How much tax would be paid by darcy

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Question 1: During a taxation period, Darcy Wholesalers purchased merchandise for $223000. Merchandise sales during this period totaled $417000 and the cost of the merchandise sold was 260000. Ignoring all other costs incurred by Darcy and assuming a rate of 5 percent, how much tax would be paid by Darcy under an account-based VAT system (net tax owing)?

Reference no: EM132858971

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