ACCA FA · Guided practice (Show me how)
Chapter 12: Sales Tax
Sales tax - net, gross and the tax itself
Petra runs a shop and quotes all her prices inclusive of sales tax. The rate of sales tax is 12%.
- On Monday her takings were $7,840 in total.
- On Tuesday her till printed only the tax: the sales tax included in the day's takings was $1,020.
(a) Monday
State the amount that will be recorded as sales and the output tax for Monday.
(b) Tuesday
State the sales for Tuesday and the total takings for the day.
Opening this exercise…