Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A VAT-registered entity is engaged in the business of construction. For each construction project, the entity bills its clients 70% of the contract price

A VAT-registered entity is engaged in the business of construction. For each construction project, the entity bills its clients 70% of the contract price throughout each stage of the project and the remaining 30% when the construction is completed. During the 3rd quarter, the data are as follows: July August September Progress Billings sent to P 4,000,000 3,500,000 3,750,000 P client Payments made by clients 4,600,000 4,100,000 3,850,000 How much is the total output VAT for the quarter? O 1,690,000 1,201,000 O 1,350,000 1,506,000

Step by Step Solution

3.43 Rating (169 Votes )

There are 3 Steps involved in it

Step: 1

ANSWER The correct option is D Step 1 VAT ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Smith and Roberson Business Law

Authors: Richard A. Mann, Barry S. Roberts

15th Edition

1285141903, 1285141903, 9781285141909, 978-0538473637

More Books

Students also viewed these Accounting questions

Question

Summarize the findings of psychotherapy efficacy studies.

Answered: 1 week ago

Question

Describe the role of members of the family in decision making.?

Answered: 1 week ago