In the quarter ended 31 March 20X2, C had sales taxable outputs, net of sales tax, of $90,000 and taxable inputs, net of sales tax, of $72,000. If the rate of sales tax is 10%, how much sales tax is due? A $1,800 receivable B $2,000 receivable C $1,800 payable D $2,000 payable
In the quarter ended 31 March 20X2, C had sales taxable outputs, net of sales tax, of $90,000 and taxable inputs, net of sales tax, of $72,000. If the rate of sales tax is 10%, how much sales tax is due? A $1,800 receivable B $2,000 receivable C $1,800 payable D $2,000 payable
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 1BCRQ
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Question
In the quarter ended 31 March 20X2, C had sales taxable outputs, net of sales tax, of $90,000 and taxable
inputs, net of sales tax, of $72,000.
If the rate of sales tax is 10%, how much sales tax is due?
A $1,800 receivable
B $2,000 receivable
C $1,800 payable
D $2,000 payable
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