Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ajinkya Electronic Systems, a company in India that manufacturers many different electronic products, has to purchase goods and services from a variety of suppliers (wire,

image text in transcribed

Ajinkya Electronic Systems, a company in India that manufacturers many different electronic products, has to purchase goods and services from a variety of suppliers (wire, diodes, light emitting diode (LED) displays, plastic components, etc.). The table below shows several suppliers and the value added tax (VAT) tax rates associated with each. It also shows the purchases (in $1000 units) that Ajinkya made (before tax) from each supplier in the previous accounting period. Assume Ajinkya's sales to end users were $9.2 million and Ajinkya's products carry a 13.5% value added tax (VAT). Supplier VAT Rate, % 4.0 12.5 11.5 21.3 32.6 Purchases by Ajinkya, $1,000 400 870 620 90 52 What was the total amount of VAT paid by Ajinkya to the suppliers? The total amount of VAT paid is determined to be $N

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Social Responsibility Audit A Management Tool For Survival

Authors: John W Humble

1st Edition

0900853522, 978-0900853524

More Books

Students also viewed these Accounting questions

Question

How does selection differ from recruitment ?

Answered: 1 week ago