question archive 1) Genson Distribution Inc
1) Genson Distribution Inc
Subject:AccountingPrice:4.87 Bought7
1) Genson Distribution Inc., a VAT taxpayer, had the following data in a month:
Cash sales 200,000
Open account sales 500,000
Consignment:
0 to 30 days (on which there were remittances from consignees of 200,000) 600,000
31 to 59 days old 700,000
60 days old and above 900,000
How much is the output tax?
A.) ?348,000
B.) ?216,000
C.) ?264,000
D.) ?108,000
2. The financial records of Benz Corp., a VAT- registered taxpayer, for the taxable year 2016 disclosed the following:
A.) ?2,800,000
B.) ?2,300,000
C.) ?2,000,000
D.) ?1,500,000
Purchase A New Answer
Custom new solution created by our subject matter experts
GET A QUOTE
Answer Preview
Answer:
The output tax = B.) ?216,000
The total sales subject to value-added tax =A.) ?2,800,000
PFA
