John buys the product in the store and pays 100 euros for it. This amount includes both
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Question:
John buys the product in the store and pays €100 euros for it. This amount includes both the value of the goods and VAT. Assume a VAT of 12%.
How much VAT did John pay?
Describe the ability-to-pay principle.
Describe the difference between the sales tax and value added tax.
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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