Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 27, 2024

Can you please provide the solution to this question since the answer is P78,120? A bookstore had the following summary of transactions during the month:

Can you please provide the solution to this question since the answer is P78,120?

A bookstore had the following summary of transactions during the month:

Sale of books inventory P 300,000

Sale of school supplies, exclusive of VAT 700,000

Rental expense, inclusive of VAT 56,000

Salaries expense 100,000

Utilities expense, exclusive of VAT 20,000

What is the VAT Payable?

a. P120,000 b. P84,000 c.P78,120 d.P77,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

Law Express Contract Law

Authors: Emily Finch, Stefan Fafinski

6th Edition

1292210125, 978-1292210124

More Books

Students also viewed these Law questions

Question

★★★★★

Ernest & Julio Gallo Winery (Gallo) is a famous maker of wines located in California. The company registered the trademark Ernest & Julio Gallo in 1964 with the U. S. Patent and Trademark Office. The...

Answered: 1 week ago

Question

★★★★★

In Problems 4348, use the figures to evaluate each function if f (x) = sin x, g(x) = cos x, and h(x) = tan x. x + y = 4 y a (x, 1) X x + y = 1 (3) X

Answered: 1 week ago

Question

★★★★★

1. Decide whether you will have students raise their hands for permission to speak or simply require that they wait until the speaker has finished.

Answered: 1 week ago

Question

★★★★★

Pyl acquired all the outstanding capital stock of Soo of London on January 1, 2011, for $800,000, when the exchange rate for British pounds was $1.60 and Soo's stockholders' equity consisted of...

Answered: 1 week ago

Question

★★★★★

help asap Exercise 10-6A Record issuance of stock and treasury stock transactions (L010-2, 10-3, 10-4) Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value...

Answered: 1 week ago

Question

★★★★★

Part 2 1. Pass or shoot. In an ice hockey fast break, two forwards are involved. The first forward has the puck and can either pass or shoot on the goal. If he passes, the second forward can either...

Answered: 1 week ago

Question

★★★★★

3. The Roz trust received taxable income of $20,000 and $10,000 of tax-exempt interest. The trustee paid fiduciary fees of $6,000 and a charitable contribution, as authorized by the trust agreement,...

Answered: 1 week ago

Question

★★★★★

5) If liabilities increase $120,000 during a given period and shareholders' equity decreases $25,000 during the same period, assets must: A) decrease $145,000 B) increase $145,000 C) increase $95,000...

Answered: 1 week ago

Question

★★★★★

Two important profitability measures that investors use in assessing efficiency and effectiveness of a merchandiser's operations are earnings after retail numbers (EARN) and net income dividends and...

Answered: 1 week ago

Question

★★★★★

On June 1, 2025, Ivanhoe Service Co. was started with an initial investment in the company of $19,250 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2025, and the...

Answered: 1 week ago

Question

★★★★★

Konig Enterprises, Limited, owns and operates three restaurants in Vancouver, B.C. The company allocates its fixed administrative expenses to the three restaurants on the basis of sales dollars. Last...

Answered: 1 week ago

Question

★★★★★

10. First test yourself and then let another member of the group test you in relation to the following questions. If deviations occur, discuss why this might be. What can the results of this test be...

Answered: 1 week ago

Question

★★★★★

5. Based on your desired future, answer the following questions: (a) What do you want, i.e. what goals have you set yourself? Set up three goals in order of priority. (b) Why do you want this? (c)...

Answered: 1 week ago

Question

★★★★★

1. Discuss the following statements: (a) Its what you are best at that will be your downfall. (b) How can we learn but not learn? (c) Learning to see is different from seeing. (d) Creativity is...

Answered: 1 week ago

Previous Question Next Question