Alfred is registered for sales tax. He makes sales of $25,000 including sales tax and purchases goods for $7,000 excluding sales tax. The opening balance on the sales tax account was $500 credit. Sales tax is 20%.What is the closing balance on the sales tax account?
A: $3,600
B: $3,000
C: $2,267
D: $3,267
A: $3,600
B: $3,000
C: $2,267
D: $3,267
举一反三
- A business is registered for sales tax. The sales tax rate is 20%.Sales (including sales tax) for the period are $37,200 and purchases (excluding sales tax) are $19,600.What is the balance on the sales tax control account? A: $3,920 B: $6,200 C: $3,760 D: $2,280
- Some states have sales tax in (add) ______ to income tax.
- Alana is not registered for sales tax purpose. She has recently received an invoice for goods for resale which cost $500 before sales tax, which is levied at 15%. The total value was therefore $575. What is the correct entry to be made in Alana's general ledger in respect of the invoice? A: Dr Purchases $500, Dr Sales tax $75, Cr Payables $575 B: Dr Purchases $575, Cr Sales tax $75, Cr Payables $500 C: Dr Purchases $500, Cr Payables $500 D: Dr Purchases $575, Cr Payables $575
- A business sells goods to a customer for a list price of $17,000 excluding sales tax. The customer negotiates a 5% trade discount. Sales tax is 20%.How much does the customer owe the business? A: $19,380 B: $16,150 C: $19,550 D: $20,400
- which of the followings is not taxe on income? A: Capital gains tax B: Corporation tax C: Social security contributions D: Sales tax