Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Rustico owns a small eatery near a trimobile parking area. Its annual gross receipts range from 400,000 to 450,000. In January, the gross receipts amounted

Rustico owns a small eatery near a trimobile parking area. Its annual gross receipts range

from 400,000 to 450,000. In January, the gross receipts amounted to 27,500 while

purchases of goods subject to VAT is 6,000 and not subject to VAT, 13,000. Compute

the percentage due for the month if Rustico is not a VAT registered taxpayer.

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

Strategic Managerial Accounting: Hospitality, Tourism & Events Applications

Authors: Tracy Jones, Helen Atkinson, Angela Lorenz, Peter Harris

6th Edition

9781908999023, 978-1908999016

More Books

Students also viewed these Accounting questions

Question

Do not come to the conclusion too quickly

Answered: 1 week ago

Question

Engage everyone in the dialogue

Answered: 1 week ago