Galaxy Wholesalers purchased inventory from a local manufacturer for $25,000.Galaxy marked up the price by 35% and sold the inventory to ABC Retailers.ABC marked up the inventory by a further 45% and sold the products to its customers.(Pre-GST costs are used to calculate the marked up prices.)
Required:
Calculate how much GST was remitted by:
A)Galaxy Wholesalers
B)ABC Retailers
(Round all amounts to zero decimal places.)
Correct Answer:
Verified
Q2: Sam began a small seasonal business in
Q3: Jordan was required to pay her own
Q4: With respect to GST/HST,supplies fall under different
Q4: Green Co. earned $20,000 in revenue and
Q5: With respect to GST/HST,supplies fall under different
Q5: Blue Co. earned $80,000 in revenue and
Q7: The Little Company (TLC),located in British Columbia,provided
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents