ABC Corporation is a VAT-registered business. Its income tax due during the year amounted to P1,800,000....

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ABC Corporation is a VAT-registered business. Its income tax due during the year amounted to P1,800,000. Its net taxable income is 40% of sales. Total purchases during the year is P8,960,000 inclusive of VAT. If the cost of sales is 70% of sales, how much is the net VAT payable for the year? ABC Corporation is a VAT-registered business. Its income tax due during the year amounted to P1,800,000. Its net taxable income is 40% of sales. Total purchases during the year is P8,960,000 inclusive of VAT. If the cost of sales is 70% of sales, how much is the net VAT payable for the year?

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Answer is P 840000 Workin... View the full answer