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How much is the value added tax payable

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Reference no: EM132755341

Tore Inc., a building contractor, showed to you the following data:

Contract Price P5,000,000
Cash Received (VAT included) 2,240,000
Receivables 3,000,000
Advances on other contracts still unearned
(without VAT) 1,000,000

Payments:

For materials, VAT excluded 500,000
For supplies, VAT excluded 100,000
For services of sub-contractors
(VAT included) 1,848,000

Problem 1: How much is the value added tax payable?

Reference no: EM132755341

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