Assuming all applicable input taxes are to be claimed as credits against output taxes, the VAT payable is:

SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 36P
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A. The following data were gathered pertaining to the business of
person for a taxable quarter in 2018:
Vat-registered
Taxable sales
P1,200,000
Zero-rated sales
P600,000
Exempt Sales
P450,000
Input tax- taxable
P67,500
Input tax- zero rated P15,000
Input tax-exempt
P22,500
Input tax that cannot be attributed specifically to any transaction,
P30,000.
Assuming all applicable input taxes are to be claimed as credits
against output ta es, the VAT payable is:
Transcribed Image Text:A. The following data were gathered pertaining to the business of person for a taxable quarter in 2018: Vat-registered Taxable sales P1,200,000 Zero-rated sales P600,000 Exempt Sales P450,000 Input tax- taxable P67,500 Input tax- zero rated P15,000 Input tax-exempt P22,500 Input tax that cannot be attributed specifically to any transaction, P30,000. Assuming all applicable input taxes are to be claimed as credits against output ta es, the VAT payable is:
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