Compute the value-added tax paid by Smoky Corp., Cloudy Corp., and Thunder Co., the VAT shouldered...
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Compute the value-added tax paid by Smoky Corp., Cloudy Corp., and Thunder Co., the VAT shouldered by Lionel. The Smoky Corporation, a VAT-registered company, imported goods worth 900,000 paying thereon the corresponding tax. The Smoky Corp. sold the goods at 25% mark-up to the Cloudy Corporation, a wholesaler, the latter paying a total of (_____), including the VAT. Cloudy Corp., in turn disposed the goods at 30% mark-up to Thunder Co., a retailer, which paid a total of) including the VAT. Finally, the goods were sold to Lionel, the ultimate consumer at 25% mark-up. Compute the value-added tax paid by Smoky Corp., Cloudy Corp., and Thunder Co., the VAT shouldered by Lionel. The Smoky Corporation, a VAT-registered company, imported goods worth 900,000 paying thereon the corresponding tax. The Smoky Corp. sold the goods at 25% mark-up to the Cloudy Corporation, a wholesaler, the latter paying a total of (_____), including the VAT. Cloudy Corp., in turn disposed the goods at 30% mark-up to Thunder Co., a retailer, which paid a total of) including the VAT. Finally, the goods were sold to Lionel, the ultimate consumer at 25% mark-up.
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To calculate the total amounts paid by Cloudy Corporation and Thunder Co we need to consider the val... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
Posted Date:
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