Question
Annas business is registered for sales tax purposes. During the quarter ending 31 March 2018, she made the following sales, all of which were subject
Annas business is registered for sales tax purposes. During the quarter ending 31 March 2018, she made the following sales, all of which were subject to sales tax at 17.5%:
$10,000 excluding sales tax
$7,402 including sales tax
$6,745 excluding sales tax
$11,632 including sales tax.
She also made the following purchases all of which were subject to sales tax at 17.5%:
$15,000 excluding sales tax
$12,455 including sales tax
$11,338 including sales tax
$9,870 including sales tax.
Calculate the balance on the sales tax account as at 31 March 2018?
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