ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the Caribbean. The business
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Question:
ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the Caribbean. The business is VAT registered with tax authorities in St. Lucia. The company has recorded the following transactions in January 2020:
- Sales to local customers - $1,300,000 (VAT inclusive)
- Sales to local customers - $1,000,000 (VAT exclusive)
- Sales to customers located abroad - $700,000
- Purchases $750,000 (VAT inclusive)
- Purchases $500,000 (VAT exclusive)
- Imports of $75,000 inclusive of $15,000 VAT
Calculate the VAT payable/refundable for January 2020?
Related Book For
Managerial Accounting
ISBN: 978-1259024900
9th canadian edition
Authors: Ray Garrison, Theresa Libby, Alan Webb
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