Reference no: EM132683744
Receipts of a Contractor Company, VAT not included:
Contract price on work complete a of 12/31/2019
(total contract price of Php 6,000,000)
Cash received php4,000,000
Accounts Receivable php2,000,000
Advances on contract price, still unearned as of 12.31.2019 php500,000
Payments for:
Services performed by VAT sub-contractors php1,000,000
Materials purchased from VAT suppliers php2,000,000
Salaries of employees php300,000
Problem 1: How much is the VAT Payable?
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