On July 3, 2020, Franky purchased on account specialty feeds worth P800,000 net of VAT. A wholesaler operating in the region bought for cash all of the available feeds on July 18, 2020; amount of cash received was P1,120,000 gross of VAT. Franky remitted the value added tax due to the BIR within the month. What is the VAT payable paid by Franky for the month of July? O A. 34,285.71 O B. 0 C. 38,400 O D. 24,000

On July 3, 2020, Franky purchased on account specialty feeds worth P800,000 net of VAT. A wholesaler operating in the region bought for cash all of the available feeds on July 18, 2020; amount of cash received was P1,120,000 gross of VAT. Franky remitted the value added tax due to the BIR within the month. What is the VAT payable paid by Franky for the month of July? O A. 34,285.71 O B. 0 C. 38,400 O D. 24,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 2RE: Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of...

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