An amount of R8 550 is VAT inclusive at 15%. What is the VAT portion from this amount? Select one:a.R1 282,50b.R1 050,00c.R7 500,00d.R1 197,00e.R1 115,22

Question

An amount of R8 550 is VAT inclusive at 15%. What is the VAT portion from this amount? Select one:a.R1 282,50b.R1 050,00c.R7 500,00d.R1 197,00e.R1 115,22
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Solution 1

To calculate the VAT portion from the total amount, you need to use the formula:

VAT = Total Amount / (1 + VAT rate)

Here, the total amount is R8 550 and the VAT rate is 15% or 0.15.

So,

VAT = R8 550 / (1 + 0.15) VAT = R8 550 / 1.15 VAT = R7 434.78

This is the amount before VAT was added. To f Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob

Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

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