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What is the vat payable? P43,830 P44,280 P46,680 P59,248

What is the vat payable? P43,830 P44,280 P46,680 P59,248

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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What is the vat payable? P43,830 P44,280 P46,680 P59,248
A Vat taxpayer had the following data on its operations for the month of January: Sales, total invoice price P592,480 Purchases of goods, Vat not included: From Vat registered persons 100,000 From non-vat registered persons 80,000 Purchases of services, Vat not included: From Vat registered persons 20,000 From non-vat registered persons 8,000 From persons subject to percentage taxes 10,000 Salaries of employees 60,000 Other operating expenses 12,000 This is the first month of being liable to the value added tax. Data on inventories at the beginning of the period bought from VAT registered persons follow: Inventory at cost P44,800 Inventory at net realizable value 49,000 Value added tax paid on beginning inventory 4,800 Input Taxes are
Transcribed Image Text:A Vat taxpayer had the following data on its operations for the month of January: Sales, total invoice price P592,480 Purchases of goods, Vat not included: From Vat registered persons 100,000 From non-vat registered persons 80,000 Purchases of services, Vat not included: From Vat registered persons 20,000 From non-vat registered persons 8,000 From persons subject to percentage taxes 10,000 Salaries of employees 60,000 Other operating expenses 12,000 This is the first month of being liable to the value added tax. Data on inventories at the beginning of the period bought from VAT registered persons follow: Inventory at cost P44,800 Inventory at net realizable value 49,000 Value added tax paid on beginning inventory 4,800 Input Taxes are
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