owing A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales c. P230,000 P110, 000 P60, 000 P250,000 c. P30,000 P10,000 P70,000 d. P24,000 d. P200,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following accounting records reveal:
A/R, beg. P100,000
Iny, beg. P50,000
Purchases P90,000
Purchases Discount
P5,000
Collections
P200,000
How much is the vatable sales?
a. P250,000
b. P240,000
How much is the output vat?
a. P27, 600
b. P28,800
A/R, end
Iny, end
Sales
Sales Return
Cost of Sales.
c. P230,000
c. P30,000
P110, 000
P60,000
P250,000
P10,000
P70,000
d. P24,000
d. P200,000
Transcribed Image Text:The following accounting records reveal: A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales. c. P230,000 c. P30,000 P110, 000 P60,000 P250,000 P10,000 P70,000 d. P24,000 d. P200,000
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