X is a percentage tax business. X issued a VAT-invoice for goods sold inthe amount of P12,400 inclusive of VAT. The goods were bought forP8,000 exclusive of VAT. How much is the VAT payable? *O POP1,329O P1,488О Р369

VAT ouput from Sale of Goods = (Total sales / (1 + VAT rate) x VAT rate = (P12400 / 1.12) x 12% =…

Answered: X is a percentage tax business. X…

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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X is a percentage tax business. X issued a VAT-invoice for goods sold in the amount of P12,400 inclusive of VAT. The goods were bought for P8,000 exclusive of VAT. How much is the VAT payable? * O PO O P1,329 O P1,488 O P369