7. Converge Company operates two lines of business. Business 1 is subject to VAT, while Business 2 is not. Data for the month are as follows: Sales VAT business, VAT included Non-VAT business Purchases Merchandise, VAT business, VAT included Merchandise, Non-VAT business Capital goods, VAT business, VAT included Capital goods, Non-VAT business Capital goods, for use in both business, VAT included Rent of store space, VAT business, VAT included Rent of warehouse, VAT & Non-VAT business, VAT excluded Freight of goods, VAT & Non-VAT business, VAT included Telephone and broadband bills, VAT and Non-VAT, VAT included The input tax on Business 1 is. A. 18,875 B. 23,267 C. 23.747 P 560,000 100,000 154,000 67,100 34,776 27,500 56,000 14,560 6,200 2,576 1,624

7. Converge Company operates two lines of business. Business 1 is subject to VAT, while Business 2 is not. Data for the month are as follows: Sales VAT business, VAT included Non-VAT business Purchases Merchandise, VAT business, VAT included Merchandise, Non-VAT business Capital goods, VAT business, VAT included Capital goods, Non-VAT business Capital goods, for use in both business, VAT included Rent of store space, VAT business, VAT included Rent of warehouse, VAT & Non-VAT business, VAT excluded Freight of goods, VAT & Non-VAT business, VAT included Telephone and broadband bills, VAT and Non-VAT, VAT included The input tax on Business 1 is. A. 18,875 B. 23,267 C. 23.747 P 560,000 100,000 154,000 67,100 34,776 27,500 56,000 14,560 6,200 2,576 1,624

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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