AAAA Drinks Corporation, a manufacturer of carbonated drinks, will remove from its place of production 250 cases of its beverage containing high fructose corn syrup (HFCS) and a non-caloric sweetener. Each case contains 6 bottles of 1.5 liters each. Compute the excise tax to be paid before removal.
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AAAA Drinks Corporation, a manufacturer of carbonated drinks, will remove from its place of production 250 cases of its beverage containing high fructose corn syrup (HFCS) and a non-caloric sweetener. Each case contains 6 bottles of 1.5 liters each. Compute the excise tax to be paid before removal.
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- Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 6 percent. Vail Book Mart engaged in the following transactions for Year 1. Sales tax of 6 percent is collected on all sales. Book sales, not including sales tax, for Year 1 amounted to $279,000 cash. Cash sales of miscellaneous items in Year 1 were $151,000, not including tax. Cost of gods sold was $211,000 for the year. Paid $130,000 in operating expenses for the year. Paid the sales tax collected to the state agency. Required What is the total amount of sales tax Vail Book Mart collected and paid for the year? Prepare the journal entries for the preceding transactions. What is Vail Book Mart's net income for the year?Kory operates a sporting goods store. His records indicate that he had sales of $78,000. Customers return $1500 worth of sporting goods because of various defects. His cost of goods sold was $19,000. What is Kory's Schedule C (Form 1040) gross income? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Pastina Company manufactures and sells various types of pasta to grocery chains as private label brands. The company’s fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2011, appears below: The equipment is being depreciated using the straight-line method over an eight-year useful life with $10,000 salvage value. The company estimates that 4% of all year-end accounts receivable probably will not be collected. Employee wages are paid twice a month, on the 22nd wages earned for the 1st through the 15th , and on the 7th of the following month for wages earned from the 16th through the end of month. Wages earned from December 16 through December 31, 2011, were $1,565. On October 1, 2011, Pastina borrowed $50,800 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 10%. The principal is due in 10 years. On April 1, 2011, the company lent a supplier $28,000 and a note was signed requiring principal and…
- On October 1, 2024, Marigold Auto Rentals purchases a new automobile for $29,700 to add to its fleet of rental cars. The automobiles are rented out on a short-term basis with rental fees calculated based on distance driven by the customer. Marigold's policy is to sell and replace a car after the earlier of three years, or 80,000 kilometres. The average selling price of the used cars is $8,900. This particular car was driven 8,900 km in 2024, 38,600 km in 2025, and 19,100 km in 2026. Calculate 2024 and 2025 depreciation expense under each of the following methods: (Round answers to O decimal places, e.g. 5,275.) Straight-line depreciation Diminishing-balance depreciation using a 40% rate Units-of-production depreciation $ LA 2024 $ 2025DMH Corporation sold Sugar Frosted Cocoa Bombs, a children's breakfast cereal. As a promotion, DMH offered its customers a free music CD in exchange for four box tops, plus $3.10 to cover postage and handling. The CD cost DMH $3.35, and postage costs to mail the CDs out to customers were $2.50. DMH estimated that 70% of its customers would redeem box tops. DMH purchased 11,400 CDs at the start of the promotion in November, 2023. 120,000 boxes of cereal were sold during November and December, 2023, and DMH's year-end was December 31. Prior to the end of the fiscal year, 7,700 customers took advantage of the offer, which continued until February, 2024. DMH follows ASPE and uses the expense approach to account for its premiums. C APlease don't use any AI. It's strictly prohibited. Help me out asap.
- 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…Chip and Dale run separate logging companies in the same forest. Both pollute the river flowing through the forest with debris from their work. In the table below, the first row shows the current level of debris that makes its way into the river from their work. The following rows show how much it would cost each logger to reduce its pollution by additional increments of 10 pounds. If the government imposes a pollution tax of $7 for each 10 pounds of debris, total pollution will fall by. pounds, at a total cost of Chip Dale Current debris in pounds 60 80 Cost of reducing debris by 10 pounds $5 $2 Cost of reducing debris by a second 10 pounds $10 $4 Cost of reducing debris by a third $15 $6 10 pounds Cost of reducing debris by a fourth 10 pounds $20 $8 Cost of reducing debris by a fifth $25 $10 10 pounds a) 40, $28Joy's House of Cheese (stocks Cougar Cheese) purchases a tract of land and an existing building for $940,000. The company plans to remove the old building and construct a new building on the site in a few months. In addition to the purchase price, Joy's pays closing costs, including title insurance of $2,400. The company also pays $12,800 in property taxes, which includes $8,400 of back taxes (unpaid taxes from previous years) paid by Joy's on behalf of the seller and $4,400 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $47,000 to tear down the old building and remove it from the site. Joy is able to sell salvaged materials from the old building for $3,800 and pays an additional $10,400 to level the land to make it ready for use. Required: Determine the amount Joy's should record as the cost of the land. (Amounts to be deducted should be indicated by a minus sign.) Total cost of the land $