Loudoun Trucking purchases 4,750 truck tires. The federal excise tax is $0.13 per tire. Find the amount (in $) of the excise tax for this transaction.

Q: Mike purchases a bicycle costing $156.90 State taxes are 5% and local sales taxes are 3%. The store…

A: Purchase: It implies to the process of buying or acquiring any product, material, or service by the…

Q: Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 6…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: 1,300,000 and gross receipts from cargo truck is P 1,200,000. SAN JOSE is a non-VAT registered tax…

A: Tax refers to the mandatory charge levied by the government over the earnings gained by an entity.

Q: Calculate the a) total tax rate, and b) sales tax. 1. Item Clothing Cell Phone MP3 Player Computer…

A: A tax that is paid to an authority for the sale of goods and services is known as a sales tax.…

Q: Sneasler Company appropriately withholds 9.75% on all of its sales transactions. During the period,…

A: Journal entry is the primary reporting of the business transactions in the books of accounts. These…

Q: 10. Loudoun Trucking purchases 4,750 truck tires. The federal excise tax is $0.13 per tire. Find the…

A: Introduction:- Federal excise tax is charged or imposed on the sale of things. Which is charged on…

Q: Monroe county levies a tax on the value of real property located within the county. The tax equals 3…

A: Income tax is based on income. Suppose a person has salary income, capital gain income, house rent…

Q: To support herself while attending school, Daun Deloch sold stereo systems to other students. During…

A: Income Statement -An income Statement is a financial statement that includes Revenue earned and…

Q: Stork Enterprises delivers care packages for special occasions. They charge $50 for a small package,…

A: The sales tax is a type of indirect tax.  The seller…

Q: Compute the gross income

A: sales = 336000 assume VAT @12% VAT = 336000*12%/112% = 36000

Q: Headland Company sells goods to Sage Company during 2017. It offers Sage the following rebates based…

A: Revenue = Gross sales price - Rebate

Q: Pronghorn Delights is a corporation that sells breakfast cereal. Based on the accounts listed below,…

A: Receivables are the claims against others (usually customers) for money, goods, or…

Q: A supplier imported goods and then sold them to a distributor for a value of 920,000 riyals…

A: VAT is a value added tax. Tax is charged on the value added amount. Given in the question: Supplier…

Q: Marquez purchases eight spark plugs at $1.65 each, six cans of oil at $1.49 per can, an oil filter…

A: Answer: We have sales tax is given as 7%, to calculate selling price we have to add sales tax on the…

Q: T Corp sold tangible personal property to its customers for $500. T Corp has nexus in the state…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: As a retailer, Zertan Corporation sells software programs manufactured and packaged by other…

A: In the given case Zertan's operations take place in State F, which levies a 9% sales tax.  It must…

Q: If sales tax is charged at 15%, what will be the gross value of the sales invoice prepared by Erin?

A: $570 It is the discounted price as a seller doesn't record a trade discount in the recording of…

Q: Based on the following data, would you recommend buying or renting? Rental Costs Annual rent Buying…

A: Capital budgeting involves the evaluation of various options available for investments or projects.…

Q: Harry O'Brien operates Leather Warehouse, a leather shop that sells luggage, handbags, business…

A: In accounting, a journal entry is a record of a business transaction in a chronological order. It is…

Q: Mike purchases a bicycle costing $152.70. State taxes are 5% and local sales taxes are 2%. The store…

A: Introduction:- Purchase price includes Cost of Bicycle, Assembling Cost, State Tax and Local Sales…

Q: Entity E does not account for sales taxes separately when making sales.  The sales tax rate is 8.5%.…

A: Sales tax is charged on the basis of sales during the year. If the total amount of collection is…

Q: Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8…

A: Journal Entry :— journal entries are used to record a accounting transaction in chronological order…

Q: Mike purchases a bicycle costing $152.90. State taxes are 4% and local sales taxes are 2%. The store…

A: The total price after including taxes and other charges in the cost of a product is term as the…

Q: Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8…

A: 1Sales Tax on Books $         20,000$250,000*8%Sales Tax on Miscellaneous Items $…

Q: Calculate the vehicle deduction for 2021 Income Tax purposes when the UCC on a class 10 vehicle was…

A:

Q: Kylie Co. is a VAT-registered merchandising company. Kylie buys products from a local supplier for…

A: VAT Payable is the amount of Value added tax that is payable to the government by an individual. VAT…

Q: Deli Restaurant provides 20% discount to senior citizens. It recorded the following during the year:…

A: Deli restaurant provides discounts to senior citizens. The net revenue from senior citizens is…

Q: Nancy Regan purchased a new diamond bracelet for $12,600. The state sales tax is 6% and the federal…

A: The selling price for Bracelet is $12,600State sales tax is 6%Federal excise tax is 11%To Find:Total…

Q: Spiros purchases a Rolex watch costing $10,200. State taxes are 5.5% and the federal excise tax is…

A: Step 1:We have to calculate the sales tax on the Rolex watchCost of Rolex watch = $ 10200Sales tax =…

Q: On July 10, Kelt Company, a business located in Alberta, purchased $45,000 of inventory for resale…

A: Journal Entry It is used to record the transactions of a business in records of the business. These…

Q: Mike purchases a bicycle costing $142.80. State taxes are 6% and local sales taxes are 3%. The store…

A: Introduction: The purchase price indicates a company's entire enterprise value (EV), which includes…

Q: Calculate bi-weekly gross earnings 55 hours @ $13/hr. USE YOUR ANSWER IN 3A TO CALCULATE THE TAX FOR…

A: Calculation of Gross wages 1. Bi weekly earnings = 55 hours x $13 = $715

Q: Federal Aviation purchases 16,600 gallons of aviation fuel. The federal excise tax is $0.16 per…

A: Answer Purchase = 16,600 gallons The federal excise tax  = $0.16 per gallon.

Q: Jackson Company pays the collected sales tax of $700 to the state. The journal entry would be: O…

A: Collected sale tax = 700 For collection journal entry will be Cash a/c Dr…

Q: Instructions: Determine the company's normal, additional, and total tax.

A: The question asks us to determine the normal, additional, and total tax for XYZ Corporation. To…

Q: Joe's Grocery Store, a calendar year taxpayer, had ending inventory of $160,000 on December 31st of…

A: Above solution is based on below :Beginning Inventory xx Add: Purchases xx Total Goods Available for…

Q: S operates in a business environment with a 6% state sales tax rate and a 4% county sales tax rate.…

A: Prepare the journal entries to reflect the sales tax that will remit to the state and to the county.

Q: During the 2nd quarter of 2016 (June 2016 – August 2016) Ping-Pong Industries (located at 535 Main…

A: ST-100 It is the  Local Quarterly Sales and Use Tax Return in New York State stating total amount of…

Q: An accountant needs to withhold 18% of income for taxes if the income is below $40,000, and 21% of…

A: Data given: Withhold 18% of income for taxes if the income is below $40,000. Withhold 21% of income…

Q: Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 6…

A: Sales Tax -Sales Tax is the tax imposed by the governing authority from the sales made by the…

Q: PA2.  Stork Enterprises delivers care packages for special occasions. They charge $45 for a small…

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

Q: Mike purchases a bicycle costing $176.90. State taxes are 5% and local sales taxes are 3% the store…

A: TOTAL COSTTotal Cost is the cost  incurred to manufacturing a product.Total Cost Includes Cost of…