ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The business is VAT registered with tax authorities in Trinidad. The company has recorded the following transactions in February 2022: - Sales to local customers - $1,300,000 (VAT inclusive) - Sales to local customers - $1,000,00 (VAT exclusive) - Sales to customers located aboard - $700,000 - Purchases $750,000 (VAT inclusive) - Purchases $500,000 (VAT exclusive) - Imports of $75,000 inclusive of J$15,000 VAT Calculate the GCT payable/refundable for February 2022?
ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The business is VAT registered with tax authorities in Trinidad. The company has recorded the following transactions in February 2022: - Sales to local customers - $1,300,000 (VAT inclusive) - Sales to local customers - $1,000,00 (VAT exclusive) - Sales to customers located aboard - $700,000 - Purchases $750,000 (VAT inclusive) - Purchases $500,000 (VAT exclusive) - Imports of $75,000 inclusive of J$15,000 VAT Calculate the GCT payable/refundable for February 2022?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The
business is VAT registered with tax authorities in Trinidad.
The company has recorded the following transactions in February 2022:
- Sales to local customers - $1,300,000 (VAT inclusive)
- Sales to local customers - $1,000,00 (VAT exclusive)
- Sales to customers located aboard - $700,000
- Purchases $750,000 (VAT inclusive)
- Purchases $500,000 (VAT exclusive)
- Imports of $75,000 inclusive of J$15,000 VAT
Calculate the GCT payable/refundable for February 2022?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education