A man buys an article whose listed price is RO 380 from a shopkeeper and pays a sales tax at the rate of 10%. The shopkeeper pays a VAT of RO 3. Find the input tax and the price inclusive of tax at which the shopkeeper bought the article from the wholesaler. Select one: O a. Input tax = 38, Price Paid by retailer to wholesaler = 350 %3D O b. Input tax = 35, Price Paid by retailer to wholesaler = 385 O c. Input tax = 38, Price Paid by retailer to wholesaler = 385 O d. Input tax = 35, Price Paid by retailer to wholesaler = 350
A man buys an article whose listed price is RO 380 from a shopkeeper and pays a sales tax at the rate of 10%. The shopkeeper pays a VAT of RO 3. Find the input tax and the price inclusive of tax at which the shopkeeper bought the article from the wholesaler. Select one: O a. Input tax = 38, Price Paid by retailer to wholesaler = 350 %3D O b. Input tax = 35, Price Paid by retailer to wholesaler = 385 O c. Input tax = 38, Price Paid by retailer to wholesaler = 385 O d. Input tax = 35, Price Paid by retailer to wholesaler = 350
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 2PB: Perfume Depot sells two different tiers of perfume products to customers. They charge $30 for tier 1...
Related questions
Question
100%
![A man buys an article whose listed price is RO 380
from a shopkeeper and pays a sales tax at the rate
of 10%. The shopkeeper pays a VAT of RO 3. Find
the input tax and the price inclusive of tax at which
the shopkeeper bought the article from the
wholesaler.
Select one:
O a. Input tax = 38, Price Paid by retailer to
wholesaler = 350
O b. Input tax = 35, Price Paid by retailer to
wholesaler = 385
O c. Input tax = 38, Price Paid by retailer to
wholesaler = 385
O d. Input tax = 35, Price Paid by retailer to
wholesaler = 350](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5ca1d060-5b5f-4874-9da8-6d45ab7ff73d%2Fedf20d2a-f9b8-4993-a10e-a5cb95a01977%2Fh3x7t7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A man buys an article whose listed price is RO 380
from a shopkeeper and pays a sales tax at the rate
of 10%. The shopkeeper pays a VAT of RO 3. Find
the input tax and the price inclusive of tax at which
the shopkeeper bought the article from the
wholesaler.
Select one:
O a. Input tax = 38, Price Paid by retailer to
wholesaler = 350
O b. Input tax = 35, Price Paid by retailer to
wholesaler = 385
O c. Input tax = 38, Price Paid by retailer to
wholesaler = 385
O d. Input tax = 35, Price Paid by retailer to
wholesaler = 350
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College