Question
From a company's financial reports of the first quarter of 2019 we can read the following: Sales income in January NOK 1 620 000 Sales
From a company's financial reports of the first quarter of 2019 we can read the following:
Sales income in January NOK 1 620 000
Sales income in February NOK 520 000
Sales income in March NOK 600 000
Balance of the Accounts Receivable January 1, 2019 was NOK 510 000
60% of the customers purchase on credit, where average credit period is 30 days. Of the remaining customers 60% pay cash and 40% by credit card, where the credit card company deducts 3.00% commission, but transfers the rest amount the same day to the company's bank account. Under the assumption that all sales are subject to 25.00% output VAT, how much was paid by the customers in the first quarter of 2019? You may assume that all months in the first quarter of 2019 had 30 days and that the sales were distributed evenly throughout each month.
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