owing A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales c. P230,000 P110, 000 P60, 000 P250,000 c. P30,000 P10,000 P70,000 d. P24,000 d. P200,000

owing A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales c. P230,000 P110, 000 P60, 000 P250,000 c. P30,000 P10,000 P70,000 d. P24,000 d. P200,000

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

The following accounting records reveal:
A/R, beg. P100,000
Iny, beg. P50,000
Purchases P90,000
Purchases Discount
P5,000
Collections
P200,000
How much is the vatable sales?
a. P250,000
b. P240,000
How much is the output vat?
a. P27, 600
b. P28,800
A/R, end
Iny, end
Sales
Sales Return
Cost of Sales.
c. P230,000
c. P30,000
P110, 000
P60,000
P250,000
P10,000
P70,000
d. P24,000
d. P200,000

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