A sales tax registered business in its first period of trading charges $8,000 of sales tax on its sales and suffers $6,750 of sales tax on its purchases which includes $1,250 irrecoverable sales tax on business entertaining. How much sales tax is due to or receivable from the tax authorities at the end of the first period of trading?

A sales tax registered business in its first period of trading charges $8,000 of sales tax on its sales and suffers $6,750 of sales tax on its purchases which includes $1,250 irrecoverable sales tax on business entertaining. How much sales tax is due to or receivable from the tax authorities at the end of the first period of trading?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 27P

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