company, had the following receipts in January 2022: Receipts from passengers, P2,700,000 Receipts from cargoes, P300,000 Input VAT on gasoline, P50,000 Input VAT on bus insurance and repairs, P30,000 Input VAT on purchase of a new bus, P360,000 Assuming that the useful life of the bus is 5 years, how much is the VAT payable for January? P30,000 P274,000 P27,400 P0
company, had the following receipts in January 2022: Receipts from passengers, P2,700,000 Receipts from cargoes, P300,000 Input VAT on gasoline, P50,000 Input VAT on bus insurance and repairs, P30,000 Input VAT on purchase of a new bus, P360,000 Assuming that the useful life of the bus is 5 years, how much is the VAT payable for January? P30,000 P274,000 P27,400 P0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Haviva Liner, a VAT-registered bus company, had the following receipts in January 2022:
Receipts from passengers, P2,700,000
Receipts from cargoes, P300,000
Input VAT on gasoline, P50,000
Input VAT on bus insurance and repairs, P30,000
Input VAT on purchase of a new bus, P360,000
Assuming that the useful life of the bus is 5 years, how much is the VAT payable for January?
P30,000
P274,000
P27,400
P0
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