Using the information given on the invoice extract below complete the three blank spaces. | | € | |--------------------|---------| | Total (excluding VAT) | 27,000 | | Trade discount (10%) | 2,700 | | Subtotal | | | VAT (23%) | | | Total (Including VAT) | |

Photo AI

Using the information given on the invoice extract below complete the three blank spaces - Junior Cycle Business Studies - Question 4 - 2019

Question 4

Using the information given on the invoice extract below complete the three blank spaces. | | € | |--------------------|---------| | Total ... show full transcript

Worked Solution & Example Answer:Using the information given on the invoice extract below complete the three blank spaces - Junior Cycle Business Studies - Question 4 - 2019

Step 1

Calculate Subtotal

96%

114 rated

Answer

To calculate the subtotal after applying the trade discount, subtract the trade discount from the total excluding VAT:

Subtotal = Total \, (excluding \, VAT) - Trade \, discount

Substituting the values:

Subtotal = 27,000 - 2,700 = 24,300

Step 2

Calculate VAT

99%

104 rated

Answer

To calculate the VAT, apply the VAT rate of 23% to the subtotal:

VAT = Subtotal \times \left(\frac{23}{100}\right)

Substituting the value of the subtotal:

VAT = 24,300 \times 0.23 = 5,589

Step 3

Calculate Total Including VAT

96%

101 rated

Answer

To find the total including VAT, add the VAT amount to the subtotal:

Total (Including \, VAT) = Subtotal + VAT

Substituting the values:

Total (Including \, VAT) = 24,300 + 5,589 = 29,889

Join the Junior Cycle students using SimpleStudy...

97% of Students

Report Improved Results

98% of Students

Recommend to friends

100,000+

Students Supported

1 Million+

Questions answered

;