he City of Philadelphia has imposed a tax on sugar sweetened soda. Who would pay all or most of that tax, producers or consumers? Explain in detail.
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The City of Philadelphia has imposed a tax on sugar sweetened soda. Who would pay all or most of that tax, producers or consumers? Explain in detail.
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- In the United States, each state government can impose its own excise tax on the sale of cigarettes. Suppose that in the state of North Texarkana, the state government imposes a tax of $2.00 per pack sold within the state. In contrast, the neighboring state of South Texarkana imposes no excise tax on cigarettes. Assume that in both states the pre-tax price of a pack of cigarettes is $2.00. Assume that the total cost to a resident of North Texarkana to smuggle a pack of cigarettes from South Texarkana is $3.50 per pack. (This includes the cost of time, gasoline, and so on.) Assume that the tax is levied on the supplier. Part b. first option (Yes or No), 2nd option (higher or Lower).Like all retailers, Hollister is required to collect sales tax to be remitted to state and local government authorities. Assume a local store has cash proceeds from sales of $5,325, including $325 in sales tax. What is the sales tax rate? Provide the journal entry to record the proceeds.TireCo is a retail store in a state that imposes a 6 percentsales tax. Would you expect to find sales tax expense andsales tax payable in TireCo’s financial statements? Explain.
- Yesterday Estate Jewelers had total sales, including sales tax, of $16,502.50. The store is located in a state that has a sales tax of . the accountant for the 6 3/4% store , calculate : the anount of sales revenue and the amount of sales tax that must be sent to the state department of revenueCrazy Eddie Incorporated manufactures baseball caps and distributes them across the northeastern United States. The firm is incorporated and headquartered in New York and sells to customers in Connecticut, Delaware, Massachusetts, New Jersey, New York, Ohio, and Pennsylvania. It has sales reps only where discussed in the scenarios below. Determine whether Crazy Eddie has sales tax nexus in each of the following states, assuming these states have adopted the same thresholds in Wayfair: Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for correct answers and double click the box with the question mark to empty the box for wrong answers. Any boxes left with a question mark will be automatically graded as incorrect. Crazy Eddie has salespeople who visit New Jersey. They follow procedures that comply with Public Law 86-272 by sending orders to New York for acceptance. The goods are shipped to New Jersey by FedEx. Crazy Eddie…Melanie operates Mel's Bakery in Foxboro, Massachusetts, and has retail stores in Connecticut, Maine, Massachusetts, New Hampshire, and Rhode Island. Mel's Bakery also ships specialty breads nationwide upon request. Determine Mel's Bakery's sales tax collection responsibility and calculate the sales tax liability for Massachusetts, Connecticut, Maine, New Hampshire, Rhode Island, and Texas, based on the following information: Note: Leave no answer blank. Enter zero if applicable. Required: The Massachusetts stores have $620,000 in sales. Massachusetts's sales tax rate is 5 percent; assume it exempts food items. The Connecticut retail stores have $496,000 in sales ($360,000 from in-store sales and $136,000 from catering) and $22,000 in delivery charges for catering activities. Connecticut sales tax is 6 percent and excludes food products but taxes prepared meals (catering). Connecticut also imposes sales tax on delivery charges on taxable sales. Mel's Bakery's Maine retail store has…
- You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%, and your city has an additional sales tax of 1.5%. Each quarter you are responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue, including sales tax, of $705,250. (a)How much of this revenue was sales (in $) and how much was sales tax (in $)? (b)How much sales tax (in $) should be sent to the city? (c)How much sales tax (in $) should be sent to the state?As a retailer, Zertan Corporation sells software programs manufactured and packaged by other parties. Zertan also purchases computer parts, assembles them as specified by customers in purchase orders, and sells them as operating stand-alone computers. All of Zertan's operations take place in State F, which levies a 9% sales tax. Results for the current year are as follows: a) What is Zertan's own sales tax expense for the year? __________ b) How much State F sa;es tax must Zertan collect and pay to the state on behalf of other taxpayers subject to the tax? ___________You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%, and your city has an additional sales tax of 1.5%. Each quarter you are responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue, including sales tax, of $813,750. (a) How much of this revenue was sales (in $) and how much was sales tax (in $)? sales $sales tax $ (b) How much sales tax (in $) should be sent to the city? $ (c) How much sales tax (in $) should be sent to the state? $
- You are the owner of Cache, a chain of women’s clothing boutiques. Your state has a sales tax of 5% and your city has an additional sales tax of 1.5%. Each quarter you’re responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue including sales tax of $266,250.  A- how much revenue was sales in dollars, and how much is sales tax in dollars? B-how much sales tax in dollar should be sent to the city? C- how much sales tax and dollars should be sent to the state? In order to raise revenue for the repair and maintenance of the newly constructed City Hill of Valenzuela, the City Mayor ordered the collection of P1.00 "escalator tax" every time a person rides any of the high tech escalators in the City Hall during the hours of 7:30 am to 9:30 am and 4:00 pm to 6:00 pm. What is the status of the escalator tax? Answer?A general state sales tax of 8% assessed on all purchases would be an example of a ___________________ income tax.
