A retailer buys an article from the wholesaler at GHC 80 and the wholesaler charges a sales tax at the1-arescribed rate of 8%. The retailer fixes the price at GHC 100 and charges sales tax at the same rate.Apply value added tax system of sales tax calculation to answer the following questions.(i)What is the price that a consumer has to pay to buy the article?(ii)Find the input tax and output tax for the retailer.(iii)How much VAT does the retailer pay to the government?2.A shopkeeper sells an article at its marked price GHC 7500 and charges sales-tax at the rate of 12%from the customer. If the shopkeeper pays a VAT of GHC 180, calculate the price inclusive of taxpaid by the shopkeeper.3.A manufacturer printed the price of his goods as GHC120 per article. He allowed a discount of 30%to the wholesaler who in his turn allowed a discount of 20% on the printed price to the retailer. If theprescribed rate of sales tax on the goods is 10% and the retailer sells it to the consumer at the printedprice then find the value added tax paid by the wholesaler and the retailer.

A retailer buys an article from the wholesaler at GHC 80 and the wholesaler charges a sales tax at the arescribed rate of 8%. The retailer fixes the price at GHC 100 and charges sales tax at the same rate. Apply value added tax system of sales tax calculation to answer the following questions. (i) What is the price that a consumer has to pay to buy the article? (ii) Find the input tax and output tax for the retailer. (iii) How much VAT does the retailer pay to the government'?

A retailer buys an article from the wholesaler at GHC 80 and the wholesaler charges a sales tax at the arescribed rate of 8%. The retailer fixes the price at GHC 100 and charges sales tax at the same rate. Apply value added tax system of sales tax calculation to answer the following questions. (i) What is the price that a consumer has to pay to buy the article? (ii) Find the input tax and output tax for the retailer. (iii) How much VAT does the retailer pay to the government'?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

Thank you
G Limited operates a trading business. During the year ended 31 December 2021, G Limited appointed an overseas agent, Javeed, to sell goods on its behalf. G Limited shipped 300 units of inventory costing $115 each to Javeed. G Limited also paid freight charges of $7200. G Limited received a proforma statement from Javeed on 1 January 2022 as follows. $ 63500 4500 59000 Gross sales 254 units at $250 each Goods returned 18 units at $250 each Net sales Import duties Assistant's salary Transportation to warehouse Transportation to customers Advertising Commission 2100 4500 3600 6000 4800 ~-~-~~|| Amount due to G Limited Defects had been found in the returned goods. In the agreement between G Limited and Javeed, it was stated that the commission earned by Javeed would be 8% of sales. Due to the uncertainty in the agreement, Javeed was not sure whether the commission should be based on gross sales or net sales.
Debit $ 3,580 31,400 1,715 Credit Cash Merchandise inventory Store supplies Office supplies Prepaid insurance Store equipment Accumulated depreciation, store equipment Office equipment Accumulated depreciation, office equipment Accounts payable Zen Woodstock, capital Zen Woodstock, withdrawals Rental revenue 645 3,960 57,615 $ 6,750 13,100 6,550 4, 000 52, 000 31, 500 14,600 501,520 Sales Sales returns and allowances 2,915 5,190 331, 315 Sales discounts Purchases 2,140 4,725 Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Advertising expense Store supplies expense Depreciation expense, store equipment Office salaries expense Rent expense, office space Office supplies expense Insurance expense Depreciation expense, office equipment 3,690 34,710 24,080 6,400 27,630 13,000 Totals $592, 285 $592, 285 a. The balance on January 1, 2020, in the Store Supplies account was $480. During the year, $1,235 of store supplies…
If the ending inventory of a firm is overstated by $56,000, by how much and in what direction (overstated or understated) will the firm's operating income be misstated? (Hint: Use the cost of goods sold model, enter hypothetically "correct" data, and then reflect the effects of the ending inventory error and determine the effect on cost of goods sold.) Operating income by
Using the following data, how should the merchandise be valued under lower of cost or market?Original cost $1,350Estimated selling price 1,475Selling expenses 180
Given the information available in the table below, what is the Wholesaler's Selling Price to the Retailer? SELLING MARGIN CHANNEL MEMBER COST PRICE % Supplier/Manufacturer $179.52 $224.40 20% not Wholesaler ??? 15% available not Retailer $300.00 12% available Consumer $300.00 O $256.00 O $224.40 O $240.00 $264.00
(16). Subject :- Accounting
2. Sales slip for Judy Henry. Blender for $109.50. Canister set for $39.95. Sales tax rate of 4.5%. What is the total purchase price?
A computer lists for $ 600. 1. Find the trade discount if a discount rate of $ 10 is offered. 2. Find the net price. 3. Find the net price rate. 4. Use the net price rate to recalculate the net price.
Please Give Me Correct Solution
Calculate the missing information for the following purchases. Sales Tax Excise Sales Excise Tax Rate Rate Tax Tax 5% Item) Selling Price Sofa $750.00 $109.99 6% A/ A/ A/ Please enter $15.12 for total3 0% $0.00 A/ Book 0% $0.00 5% Total Purchase Price A/ A/ 8% Tire A $15.12

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS