How much is the VAT on the gross receipts of Mr. Hernandez for the year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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31
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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