Find the value added tax paid by the wholesaler and the retailer.

Q: A store purchased canned goods at an invoice price of $2,000 and terms of 2/10, n/30.  Half of the…

A: >Discount term is a payment agreement between buyer and the seller. >The buyer and seller…

Q: B. Give the journal entry to be made in the books of the purchaser, if the account to be debited is…

A: Accounting books: The various books drafted to carry out the accounting process are called as…

Q: Kurt Company purchased $5,000 of merchandise from Marilyn Company with terms of 2/10 n/40. What…

A: The correct answer is $4,900.

Q: a) Find the value added tax paid by the wholesaler and the retailer. b) Find the price including…

A:

Q: A shopkeeper sells an article at its marked price RO 7500 and charges sales-tax at the rate of 12%…

A: Formula: Tax amount = Tax percent x sale value Multiplying tax percent with sale value derives the…

Q: The company has no beginning inventory . Value Added Tax ( VAT ) is 18 % .  5 March : Purchased on…

A: VAT (Value Added Tax) A kind of tax which is imposed on the value of goods or services at the time…

Q: F) A manufacturer printed the price of his goods as RO 360 per article. He allowed a discount of 30%…

A: VAT stands for Value added tax, which is a kind of indirect tax levied or charged on the goods and…

Q: A second dealer buys a used fridge from a non-vendor for NAD 600 for resale. He pays the person NAD…

A: Notional vat amount can be claimed on the purchase consideration but limit upto the purchase price…

Q: A retailer sells a product at a price of 120 OMR. He purchased the same product from a wholesaler at…

A: Given, Sells Price = 120 OMR Purchase Price = 95 OMR Sales Tax = 6%

Q: Merchandise is sold for cash. The selling price of the merchandise is $5,100 and the sale is subject…

A: Accounting for Sales Tax  business is collecting sales tax on behalf of tax authorities, the tax is…

Q: Oman Manufacturing Company a handicraft manufacturer printed the price of its goods as RO 120 per…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: JIH took delivery of merchandise invoiced at $24,600.00 with terms cash 6, 2/40, n/60. Calculate the…

A: The interest is calculated based on certain terms and conditions. The payment is depends on time…

Q: Merchandise is sold for cash. The selling price of the merchandise is $1,100 and the sale is subject…

A: When we do sales,we need pay sales tax on sales made at a percentage given.That sales tax is…

Q: If the debit side of the Trail balance equal the credit side that's mean all the transactions…

A: Duality principles represent the double effects of every transaction of business. every transaction…

Q: A retailer buys a product from the wholesaler at 120 OMR and wholesaler charges sales tax of 8%. The…

A: VAT or value added tax as the name suggets is the tax calculated on the sales value but paid after…

Q: Vaughn Manufacturing Company sold toys listed at $400 per unit to Pronghorn, Inc. for $340, which…

A: The account receivables represent the amount due from the customers during the current period. The…

Q: A retail merchandise trader purchased 400 Galaxy mobile phone @ RO 70 each from a Wholesale…

A: Gross purchase = Quantity purchased x Gross price per quantity = 400 x RO 70 each = RO 28000

Q: A retailer purchases some merchandise with an invoice price of $19,900 and terms of sale of 5/15,…

A: Discount on sales value: When the customer pays the amount within discount period then customer is…

Q: Maningkamot ko permi makapasar sports wear regularly buys sweaters from BSA Company and its allowed…

A: Cost of the purchase = List price - Trade discount + Freight charges where, Trade discount = List…

Q: Shaw Company purchased 2000 units of a merchandise (called XOM) at $10 per unit from Reynold Company…

A: The discount period is the time spam within which the creditor would require to pay the amount to…

Q: Record the following transactions in the General Journal of KBC Decorating Co., making no of the…

A: Journal Entries in the book of KBC Decorating Co.   S. no. Date Particulars Debit ($) Credit($)…

Q: Merchandise is sold for cash. The selling price is the merchandise is $5,000 and the sale is subject…

A: Sales tax payable = 5,000 x 5% = $250

Q: b) A customer in a wholesale store purchased 3 items for a number of quantities each as listed…

A: Product Price per unit  (RM) Quantity Amount of Bought  Discount Net Purchase price after discount…

Q: On October 5, Martinez Corporation buys merchandise for resale on account from Marigold Corporation.…

A: Introduction: Under periodic inventory system instead of adjusting inventory account directly,…

Q: A retailer buys a product from the wholesaler at 120 OMR and wholesaler charges sales tax of 8%. The…

A: VAT PAID BY THE RETAILER TO THE GOVERNMENT :  = OUTPUT TAX - INPUT TAX     OUTPUT TAX IS TAX…

Q: A purchase (supplier sales) invoice document was received by your business. The net value recorded…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…

Q: A wholesaler gives trade discounts 30%, 11% and 3% to his regular customers. a) Find the single…

A: Trade discount is that discount which is given to all the customers on the list price of the…

Q: At J&J Department Store, Sam Dodson purchases a cassette tape player for 588.98 and three tapes for…

A: Calculation of Sales tax on Sam's purchases Sales tax on purchases = Total amount of purchases X…

Q: Merchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is…

A: A journal entry is a record of a financial transaction in accounting. It is the first step in the…

Q: 1.11. (-) A store offers a 15% promotional discount for its grand opening. The clerk believes that…

A: Here, the general formula applied on the product price is shown below. Payable price by the…

Q: urnal book, you can see the TIN of the buyer. It is on the "T

A: VAT refers to the value-added tax imposed by the government on the goods and services at all levels…

Q: DSWD purchased goods for distribution on account with list price amounting to P100,000. The supplier…

A: COST OF PURCHASE GOODS Cost of Purchase Goods is Completed after Deducting All discount from the…

Q: A manufacturer printed the price of his goods as BD240 per article. He allowed a discount of 20% to…

A: VAT refers to the Value Added Tax which is paid to the government by the producers and ultimately…

Q: A customer paid a total of $7700 for a purchase, including 13% HST (Harmonized Sales Tax). How much…

A: The federal Goods and Services Tax (GST) and provincial sales taxes from several Canadian provinces…

Q: A consumer buys an article for a listed price of 380 OMR from a shopkeeper and pays 10% sales tax.…

A: Tax collected from consumer =  listed price of article x sales tax rate = 380 x 10% = 38 OMR

Q: Clinton Horvath purchases a $147.50 tool set and a tool box for $27.55. The sales tax rate is 6%.…

A: Formula: Sales tax amount = Total purchase value - original goods value

Q: Assume the Value Added Tax (VAT) rate is 5% in Oman. Nizwa Electronics Showroom purchased goods…

A: VAT:The full form of VAT is a value-added tax. It is an indirect tax imposed on goods and services…

Q: 4. Mahmood buys a commodity from the wholesaler at OMR 1,200 and was charged by a VAT at the rate…

A: given that, Mahmood buys a commodity from the wholesaler at OMR1200 Mahmood sells a commodity at…