- This topic has 5 replies, 2 voices, and was last updated 5 months ago by John Moffat.
- May 20, 2020 at 7:59 am #571287tinolcia
Can anyone help me with this question:
The following information relates to Eva Co’s sales tax for the month if March 20X3:
Sales (including sales tax) $ 109,250
Purchases (net of sales tax) $ 64,000
Sales tax is charged at a flat rate of 15%. Eva Co’s sales tax account showed an opening credit balance of $4,540 at the beginning of the months and a closing debit balance of $2,720 at the end of the month.
What was the total sales tax paid to regulatory authorities during the month of March 20X3?May 20, 2020 at 9:33 am #571297John MoffatKeymaster
Why are you attempting a question for which you do not have an answer? You should be using a Revision Kit from one of the ACCA approved publishers 🙂
See my previous answer to the same question:
https://opentuition.com/topic/sales-tax-51/May 20, 2020 at 2:24 pm #571330tinolcia
Question I am looking for an answer to is from BPP revision kit and I do have BPP’s answer too. However, I do not agree with that answer. For that reason I am asking the question to see if I am wrong and the BPP answer is correct? Clarification purposes. Thanks 🙂May 20, 2020 at 4:48 pm #571336John MoffatKeymaster
The BPP answer is correct at $11,910, and I explain the workings in the link I gave above.
(In the link I made a silly arithmetic mistake in my first reply, but corrected it in the next reply.)May 20, 2020 at 8:02 pm #571346tinolcia
Thank you so much Mr John. Much appreciate your help.
JustynaMay 21, 2020 at 8:04 am #571366John MoffatKeymaster
You are welcome 🙂
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