The following data are taken from the books of a dealer in securities: Selling price, shares held as inventory 3,000,000, Selling price, shares held as investment 2,000,000, Acquisition cost, shares held as inventory 1,000,000, Acquisition cost, shares held as investment 1,500,000, Other Income, shares held as inventory 200,000. How much is the output tax using 12% rate?

The following data are taken from the books of a dealer in securities: Selling price, shares held as inventory 3,000,000, Selling price, shares held as investment 2,000,000, Acquisition cost, shares held as inventory 1,000,000, Acquisition cost, shares held as investment 1,500,000, Other Income, shares held as inventory 200,000. How much is the output tax using 12% rate?

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 1PEA

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