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ABC Corporation is a VAT-registered business with a total assets of more than P100 million. Its income tax due during the year amounted to P2,500,000.
- ABC Corporation is a VAT-registered business with a total assets of more than P100 million. Its income tax due during the year amounted to P2,500,000. Its net taxable income is 50% of sales. Total purchases during the year is P10,080,000 inclusive of VAT. If the cost of sales is 30% of sales, how much is the net VAT payable for the year?
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Accounting Volume 1
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
9th Canadian edition
978-013309863, 9780133128338, 013309863X, 133128334, 978-0132690096
