For Weeks 1 and 3, across all 5 stores combined, what was the difference (in units) between Actual and Target sales volumes?
10 over target (Week 1); 10 under target (Week 3)
10 over target (Week 1); 15 under target (Week 3)
15 over target (Week 1); 10 under target (Week 3)
15 over target (Week 1); 15 under target (Week 3)
20 over target (Week 1); 10 under target (Week3)
Step 1 – Calculate the total Week 1 and Week 3 sales across the 5 Stores Week 1: 20 + 30 + 25 + 15 + 5 = 95 Week 3: 35 + 40 + 24 + 12 + 9 = 120
Step 2 - Calculate the total Week 1 and Week 3 targets across the 5 Stores Week 1: 15 + 20 + 20 + 10 + 10 = 75 Week 3: 35 + 35 + 30 + 15 + 15 = 130
Step 3 – Calculate the difference for Weeks 1 and 3 Week 1: 95 – 75 = 20 over target Week 3: 120 – 130 = 10 under target Thus the correct answer is (E) 20 over target (Week 1); 10 under target (Week 3)
Every business organization operating in Nigeria must pay V.A.T (Value Added Tax) of 17.0% on the profit they make for the product they sell or service they render. However, if your organization is registered with VISCO Tax company you will be partly exempted from paying V.A.T on your goods or services. Every business organization registered with VISCO pays a tax of 15%. Using the table below that shows income for June 2013, solve Question
How much would Annex & Co pay for V.A.T for its Durable goods income if it is not registered with VISCO Tax Company. Profit for June for Durable goods is 100,000
N 12,800
N 14,000
N 17,000
N 18,280
N 19,000
If Annex and co is not registered(V.A.T =17%) V.A.T = 17% of 100,000 = N17,000
Casper made service income without incurring any cost in service provision. If Casper is registered with VISCO Tax Company. How much V.A.T would it pay.
N 3000
N 4000
N 5000
N 5,500
N 6000
Since Casper is registered with Visco (Tax rate = 15%) V.A.T = 15% of 40,000(Since no cost is incurred) = N6,000(D)
If all three Companies was owned by ABC & Co Nig Ltd and ABC is registered with VISCO Tax Company. How much V.A.T would ABC & Co pay for its services if it made a profit of 40%
(A) N 17,250
(B) N 17,000
(C) N 6,900
(D) N 6,250
(E) N 16,000
Answer: Option C
Explanation:
Total Income = 50,000 + 25,000 + 40,000 = N115,000
Profit = 40% of 115,000 = 46,000
V.A.T = 15% of 46,000 = N6,900 (C)
Bisco Solutions is not registered with VISCO Tax Company and it made a profit that is half its perishable income. How much V.A.T would Bisco pay for its perishable goods.
N 15,000
N 15,300
N 15,500
N 16,000
Profit = Half of Bisco Solution’s Income = ½ of 180,000 = ½ x 180,000 = N90,000
V.A.T = 17% of 90,000 (We use 17% because Bisco is not registered with VISCO Tax) = N15,300 (C)
