The following information and data (net of VAT) are from the records of Fantastic 4 Corporation, a VAT taxpayer in connection with its construction contracts. They cover the third quarter of 2018 taxable year.
Accounts Receivable:
July 1- 180,000; Sept. 30- 120,000
Retention Receivable:
July 1- 90,000; Sept. 30- 85,000
Purchases of Materials:
July to Sept. - 480,000
Total Billings for completed works:
July to Sept. 850,000
VAT payable for the quarter is (disregard monthly payments)