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