Answered: A consumer buys a Television whose…

A consumer buys a Television whose listed price is RO 380 from a shopkeeper and pays a sales tax at the rate of 10%. The shopkeeper pays a VAT of RO 3. The input tax for the shopkeeper is

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 18P

See similar textbooks

Related questions

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: Use Exhibit 18-1 to determine the sales tax (in $) and calculate the total purchase price (in $) for…

A: Sales Tax: It implies a charge that is borne or paid by the buyer of the goods & services on the…

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: A retailer purchased an item from the wholesaler for OMR 1000. If the retailer sells the same item…

A: Purchase price of retailer = OMR 1000 Sales price of retailer = OMR 1500 Tax rate = 10%

Q: A retailer sells a product at a price of 120 OMR. He purchased the same product from a wholesaler at…

A: Given, Sells Price = 120 OMR Purchase Price = 95 OMR Sales Tax = 6%

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: 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: Carol Shan bought a new Apple iPod at Best Buy for $299. The price included a 5% sales tax. What are…

A: Given information : Purchase price = $299 Sales tax rate = 5%

Q: Elsa bought some kitchen supplies from an online store. For shipping the store charges 68.65 flat…

A: Shipping charges are transportation charges that are to be paid on purchasing a product. It is…

Q: A retailer buys an article from the wholesaler at GHC 80 and the wholesaler charges a sales tax at…

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

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

A: Dear student, as per Bartleby answering guidelines we can answer only three sub-parts if a question…

Q: A shopkeeper buys an article from the wholesaler at RO 72 and pays sales tax at the rate of 10%. The…

A: A value-added tax (VAT) is a consumption tax levied on a commodity whenever it adds value at any…

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: A household appliance dealer buys refrigerators from a manufacturer and resells them to its…

A: Introduction: Cash discount: When the purchaser paid the due amount with in due period then eligible…

Q: Mr. Assad a Wholesaler buys a product from the Al Mazoon manufacturing company at RO 700 and pays…

A: NOTE : As per BARTLEBY guidelines, when multiple sub parts are given then first three sub parts are…

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: för $140.00. IS 5%. a. What is the total selling price? b.. What is the sales tax?

A: Total selling price= Selling price * {1+(sales tax rate/100)) Sales tax= Selling price * Sales tax…

Q: Erin is registered for sales tax. During May, she sold goods with a list price of $600, excluding…

A: We have the following information: sold goods with a list price of $600 excluding tax on credit…

Q: A manufacturer printed the price of his goods as BD240 per article. He allowed a discount of 20% to…

A: VAT refers to the Value Added Tax which is paid to the government by the producers and ultimately…

Q: A consumer buys an article for a listed price of 380 OMR from a shopkeeper and pays 10% sales tax.…

A: Tax collected from consumer = listed price of article x sales tax rate = 380 x 10% = 38 OMR

Q: Clinton Horvath purchases a $147.50 tool set and a tool box for $27.55. The sales tax rate is 6%.…

A: Formula: Sales tax amount = Total purchase value - original goods value

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: 9. Rolland Hendricks purchases three flashlight batteries at $.89 each and two rolls of film at…

A: Given: Purchased Flashlight batteries = $0.89×3= $2.67 2 rolls of film = $1.99×2 = $3.98 Sold 2…

Q: A motorcycle shop pays its wholesaler Php 4,500 for a certain helmet, and then sells it to a…

A: Calculate the mark-up rate by dividing the difference of selling price and unit cost by the unit…

Q: A man buys an article whose listed price is RO 380 from a shopkeeper and pays a sales tax at the…

A: The list price represents the amount charged from the buyer inclusive of specified tax rates.

Q: 5. A retailer buys an article from the wholesaler at OMR 80 and the wholesaler charges a sales tax…

A: a) Price that consumer have to pay would be- 100+8%of 100= 108. b) Input Tax: 80*8%= 6.4 Output…

Q: Lois Clark bought a ring for $6,100. She must still pay a 5% sales tax and a 10% excise tax. The…

A: Lois clark bought a ring for = $6100 In addition to this addition costs she has to incur is…

Q: Find the value added tax paid by the wholesaler and the retailer.

A: The value added tax paid by wholesaler and retailer would be the net taxes that is output tax minus…

Q: Stork Enterprises delivers care packages for special occasions. They charge $35 for a small package,…

A: Stork Enterprises delivers care packages for special occasions. They charge $35 for a small package,…

Q: Stork Enterprises delivers care packages for special occasions. They charge $55 for a small package,…

A: Requirement:-A Calculation of Total tax charged to the customer per small package as follows under:-…

Question

A consumer buys a Television whose listed price is RO 380 from a shopkeeper and pays a sales tax at the rate of 10%. The shopkeeper pays a VAT of RO 3. The input tax for the shopkeeper is

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 As per the question

VIEW

Step 2 Solution

VIEW

Step 3 Answer

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Sales Tax, Restaurant Tax and Lodging Taxes

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

A man buys an article whose listed price is RO 380 from a shopkeeper and pays a sales tax at the rate of 10%. The shopkeeper pays a VAT of RO 3. Find the input tax and the price inclusive of tax at which the shopkeeper bought the article from the wholesaler. Select one: O a. Input tax = 38, Price Paid by retailer to wholesaler = 350 O b. Input tax = 35, Price Paid by retailer to wholesaler = 385 O c. Input tax = 38, Price Paid by retailer to wholesaler = 385 O d. Input tax = 35, Price Paid by retailer to wholesaler = 350
Choose the best
A manufacturer printed the price of his goods as BD240 per article. He allowed a discount of 20% to the wholesaler who in his turn allowed a discount of 15% on the printed price to the retailer. If the prescribed rate of VAT on the goods is 5% and the retailer sells it to the consumer at the printed price. Instructions: Find the value added tax paid by the wholesaler and the retailer
A retailer purchased an item from the wholesaler for OMR 1000. If the retailer sells the same item for OMR 1500. The tax rate is 10%. How much tax the customer will pay? a. OMR 250 b. OMR 50 O c. OMR 100 O d. OMR 150
A retailer buys a product from the wholesaler at 120 OMR and wholesaler charges sales tax of 8%. The retailer fixes the price at 180 OMR to the customer at the same tax rate. How much VAT does the retailer pay to the government? O a. 24 OMR O b. 4.8 OMR 14.4 OMR O d. 9.6 OMR
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 applied a 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? %24
Mr. Assad a Wholesaler buys a product from the Al Mazoon manufacturing company at RO 700 and pays VAT at the prescribed rate of 10%. a retailer buys a product from the wholesaler at RO 800 and the wholesaler charges VAT at the prescribed rate of 10%. The retailer fixes the price at RO 1000 and charges VAT at the same rate. Mr. Yousuf buys the product from the ABC LLC. What is the price including VAT that Mr. Yousuf has to pay to buy the Product? What is input tax and output tax? Discuss Amount of output tax for the retailer and wholesaler. How much VAT does the retailer pay to the government? VAT is different from sales tax system. Explain and give reason to your answer
Mike has breakfast at a local restaurant and notices the sub- total for his food and coffee is $11.95. If the sales tax is 97¢, what is the sales tax rate ?
Carol Shan bought a new Apple iPod at Best Buy for $299. The price included a 5% sales tax. What are the sales tax and the selling price before the tax? (Round your answers to the nearest cent.)
A retailer buys a product from the wholesaler at 120 OMR and wholesaler charges sales tax of 8%. The retailer fixes the price at 180 OMR to the customer at the same tax rate. How much VAT does the retailer pay to the government? a. 4.8 OMR b. 14.4 OMR c. 24 OMR d. 9.6 OMR
Stork Enterprises delivers care packages for special occasions. They charge $35 for a small package, and $95 for a large package. The sales tax rate is 7%. During the month of May, Stork delivers 28 small packages and 41 large packages. A. What is the total tax charged to the customer per small package? What is the overall charge per small package? If required, round your answers to two decimal places. Total tax charged $_________ per small package Overall charge $_________ per small package B. What is the total tax charged to the customer per large package? What is the overall charge per large package? If required, round your answers to two decimal places. Total tax charged $__________ per large package Overall charge $__________ per large package C. How much sales tax liability does Stork Enterprises have for the month of May? If required, round your answers to two decimal places. $__________ D. What account is used to recognize this tax situation for the month of…
QUESTION 1 a.) A second dealer buys a used fridge from a non-vendor for NAD 600 for resale. He pays the person NAD 400 immediately and the balance of NAD 200 in the next VAT period. Calculate the input tax that the second hand dealer will be entitled to claim ?