Jan 19, 2012 · You have to define a separate tax on sales/purchases code for each country in which one of your company codes is located. Each code contains one or more tax rates for the different tax types. If you have to report tax-exempt or non-taxable sales to the tax authorities, you need to define a tax rate with the value 0. The five components of the income statement are sales (or revenue), cost of goods sold, gross profit, operating expenses, and net income or loss. Many small businesses choose to create income statements on a monthly basis to find patterns in profits and expenditures. Python Snippet Stackoverflow Question Calculates subtotal and total of 5 purchase items with sales tax of 6%. # CIS 122 # Ch.2 Program Ex 4: Calculating Total Purchase.Calculate the VAT content of a number, which is inclusive of VAT. Calculate VAT Backwards. Calculate the VAT element of a price. Calculate VAT from the total price of a product or service which includes VAT. Take 20% off a price or any number. Add or subtract VAT from a number. Calculate sales tax backwards. Show how to work out VAT content at 20%