On 1/1/2020, the merchant Ahmed imported goods at a cost of 880,000 dinars, and the customs duties due on the imported goods amounted to 224,000 dinars. Note that the percentage of sales tax on this type of imports is 16%. Ahmed's sales are as follows: In the month of January: 450,000 dinars In the month of February: 400,000 dinars In the month of March: Zero (Due to the lockdown/COVID-19) In the month of April: 280,000 dinars In the month of May: 160,000 dinars Instructions: Answer the following questions The amount of sales tax paid by Ahmed when the goods are imported equais: B A. 140,800 B. 176,640 C. 135,540 D. None of the above 2. Assuming that Ahmed dose not paid any amount to the tax department, the outstanding balance of the sales tax account at Ahmed's books at the end of February equals: A A. 40,640 B. 104,640 C. 176,640 D. None of the above
On 1/1/2020, the merchant Ahmed imported goods at a cost of 880,000 dinars, and the customs duties due on the imported goods amounted to 224,000 dinars. Note that the percentage of sales tax on this type of imports is 16%. Ahmed's sales are as follows: In the month of January: 450,000 dinars In the month of February: 400,000 dinars In the month of March: Zero (Due to the lockdown/COVID-19) In the month of April: 280,000 dinars In the month of May: 160,000 dinars Instructions: Answer the following questions The amount of sales tax paid by Ahmed when the goods are imported equais: B A. 140,800 B. 176,640 C. 135,540 D. None of the above 2. Assuming that Ahmed dose not paid any amount to the tax department, the outstanding balance of the sales tax account at Ahmed's books at the end of February equals: A A. 40,640 B. 104,640 C. 176,640 D. None of the above
Chapter1: Financial Statements And Business Decisions
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On 1/1/2020, the merchant Ahmed imported goods at a cost of 880,000 dinars, and the customs duties due on the imported goods amounted to
224,000 dinars. Note that the percentage of sales tax on this type of imports is 16%.
Ahmed's sales are as follows:
In the month of January: 450,000 dinars
In the month of February: 400,000 dinars
In the month of March: Zero (Due to the lockdown/ COVID-19)
In the month of April: 280,000 dinars
In the month of May: 160,000 dinars
Instructions: Answer the following questions
The amount of sales tax paid by Ahmed when the goods are imported equals: B
A. 140,800
B. 176,640
C. 135,540
D. None of the above
2. Assuming that Ahmed dose not paid any amount to the tax department, the outstanding balance of the sales tax account at Ahmed's books
at the end of February equals: A
A. 40,640
B. 104,640
C. 176,640
D. None of the above
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