Prices of food in Jollibee's overhead menu include 12% value added tax (VAT). You ordered Chick'nwich meal and paid P196.00. a. How much is the cost of the food and drink (without the tax)? b. How much is the tax for the food and drink?

Prices of food in Jollibee's overhead menu include 12% value added tax (VAT). You ordered Chick'nwich meal and paid P196.00. a. How much is the cost of the food and drink (without the tax)? b. How much is the tax for the food and drink?

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

Prices of food in Jollibee's overhead menu include 12% value added tax (VAT). You
ordered Chick'nwich meal and paid P196.00.
a. How much is the cost of the food and drink (without the tax)?
b. How much is the tax for the food and drink?

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