Chapter 19, Problem 2E

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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

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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.

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AMC enterprises is preparing it's cash budget got October.