An invoice of OMR 15000 with the terms 6/10, 3/15, n/30 is dated on June 15. The
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Question:
- A retailer buys an article from the wholesaler at OMR 80 and the wholesaler charges a sales tax at the prescribed rate of 8%. The retailer fixes the price at OMR 100 and charges sales tax at the same rate. Apply VAT system of sales tax calculation to answer the following. (3 Marks)
- What is the price that a consumer has to pay to buy the article?
- Find the input tax and output tax for the retailer.
- How much VAT does the retailer pay to the government?
Related Book For
Business Math
ISBN: 978-0133011203
10th edition
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
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