A registered producer at VAT department sold product to wholesaler registered also for L.E 6000 who sold it to a registered retailer with a profit margin equal to 25% from the cost, who sold it to the consumer for L.E. 8000. If you learn that VAT rate is 14%.
A registered producer at VAT department sold product to wholesaler registered also for L.E 6000 who sold it to a registered retailer with a profit margin equal to 25% from the cost, who sold it to the consumer for L.E. 8000. If you learn that VAT rate is 14%.
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...
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![A registered producer at VAT department
sold product to wholesaler registered also
for L.E 6000 who sold it to a registered
retailer with a profit margin equal to 25%
from the cost, who sold it to the consumer
for L.E. 8000. If you learn that VAT rate is
14%.
Required:
a- Determine the gross value of the
invoice by producer, wholesaler and
retailer?
b- Determine tax due that must be turned
to VAT department by producer,
wholesaler and retailer?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc47b8794-c2f2-4d04-9fad-4e8825beb778%2F7e17f1c0-c043-4606-b790-da91b75224fa%2Frmnbed_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A registered producer at VAT department
sold product to wholesaler registered also
for L.E 6000 who sold it to a registered
retailer with a profit margin equal to 25%
from the cost, who sold it to the consumer
for L.E. 8000. If you learn that VAT rate is
14%.
Required:
a- Determine the gross value of the
invoice by producer, wholesaler and
retailer?
b- Determine tax due that must be turned
to VAT department by producer,
wholesaler and retailer?
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