A VAT-registered entity is engaged in the business of construction. For each construction project, the entity...

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A VAT-registered entity is engaged in the business of construction. For each construction project, the entity bills its clients 70% of the contract price throughout each stage of the project and the remaining 30% when the construction is completed. During the 3rd quarter, the data are as follows: July August September Progress Billings sent to P 4,000,000 3,500,000 3,750,000 P client Payments made by clients 4,600,000 4,100,000 3,850,000 How much is the total output VAT for the quarter? O 1,690,000 1,201,000 O 1,350,000 1,506,000 A VAT-registered entity is engaged in the business of construction. For each construction project, the entity bills its clients 70% of the contract price throughout each stage of the project and the remaining 30% when the construction is completed. During the 3rd quarter, the data are as follows: July August September Progress Billings sent to P 4,000,000 3,500,000 3,750,000 P client Payments made by clients 4,600,000 4,100,000 3,850,000 How much is the total output VAT for the quarter? O 1,690,000 1,201,000 O 1,350,000 1,506,000

Answer rating: 100% (QA)

ANSWER The correct option is D Step 1 VAT ... View the full answer