okkie Corporation had the following receipts from its leasing operations in 2020: Business Property Monthly Rent Annual Receipts 20 residential units P14,000/unit P3,360,000 3 condominium units P20,000/unit 720,000 Here Please note that VAT Percentage in Philippines was 12% in this regard in the calculation of the VAT Payable in this regard as well. Expenses which are related to VAT registration is eligible for the deduction in the total VAT Payable calculation as well. How much output tax is due on gross receipts from the lease of residential units?

okkie Corporation had the following receipts from its leasing operations in 2020: Business Property Monthly Rent Annual Receipts 20 residential units P14,000/unit P3,360,000 3 condominium units P20,000/unit 720,000 Here Please note that VAT Percentage in Philippines was 12% in this regard in the calculation of the VAT Payable in this regard as well. Expenses which are related to VAT registration is eligible for the deduction in the total VAT Payable calculation as well. How much output tax is due on gross receipts from the lease of residential units?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 9MC

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