ABC made the following supplies for sale in January 2020: ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the Caribbean. The business is VAT registered with tax authorities in St. Lucia. The company has recorded the following transactions in January 2020: - Sales to local customers - $1,300,000 (VAT inclusive) - Sales to local customers - $1,000,00 (VAT exclusive) - Sales to customers located abroad - $700,000 - Purchases $750,000 (VAT inclusive) - Purchases $500,000 (VAT exclusive) - Imports of $75,000 inclusive of J$15,000 VAT
ABC made the following supplies for sale in January 2020: ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the Caribbean. The business is VAT registered with tax authorities in St. Lucia. The company has recorded the following transactions in January 2020: - Sales to local customers - $1,300,000 (VAT inclusive) - Sales to local customers - $1,000,00 (VAT exclusive) - Sales to customers located abroad - $700,000 - Purchases $750,000 (VAT inclusive) - Purchases $500,000 (VAT exclusive) - Imports of $75,000 inclusive of J$15,000 VAT
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC made the following supplies for sale in January 2020:
ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the Caribbean. The business is VAT registered with tax authorities in St. Lucia. The company has recorded the following transactions in January 2020:
- Sales to local customers - $1,300,000 (VAT inclusive)
- Sales to local customers - $1,000,00 (VAT exclusive)
- Sales to customers located abroad - $700,000
- Purchases $750,000 (VAT inclusive)
- Purchases $500,000 (VAT exclusive)
- Imports of $75,000 inclusive of J$15,000 VAT
Calculate the VAT payable/refundable for January 2020?
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