Question
Final Fantasy, Inc., a VAT-registered taxpayer, had the following data for each of the months indicated below: January February March Sales P3,200,000 P2,000,000 P3,000,000 Purchases
Final Fantasy, Inc., a VAT-registered taxpayer, had the following data for each of the months indicated below:
| January | February | March | |
| Sales | P3,200,000 | P2,000,000 | P3,000,000 |
| Purchases of | |||
| Goods for Sale | 1,800,000 | 1,000,000 | 2,200,000 |
| Capital Goods (Estimated Useful Life is 6 years) | 1,200,000 | 0 | 600,000 |
| (Note: All amounts are exclusive of VAT.) |
How much is the VAT payable for the month of January?
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
Financial and Managerial Accounting
Authors: Horngren, Harrison, Oliver
3rd Edition
978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978
