Your business client has booked accommodation for a staff conference in December and has asked for a G.S.T receipt for the accounts.He has booked 10 poolside double rooms at the Oasis Beach Resort in Taupo for 2 nights.The total cost comes to $4880.00 including G.S.T.How much of this is G.S.T?$_____
Q. Your business client has booked accommodation for a staff conference in December and has asked for a G.S.T receipt for the accounts.He has booked 10 poolside double rooms at the Oasis Beach Resort in Taupo for 2 nights.The total cost comes to $4880.00 including G.S.T.How much of this is G.S.T?$_____
Calculate GST Amount: In New Zealand, the current rate of GST is 15%. To find the amount of GST included in the total cost, we can use the formula: GST Amount=Total Cost−(Total Cost/(1+GST Rate)). Let's calculate the GST amount from the total cost of $4880.00.
Convert GST Rate: First, we need to express the GST rate as a decimal for the calculation. The GST rate is 15%, which as a decimal is 0.15.
Calculate Total Cost without GST: Now, we will calculate the total cost without GST by dividing the total cost by 1 plus the GST rate.Total Cost without GST = Total Cost / (1+GST Rate)Total Cost without GST = $4880.00 / (1+0.15)Total Cost without GST = $4880.00 / 1.15
Subtract Total Cost: Performing the division to find the total cost without GST.Total Cost without GST = $4880.00/1.15Total Cost without GST = $4243.48 (rounded to two decimal places)
Find GST Amount: Now, we subtract the total cost without GST from the total cost to find the GST amount.GST Amount = Total Cost - Total Cost without GSTGST Amount = $4880.00 - $4243.48
Find GST Amount: Now, we subtract the total cost without GST from the total cost to find the GST amount.GST Amount = Total Cost - Total Cost without GSTGST Amount = $4880.00 - $4243.48Performing the subtraction to find the GST amount.GST Amount = $4880.00 - $4243.48GST Amount = $636.52
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