Matubig Corporation is VAT registered and a holder of franchise from the government engaged in the business of supplying water to several towns in the region. As recorded in its books, its total gross receipts during the month from sale of water amounted to P 2,250,000 while the receipts from rental of its equipment amounted to P 280,000. The operating expenses amounted to 2M, 11% of which was paid to a vat registered person. 1. How much is the VAT payable? A. 313, 200 B. 0 C. 16,500 D. 7,200

Matubig Corporation is VAT registered and a holder of franchise from the government engaged in the business of supplying water to several towns in the region. As recorded in its books, its total gross receipts during the month from sale of water amounted to P 2,250,000 while the receipts from rental of its equipment amounted to P 280,000. The operating expenses amounted to 2M, 11% of which was paid to a vat registered person. 1. How much is the VAT payable? A. 313, 200 B. 0 C. 16,500 D. 7,200

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 1PA: Consider the following situations and determine (1) which type of liability should be recognized...

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