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Previously not paying the value-added tax because his sales in any year never exceeded P3,000,000, Mr. A opted to be a VAT taxpayer beginning January
Previously not paying the value-added tax because his sales in any year never exceeded P3,000,000, Mr. A opted to be a VAT taxpayer beginning January 1, 20B. From the following data: Inventory on December 31, 20A, debited to the inventory account, With a VAT component of P3,500 P200,000 VAT not included: Sales, January, 20B P2,500,000 Purchases, January 20B P1,400,000 How much is the transitional input tax? How much is the total of input taxes available for January 20B? How much is the value-added tax payable for January 20B
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