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
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
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 18P
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