concurrently employed at Cumaliua Corporation and Cumanan Corporation. He received the following during the month:

Compute for the VAT to be paid

a. ₱0

b. ₱7,440

c. ₱9,643

d. ₱10,800

Cumanan Corp.
Cumaliua Corp.
P50,000
7,000
Salaries
P40,000
6,000
Less: Withholding Tax
Less: Loan Repayment
Less: SSS, PhilHealth, HMDF
Net Pay
12,000
3,000
P40,000
P22,000
Compute for the VAT to be paid.

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