Answered: How much is the VAT on the gross…

Business

Accounting

How much is the VAT on the gross receipts of Mr. Hernandez for the year?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Hilario Hernandez is the owner of 20 units of one-bedroom residential apartments which are leased out at a monthly rental of P14,000, and 15 units of two-bedroom apartments which are leased out at a monthly of P17,000. All the said units were leased out throughout the whole calendar year 2020. How much is the VAT on the gross receipts of Mr. Hernandez for the year?

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