Surfin Corporation sold product "S" to Red Corporation for P1,000,000 plus 12% VAT. Subsequently, Red Corporation sold the product to Lights Corporation for P1,344,000 (VAT-inclusive). How much is the VAT payable of Red Corporation?
Surfin Corporation sold product "S" to Red Corporation for P1,000,000 plus 12% VAT. Subsequently, Red Corporation sold the product to Lights Corporation for P1,344,000 (VAT-inclusive). How much is the VAT payable of Red Corporation?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Surfin Corporation sold product "S" to Red Corporation for P1,000,000 plus 12% VAT. Subsequently, Red Corporation sold the product to Lights Corporation for P1,344,000 (VAT-inclusive). How much is the VAT payable of Red Corporation?
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