SAN JOSE has the following data for first quarter of 2018: Month Output Tax Input Tax...

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SAN JOSE has the following data for first quarter of 2018: Month Output Tax Input Tax Jan P 30,000 P 25,000 Feb P 45,000 P 40,000 Mar P 10,000 P 6,000 The company has debit balance of input tax at the beginning of the year amounting to P 9,000. What is the amount paid for VAT in Feb? (VAT payable) SAN JOSE has the following data for first quarter of 2018: Month Output Tax Input Tax Jan P 30,000 P 25,000 Feb P 45,000 P 40,000 Mar P 10,000 P 6,000 The company has debit balance of input tax at the beginning of the year amounting to P 9,000. What is the amount paid for VAT in Feb? (VAT payable)

Answer rating: 100% (QA)

To determine the amount paid for VAT in February VAT payable we need to calculate the net VAT payabl... View the full answer