A retail chain sells Go-Pro Cameras for$349.94plus provincial and federal retail tax. Calculate thea price difference amongst the following two cities: City A which has11%HST city B which has GST and5%PST. Assume the cameras are purchased in person and subject to GST, PST, and or HST.
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A retail chain sells Go-Pro Cameras for$349.94plus provincial and federal retail tax. Calculate thea price difference amongst the following two cities: City A which has11%HST city B which has GST and5%PST. Assume the cameras are purchased in person and subject to GST, PST, and or HST.
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- A computer sellsfor $860 plus GST and PST or HST. What is the price difference for consumers between British Columbia and Ontario?In a certain country, electricity charges are calculated based on a the following table:Fixed chargeCharge per kwHI used$4.0012 centsCalculate the electricity charges for a customer who used 1003 KWH.There is a government tax of 15% on the electricity charges.Calculate the tax on the customer's electricity charges, giving your answer to thenearest cent.Calculate the total amount paid by the customer.A shopkeeper buys an article from the wholesaler at RO 72 and pays sales tax at the rate of 10%. The shopkeeper fixes the price of the article at RO 90 and charge sales tax at 10% from the consumer. Find (a) Input tax (b) Output tax (c) VAT paid to government Select one: O a. Input tax = 7.2, output tax = 9, VAT = 16.2 O b. Input tax = 7.2, Output tax = 9, VAT = 1.8 O c. Input tax = 9, Output tax = 7.2, VAT = 16.2 O d. Input tax =9, Output tax = 7.2, VAT = 1.8
- 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.Assuming that a Nissan Car Manufacturing Company sold 100 cars to the wholesale trader for OMR 7,500 each plus VAT. The wholesale trader sold all the 100 cars to the retailer showroom for OMR 8,000 each plus VAT. The retailer showroom realized OMR 850,000 after selling all the 100 cars to the local customers plus VAT. Assume the rate of Value Added Tax (VAT) throughout in Oman is 5%. There Input tax credit available in Nissan Car Manufacturing Company account was OMR 42,500. ANSWER QUESTION NO 15 TO 18 Question 15 What will be the total tax burden by the consumers? a. OMR 85,000 b. OMR 42,500 c. OMR 40,000 d. OMR 47,500 Question 16 Which of the following statement will be correct for Nissan Car Manufacturer? a. Tax to be refunded from Government is OMR 5000 b. Tax to be payable to Government is OMR 37,500 c. Tax to be refunded from Government is OMR 42,500 d. Tax to be payable to Government is OMR 5000 Question 17 What will be the…A towel is offered as a premium to customers who send in 10box tops of facial soap returned and a remittance of ₱25. Distribution cost is ₱10 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided thefollowing information: 2020 2021Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000Number of box tops returned 22,500 38,550Requirements:4. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021
- You buy fishing gear costing $525. State taxes are 3.5% and the federal excise tax on this item is 13.25%. What is the total purchase price? (Round your answer to the nearest cent.) a. $543.38 b. $594.56 c. $612.94 d. $615.37Consumers in a country buy only two goods, pens and CDs. The prices and quantities purchased by urban households are in the table below. Item Pens CDs A. $3,580. B. $3,500. C. $3,508. D. $3,400. E. $3,588. Quantity (2018) 400 200 Price (2018) $1.00 $15.00 Quantity (2019) 400 200 The reference base year is 2018. The cost of the CPI market basket in 2019 is Price (2019) $1.02 $15.90Q3: Oman Manufacturing Company a handicraft manufacturer printed the price of its goods as RO 120 per handicraft. Manufacturer allowed a discount of 30% to the wholesaler who in his turn allowed a discount of 20% on the printed price to the retailer. If the prescribed rate of VAT on the goods is 15% and the retailer sells it to the consumer at the printed price then:a) Find the value added tax paid by the wholesaler and the retailer. b) Find the price including value added tax paid by the customer to buy the handicraft. c) Find the amount of tax collected by the government from wholesaler and retailer. d) If wholesaler had sold the product at printed price to retailer and no discount has been offered, retailer would have made more profit?. Discuss with reasons Note: only solve the last remaining question please.
- Q3: Oman Manufacturing Company a handicraft manufacturer printed the price of its goods as RO 120 per handicraft. Manufacturer allowed a discount of 30% to the wholesaler who in his turn allowed a discount of 20% on the printed price to the retailer. If the prescribed rate of VAT on the goods is 15% and the retailer sells it to the consumer at the printed price then:a) Find the value added tax paid by the wholesaler and the retailer. b) Find the price including value added tax paid by the customer to buy the handicraft. c) Find the amount of tax collected by the government from wholesaler and retailer. d) If wholesaler had sold the product at printed price to retailer and no discount has been offered, retailer would have made more profit?. Discuss with reasonsRequired: Affiliate A sells 5,600 units to Affiliate B per year. The marginal income tax rate for Affiliate A is 25 percent and the marginal income tax rate for Affiliate B is 40 percent. Additionally, Affiliate B pays a tax-deductible tariff of 5 percent on imported merchandise. The transfer price per unit is currently $2,000, but it can be set at any level between $2,000 and $2,400. Derive (a) a formula to determine the effective marginal tax rate for Affiliate B and (b) a formula to determine how much annual after-tax profits can be increased by selecting the optimal transfer price. Note: Do not round intermediate calculations. Enter the "Effective marginal tax rate" as percentage rounded to whole number. Effective marginal tax rate Increase in annual after-tax profits %Everybody in south Africa pays tax in the form of VAT. This is a system where 14% tax is added to theprice of goods and services rendered.Price are either VAT exclusive or VAT inclusive.• Prices that exclude VAT mean that 14% VAT must still be added.• Prices that include VAT mean that 14% VAT has already been added. 1. An I-pod shuttle costs R820,99. Calculate how much VAT you are paying on this item.2. Determine the VAT inclusive price if a builder quotes R12 700 excluding VAT to build a boundarywall.3. Calculate the VAT exclusive price on a plasma TV that costs R9899 VAT inclusive.