10. 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
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- 3. 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. $NYFG, Inc.l has sales including sales taxes for the month of $445,200. If the sales tax rate is 6%, how much does NYFG owe for sales tax? Select one: a. $31,200 b. $26,712 c. $25,200 d. $45,200 e. $445,200There is a sales tax of 24 on an item that costs 276 before tax. A second item costs $218.50 before tax. What is the sales tax on the second item?
- Labrador Inc. sold 350 oil drums to Tesla Manufacturing for $75 each. In addition to the $75 sale price per drum, there is a $1 per drum federal tax and a 7% provincial sales tax. What journal entry should be made to record this sale? a. Debit Accounts Receivable 28,438; credit Sales Revenue 28,438. b. Debit Accounts Receivable 26,250; credit Sales Revenue 26,250. c. Debit Accounts Receivable 28,438; credit Federal Sales Taxes Payable 350; credit Provincial Sales Taxes Payable 1,838; credit Sales Revenue 26,250. d. Debit Accounts Receivable 26,250; debit Taxes Expense 2,188; credit Federal Sales Taxes Payable 350; credit Provincial Sales Taxes Payable 1,838; credit Sales Revenue 26,250.A seller of goods had the following details of sales and collection during the month: Receivables, beginning P 200,000.00 Gross sales 400,000.00 Less: Collection 500,000.00 Receivables, end P 100,000.00 1. What is the amount subject to business tax? a. P500,000 b. P400,000 c. P300,000 d. P200,000 2. In the immediately preceding problem, determine the amount subject to business tax if the taxpayer is a seller of services. a. P500,000 b. P400,000 c. P300,000 d. P200,000E10-5A Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,010 an amount that includes an eleven percent excise tax and a four percent state sales tax. What amount of revenue is recorded? Prepare a general journal entry to record the transaction on the books of Barnes Company.
- A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not included: Sales, exports P4,000,000 Purchases from VAT taxpayersP1,200,000 How much is the value-added tax refundable?A seller of goods has the following details of sales and collection during the month: Receivables, beginning P 500,000.00 Gross sales 700,000.00 Less: Collection 450,000.00 Receivables, end P 750,000.00 1. What is the amount subject to business tax? 2. Determine the amount subject to business tax if the taxpayer is a seller of services.At the end of the first quarter, the accountant for David Fly Fishing Outfitters determines that the total sales tax payable for the quarter is $3,240.50. When the sales tax is paid to the state, the accountant debits Sales Tax Payable and credits Cash for the total amount due.
- 3 GOODS AND SERVICE TAX For the following consider whether it is a Taxable Supply, Input Taxed or GST Free. Calculate net GST payable position. Receipts $ 660,000 Sales of Motor Vehicles 35,000 Rent received on residential property 5,000 Interest on Deposits 1,100,000 Sale of commercial building 6,600 Employee contribution for provision of car Payments $ 330,000 Motor Vehicles purchased 10,500 Maintenance cost on the residential apartments 150,000 Salary paid to employees 1,500 Rates 400 Water bill 55,000 Repairs to motor vehicles please provide the sectin under which the calculation are made and also case law example if applicable,27- A retailer sells a mobile phone to the customer at RO 60. He paid a VAT of 2 RO. If the tax charged is 10%, calculate the price at which the wholesaler sells to retailer. a. 56 RO b. 44 RO c. 66 RO d. 40 RODuring December, Far West Services makes a $3,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable.