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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Sales tax
At 1 December 2012, Laurel owed sales tax to the state of $23,778.
During the month of December she had the following transactions:
-sales of $800,000 exclusive of 17.5 % sales tax
-purchase of $590,790 inclusive of 17.5% sales tax.
During December she has paid no tax to the state.
How much did Laurel owe to the state for sales tax at the end of December?
Can I see the method of calculation please?
for input sales tax why must you divide by 117.5?
