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. $445,200

Q: Jurisdiction Z levies an excise tax on retail purchases of jewelry and watches. The tax equals 3…

A: Taxes can be defined as a mandatory contribution to a state's or country's revenue levied by…

Q: On 7/1, the beginning balance in sales tax payable is a $50,000 credit. On 7/15, a $45,000 cash…

A: Liability means the amount which is to be paid to an outsider . When any liability is paid in cash ,…

Q: n a certain country, electricity charges are calculated based on a the following table: Fixed charge…

A: Total charges will be sum of fixed charge and variable cost Fixed charge given in question = $ 4…

Q: In July 20X2, a company sold goods at standard sales tax rate with a net value of $200,000, goods…

A: Computation of Output tax is as follows: Output tax =$200000 ×15%=$30000 Computation of Input tax is…

Q: Bente Company, which pays a 10% commission to its salespeople, reported sales revenues of P210,000…

A: Variable cost: Variable cost is the cost that will change according to the sales. If the sales…

Q: At the end of March, account balances are: 190 Def. VAT: 20.000 TL. 191 Ded. VAT: 30.000 TL, 391…

A: Tax Payable:- It is the payment which one made on the income earned within the country or from…

Q: 2. Using the following Income Tax data, and given that your annual income is $ 85,000: a) Calculate…

A: ''Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not…

A: VAT refundable states that the taxpayer has paid in excess amount of money during the tax period as…

Q: At the end of March, account balances are: 190 Def. VAT: 20.000 TL. 191 Ded. VAT: 30.000 TL, 391…

A: VAT:-VAT stands for Value-added tax. It is considered as the consumption tax that is placed on a…

Q: urisdiction Z levies an excise tax on retail purchases of jewelry and watches. The tax equals 3…

A: Verticallly  equitable means  the collection of taxe increase with the increase of amount of earned…

Q: You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%,…

A: Let, Sales Revenue = X Sales tax for City = 0.015X. Sales tax for State = 0.07X. Then, X + 0.015X +…

Q: on-VAT business reported the following: Sales P2,500,000 Cost of Sales P1,000,000 Purchases,…

A: There are taxes on business there are taxes on the profit earned by business and these taxes are…

Q: Sales (including sales tax) amounted to $27,612.50, and purchases (excluding sales tax) amounted to…

A: We have the following information: Sales (including sales tax) amounted to $27,612.50 Purchases…

Q: Calculate the total purchase price: Given: retail price $30,000; Sales tax 7%; Excise tax 10% Total…

A: Purchase price includes retail price and all taxes. First compute the sales tax and excise tax and…

Q: A VAT-taxpayer made the following sales during the year: Domestic Sales     P100,000 Export Sales…

A: From manufacture through the point of sale, value-added tax (VAT) is collected on a product at every…

Q: ABC Pawnshop Corp. reported the ff information in preparation of its quarterly percentage tax…

A: Income Tax - Governments at the federal, state and local levels all impose a tax on the gross income…

Q: Use the following information for Taco Swell, Incorporated, (assume the tax rate is 24 percent):…

A: Cash flow statement is a cash flow statement which shows all cash inflows and cash outflows that are…

Q: Blossom's Salon has total receipts for the month of $Unresolved including sales taxes. If the sales…

A: Sales  for the month = Total sales / ( 1 + Sales tax rate ) * 100

Q: * 00 Oakdale Fashions, Inc. had $245,000 in 2018 taxable income. Using the tax schedule in Table 23…

A: Tax till $100,000 $22,250 $100,001 - $245,000 $145,000 x 39% = $56,550 Income Taxes $78,800

Q: In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the…

A: Net pay: It can be defined as the amount that is being received by the employees for taking home. It…

Q: A sales tax registered business in its first period of trading charges $8,000 of sales tax on its…

A: A sales tax is a tax paid to a government (whether State of Central Government) for the sale of…

Q: 1. What is the tax due and payable amount in fiscal year 20x1?   Fiscal year June 20, 20x1 (5th…

A: Tax is the amount that needs to be paid by the business and other taxpayers from their income…

Q: Elegant Electronics sells a cellular phone on September 2 for $374. On September 6, Elegant sells…

A: Taxes are the amount of dues that needs to be paid by individual or business to the government. This…

Q: In January, gross earnings in Bonita Company were $106,000. The 7.65% FICA tax rate consists of the…

A: Formula: Net Pay = Gross pay - all deductions. Deductions are carried out from gross pay derives the…

Q: Dakdale Fashions, Inc. had $245,000 in 2018 taxable income. Using the tax schedule in Table 23 to…

A: Calculation of taxes as per Corporation Tax table 2018                        Upto $ 100000= $ 22250…

Q: Last year Diana's annual income was $31,305. Use the following Income Tax relationship to calculate…

A: Income tax is the tax imposed by the tax authority on the income of individual and other income…

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

A: Solution: 1)Calculation of the total amount of sales tax Vail Book Mart collected and paid for the…

Q: Posner Co. is a retail store operating in a state with a 7% retail sales tax. Posner made credit…

A: Sales Tax:- It is a tax which sellers pay to the government at the rate prescribed in law for the…

Q: Koop Company has total proceeds (before segregation of sales taxes) from sales of $9,540. If the…

A: Solution:- Amount to be credited to sales revenue as follows under:-

Q: What is the amount subject to business tax? 2 points Jackpruit, a seller of goods, had the following…

A: Bussiness taxable income is simply the net income earned during the taxable period i.e.  taxable…

Q: Dillons Corporation made credit sales of S30,000 which are subject to 6% sales tax The corporation…

A: Given information is: Cash sales amount = $20670 Sales tax = 6%

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

A: The amount of excise tax can be calculated  Excise tax =Number of truck tires purchased× Federal…

Q: Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,010 an amount…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: EBIT is $12,000 and interest expense is $3,000. If the tax rate is 20%, what is the net income? O…

A: EBIT = $12000 Interest expenses = $3000 Tax rate = 20%

Q: 2.Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $51,889. The…

A: a) Sales Revenue  Given, Sales are inclusive of Sales Tax of 7.5% So, Sales are 100% and Sales tax…

Q: Sly's Salon has total receipts for the month of $9,275 including sales taxes. If the sales tax rate…

A: Sales taxes are the amount of indirect taxes that are imposed on sale of goods and services.

Q: Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 7…

A: The net income or loss is calculated as difference between sales and total expenses.

Q: pany, based in the Midwest, requires an 8.000% after tax rate of return. The state tax rate is 5%…

A: The taxes are to be paid on return you earned so before tax return and after tax return are two…

Q: Matrix Corporation estimated at the beginning of 20-- that its income tax for the year would be…

A: Income tax for the year = $ 140,000   1) Calculation of Income tax payment per quarter…

Q: . Suppose the gross sales of Lukah’s Coffee Shop for the month of April is Php 50,000. How much is…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Assume the Value Added Tax (VAT) rate is 5% in Oman. Nizwa Electronics Showroom purchased goods…

A: VAT:The full form of VAT is a value-added tax. It is an indirect tax imposed on goods and services…

Q: Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 7…

A: Sales tax is the payment that seller collects from its customers and then pay to government at the…

Q: 16. WASHY PALE Co. has the following information on December 31, 20x1: - Cost of sales is P260,000.…

A: Net profit is the total income earned by the company during an accounting year after deducting all…

Q: Windsor's Boutique has total receipts for the month of $27510 including sales taxes. If the sales…

A: Let Sale value is 100 and receipt value is 100 + 5  i.e 105 (inclusive of tax rate)

Q: Use the information for the next four (4) questions. Lalala Company has an agreement to pay the…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: EBIT is $12,000 and interest expense is $3,000. If the tax rate is 20%, what is the net income? O…

A: Income taxes is the amount of taxes which needs to be paid by the individual or business to the…

Q: A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not…

A: In the Philippines, the Value-added Tax Rate is 12%. The Export sale is a Zero rated tax supply. The…