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An organization has recorded the following profit and expenses: Profit before interest and tax $200,000 Sales $2,300,000 Purchases of materials $700,000 Interest expenses $30,000 If
An organization has recorded the following profit and expenses: Profit before interest and tax $200,000 Sales $2,300,000 Purchases of materials $700,000 Interest expenses $30,000 If the value-added tax (VAT) rate is 20 percent and the corporate tax rate is 30 percent, which of the following is the amount of VAT that the organization has to pay? A . $34,000 B . $51,000 C . $60,000 D . $320,000
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