880 Corp. is a VAT-registered dealer of appliances. The following details were provided for the final quarter of 2014: Sales, total invoice value Php 3, 400, 000 Purchases, net of input taxes 2, 750, 000 Sales return 100, 000 Purchases return 150, 000 Deferred input taxes 4, 750 (carried over from the third quarter of 2014) What is the VAT payable for the final quarter of 2014?

Answer rating: 100% (QA)

To calculate the VAT payable for the final quarter of 2014 we need to consider the sales ... View the full answer