a. The following were extracted from the books of Edum Republic for the year ended 31/12/2021:
|
$ |
|
| Receipts from oil and gas |
522,500,000 |
| Import duties |
250,000,000 |
| Export duties |
180,500,000 |
|
Receipts from agriculture |
60,000,000 |
| Permit and license fees |
92,000,000 |
| Personal and other income taxes |
230,500,000 |
| Miscellaneous income |
100,500,000 |
Additional information:
(i) The country is structured into six(6) Regions/States A, B, C, D, E, F
(ii) The population of each of the Regions/States are:
A: 400,000 B: 350,000 C: 250,000
D: 100,000 E: 300,000 F: 200,000
(iii) Revenue is shared 30% to the Federal/Central government, 10% to education trust fund 60% to be shared by the Regions/States on the basis of population.
You are required to compute:
The total revenue for the country for the year 2021
b. The following were extracted from the books of Edum Republic for the year ended 31/12/2021:
|
$ |
|
| Receipts from oil and gas |
522,500,000 |
| Import duties |
250,000,000 |
| Export duties |
180,500,000 |
|
Receipts from agriculture |
60,000,000 |
| Permit and license fees |
92,000,000 |
| Personal and other income taxes |
230,500,000 |
| Miscellaneous income |
100,500,000 |
Additional information:
(i) The country is structured into six(6) Regions/States A, B, C, D, E, F
(ii) The population of each of the Regions/States are:
A: 400,000 B: 350,000 C: 250,000
D: 100,000 E: 300,000 F: 200,000
(iii) Revenue is shared 30% to the Federal/Central government, 10% to education trust fund 60% to be shared by the Regions/States on the basis of population.
You are required to compute:
Revenue for the Federal/Central government for the year 2021
c. The following were extracted from the books of Edum Republic for the year ended 31/12/2021:
|
$ |
|
| Receipts from oil and gas |
522,500,000 |
| Import duties |
250,000,000 |
| Export duties |
180,500,000 |
|
Receipts from agriculture |
60,000,000 |
| Permit and license fees |
92,000,000 |
| Personal and other income taxes |
230,500,000 |
| Miscellaneous income |
100,500,000 |
Additional information:
(i) The country is structured into six(6) Regions/States A, B, C, D, E, F
(ii) The population of each of the Regions/States are:
A: 400,000 B: 350,000 C: 250,000
D: 100,000 E: 300,000 F: 200,000
(iii) Revenue is shared 30% to the Federal/Central government, 10% to education trust fund 60% to be shared by the Regions/States on the basis of population.
You are required to compute:
Revenue for the Regions/State collectively and individually for the year 2021.
Explanation
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