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P2,500,000 4. A VAT registered business has the following transactions: Sale of goods to private entities, net 12% VAT Purchase of goods sold to private entities, gross of 12% VAT P 896,000 Sales to a GOCC, net of 12% VAT P1,000,000 P 700,000 Purchases of goods sold to GOCC, net of 12% VAT How much is the withholding VAT?

P2,500,000 4. A VAT registered business has the following transactions: Sale of goods to private entities, net 12% VAT Purchase of goods sold to private entities, gross of 12% VAT P 896,000 Sales to a GOCC, net of 12% VAT P1,000,000 P 700,000 Purchases of goods sold to GOCC, net of 12% VAT How much is the withholding VAT?

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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P2,500,000 4. A VAT registered business has the following transactions: Sale of goods to private entities, net 12% VAT Purchase of goods sold to private entities, gross of 12% VAT P 896,000 Sales to a GOCC, net of 12% VAT P1,000,000 P 700,000 Purchases of goods sold to GOCC, net of 12% VAT How much is the withholding VAT?.
Transcribed Image Text:P2,500,000 4. A VAT registered business has the following transactions: Sale of goods to private entities, net 12% VAT Purchase of goods sold to private entities, gross of 12% VAT P 896,000 Sales to a GOCC, net of 12% VAT P1,000,000 P 700,000 Purchases of goods sold to GOCC, net of 12% VAT How much is the withholding VAT?.
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