On 2020, Jetro Incorporated, the supplier of Louisville Corporation sold merchandise item worth P504,000 VAT inclusive. All
Fantastic news! We've Found the answer you've been seeking!
Question:
On 2020, Jetro Incorporated, the supplier of Louisville Corporation sold merchandise item worth P504,000 VAT inclusive. All the purchases of Louisville were sold to Divine Corporation with a selling price of P850,000 VAT exclusive. All parties are VAT registered and the sold items are applicable to recognition of 12% VAT?
Assume this was the only sale and purchase of Louisville Corporation and there is no inventory beginning nor ending, how much is the gross profit of Louisville Corporation?
Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date: