Reference no: EM132789367
Philippine Taxation (Train Law)The following data were from the first quarter ending March 31, 2020:
An owner of a warehouse, which used to be VAT-exempt because its annual receipts never exceeded the VAT threshold amount, decided to register under the VAT system on January 2, 2020.
Rental from warehousing services, net of vat, for P336,000;
Purchases of supplies (February), gross of vat, for P112,000;
Inventory of supplies, January 1, 2019, for P100,000 and VAT on the inventory of supplies, January 1, 2019, for P10,000.
Problem 1: Determine the vat payable for the quarter ending March 2020
a.) 14,000
b.) 24,000
c.) 26,320
d.) 18,320
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