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How much is VAT payable of New Urban Appliance Corporation

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Reference no: EM132950804

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Q1. Assuming that New Urban Appliance Corporation has the following data for the first quarter of 2021:

Sales, total invoice value P448,000

Purchases, total invoice value 224,000

How much is the VAT payable of New Urban Appliance Corporation for the first quarter of 2021?

Q2. A, a VAT taxpayer billed his customer:

Selling Price P500,000

Value Added Tax 70,000

Total P570,000

What the output tax?

Reference no: EM132950804

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