Erin is registered for sales tax. During May, she sold goods with a list price of $600, excluding sales tax, to Kyle on credit. As Kyle was buying a large quantity of goods, Erin deducted trade discount of 5% of the normal list price. If sales tax is charged at 15%, what will be the gross value of the sales invoice prepared by Erin?

Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…

A: First loss = 2011 Second loss = 1404 Third loss = 2812 Straight deductible = 384, which is the…

Q: Suzanne works in a garment factory and is paid a basic rate of $19.26 for each hour worked between…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: Jan Guerra lends $9000 to her second cousin using a 180-day 10% simple interest note that was signed…

A: The note can be long-term or short-term. The notes issues for less than a year are called short-term…

Q: Jeff Jones bought a ring for $4,000 from Zales. He must pay a 7% sales tax and 10% excise tax. Since…

A: A price that includes taxes and other relevant charges to possess a particular asset is term as the…

Q: In the third quarter of 2017, a taxpayer engaged in the sale of services whose annual gross receipts…

A: The answer is stated below:

Q: May Yaman is engaged in a VAT-business and a non-VAT business.  Her records show the following data,…

A: Value Added Tax Value added Tax  is the tax system which was imposed by the government authority to…

Q: Lauren is paid a 6% commission on total sales she sold 2 houses this week for $285,900 and $320,700…

A: FICA taxes means taxes payable under Federal Insurance Contributions Act. The rate of tax is 6.2%…

Q: On January 1, 2009, Karina owed $11,981 to her friend Gregory, who was kind enough not to charge…

A: The question relates to a loan with 0% interest rate. In this case it is only the principal amount…

Q: Kalen O'Brien earned $730 this week. The deductions from her pay were as follows: FIT $66.00…

A: a.

Q: Random Company requires their employees to travel for work using their own vehicles. The Company…

A: As per IRS rules maximum allowable deduction per kilometer for business is 57.5 cents or 0.575.…

Q: Yousuf a retailer sells a product whose listed price is RO 80,000 and charges sales tax on it at the…

A: Mohammed  brought the article price: = 80000 x 7%  = 5600 And 70 paid as VAT. = 5600 - 70 = 5530.…

Q: When Lowes Home Improvements sells a new $223 air compressor to a customer, the sale is subDject to…

A: 223

Q: On January 1, 2009, Landon owed $7,926 to his friend Wendy, who was kind enough not to charge Landon…

A: Since no interest is charged on the borrowed amount, the difference in the amount on January 1, 2017…

Q: ASLEY  is in the business of purchasing accounts receivable from businesses at a discount and then…

A: Accounts receivable represents the revenue earned by the company but money for the same has not been…

Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…

A: Vehicle insurance  protects drivers and passengers in automobiles, trucks, motorcycles, and other…

Q: Lauren is paid a 6% commission on total sales she sold 2 houses this week for $285,900 and $320,700…

A: Lauren will be required to Pay Self Employment Tax as Net Earnings from Employment exceeds $400.…

Q: Kalen O’Brien earned $730 this week. The deductions from her pay were as follows: FIT FICA—OASDI…

A: Disposable earnings refers to the amount of income remained at an individual after deducting all the…

Q: Eric is registered for sales tax. During October, he sold goods with a tax exclusive price of $800…

A: We have the following information: Sold goods to Kevin on credit (tax exclusive price): $800 Trade…

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: Christine is a full-time fourth-grade teacher at Vireo Academy. During the current year, she spends…

A: Solution:-a The following are the income tax consequence of the $1,400 if Christine choose the…

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: Which of the following is wrong?    A person required to register as VAT taxpayer but failed to…

A: value added tax is such a consumption types that is levid on goods and services at the each stage of…

Q: Callie has a small catering business. She provides services only in Quebec and is registered to GST…

A: Net GST and QST will be Calculated as follows: Particulars GST QST Output (On sales) XXX XXX…

Q: Lola Tini, 63 years old, was treated by her grandchildren Alden, Allen, and Ellen to Max's…

A: As per the provision given in Republic Act No 9994, Expanded Senior Citizens Act of 2010 or the…

Q: Service Tax is an indirect tax paid by a service receiver to the government on or before 5th day of…

A: Service tax: It is the sales tax charged on the services. The levy of service tax depends upon…

Q: Determine the following: 1. What is the applicable business tax for the taxpayer? 2. How much is the…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Deja owns a photo printing business and wants to purchase a new state-of-the-art photo printer that…

A: Promissory note (PN) is one of the source to arrange the funds for short period and it can be…

Q: As the owner of a copy and print shop, you must collect 6 ½ % of the amount of each sale for sales…

A: Sale = 48,680 Sales tax rate = 6.50%

Q: What is the applicable business tax for the taxpayer?…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: ster has a small store. For the current month, she purchased merchandise costing 75000 for which she…

A: Part a: The cost of sales includes the purchasing cost of the goods which are sold by the company.…

Q: Mike has breakfast at a local restaurant and notices the sub- total for his food and coffee is…

A: The sales tax rate can be calculated as the ratio of sales tax and the bill amount

Q: Shyam sold goods to Ram for ¥ 20,000 on 1.1.2015. On the same date Shyam drew upon Ram a bill for…

A: A bill is a type of debt instrument that is generally used by companies in exchange for cash. Bill…

Q: supervisory employee, was given 15,000 worth of groceries for personal use. Compute fringe benefit…

A: Fringe Benefits to Alexander, a Supervisory Employee is taxable @ 35% fringe benefit tax. Since he…

Q: Deja owns a photo printing business and wants to purchase a new state-of-the-art photo printer that…

A: If Deja takes 90 days same as cash and pays within 90 days then her payoff will be…

Q: Gross sales, P240,000 Purchases from VAT registered suppliers, P156,980 How much is the percentage…

A: Percentage tax is the amount of tax which is paid by non VAT registered suppliers. It is indirect…

Q: Deja owns a photo printing business and wants to purchase a new state-of-the-art photo printer that…

A: Statement showing Savings and Amount to be owe by Deja  Particulars…

Q: At J&J Department Store, Sam Dodson purchases a cassette tape player for 588.98 and three tapes for…

A: Calculation of Sales tax on Sam's purchases Sales tax on purchases = Total amount of purchases X…

Q: Selma operates a contractor's supply store. She maintains her books using the cash method. At the…

A: a. Selma's accrual basis gross receipts for 2021 = Cash receipts during 2021 - Cash collected from…

Q: Bob owns a collection agency. He purchases uncollected accounts receivable from other businesses at…

A:

Q: Hannah received an invoice in the mail from Carpet Country for $4235. The invoice was dated March 22…

A: Given, Hannah received an invoice in the mail from Carpet Country for $4235 Invoice was dated March…

Q: irst of the year. Adrian would like you to determine whether she should include the $10,000 on her…

A: Cheque Date: December 30, 2018 Cheque Received Dated: January 2, 2019 Issue: Whether to include the…

Q: Ryan, an agent, was able to sell Mikoy Frozen Products worth 50,000.00. Given her commission of 10%.…

A: A commission is a fee paid to a salesperson in exchange for services in facilitating or completing a…

Q: Find the employee’s social security tax, Medicare tax, and sate disability insurance deduction(1%)…

A: Given that: Joseph Flores is paid $452 per week plus a commission of 2% on all sales. Flores sold…

Q: Charlie treated his sister to lunch while visiting her in Silvergrove. Their lunch cost $4, and the…

A: Lunch cost = $ 4 Sales tax rate = 6% Sale tax amount = 4*0.06 = $ 0.24 Tip amount = 4*0.15 = $ 0.60

Q: Ms. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased…

A: The question is related Input tax. Input tax is the tax on purchases. The present VAT is 12%. Two…

Q: Last year, lana  purchased a $100,000 account receivable for $90,000. During the current year, Lucy…

A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Account…

Q: X, operates a restaurant in San Mateo. The restaurant provides delicious foods and drinks to various…

A: An optional income tax rate of 8% can be availed by the taxpayer after satisfying certain conditions…