A summary of the transactions of Ramsgate, who is registered for sales tax at 17.5%, shows the following for the month of August 20X9. Outputs $60,000 (exclusive of tax) Inputs $40,286 (inclusive of tax) At the beginning of the period Ramsgate owed $3,400 to the authorities, and during the period he has paid $2,600 to them. What is the amount due to the tax authorities at the end of the month? %24

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
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A summary of the transactions of Ramsgate, who is registered for sales tax at 17.5%, shows
the following for the month of August 20X9.
Outputs $60,000 (exclusive of tax)
Inputs $40,286 (inclusive of tax)
At the beginning of the period Ramsgate owed $3,400 to the authorities, and during the
period he has paid $2,600 to them.
What is the amount due to the tax authorities at the end of the month?
$
%24
Transcribed Image Text:A summary of the transactions of Ramsgate, who is registered for sales tax at 17.5%, shows the following for the month of August 20X9. Outputs $60,000 (exclusive of tax) Inputs $40,286 (inclusive of tax) At the beginning of the period Ramsgate owed $3,400 to the authorities, and during the period he has paid $2,600 to them. What is the amount due to the tax authorities at the end of the month? $ %24
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