Chapter 16, Problem 8E

Can you explain this financial accounting question using accurate calculation methods?

I need help with this general accounting problem using proper accounting guidelines.

Use the information provided to answer following questions  Larry Ltd. is a registered VAT taxpayer. His business transactions for the months of January to March are included below. The VAT rate is 12.5%. All the amounts given are VAT inclusive. Months Sales Purchases Imports January $50,625 $30,375 $17,662.50 February $63,337.50 $38,475 $25,087.50 March $67,500 $52,312.50 $22,612.50   1. What is the Larry Ltd. VAT input tax for the 3 months period? A.$7,262.50 B.$13,462.50 C.$20,725 D.$20,162.50   2. What is the Larry Ltd. VAT output tax for the 3 months period? A.$20,152.50 B.$7,037.50 C.$5,812.50 D.$20,162.50   3. What is the Larry Ltd. VAT payable/refund for the 3 months period? A.$13,125 payable B.$1,562.50 refund C.$562.50 refund D.$20,143.50 payable

Please explain the solution to this general accounting problem with accurate principles.

Need help

I am looking for the correct answer to this general accounting problem using valid accounting standards.

Altair Manufacturing's May 1, 2021, beginning work in process was 1,245 units. During May an additional 3,178 units were put into production. At the end of May, all units were completed except for 873 units. Use this information to determine the number of units completed.

I need assistance with this general accounting question using appropriate principles.

Please explain the correct approach for solving this financial accounting question.