Answered: Determine the amount of provincial…

Determine the amount of provincial sales tax in Manitoba after purchasing an electric key board for $199.00 (Manitoba PST rate = 8%) a b CP с d $143.20 $14.32 $15.92 $17.45

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: A store purchases toasters from the manufacturer for $16 each. Calculate the sticker price for the…

A: The net income is the net profit of the company earned during the period. The net income includes…

Q: Calculate the property tax rate required to meet the budgetary demands of the community. Note: When…

A: Tax refers to a charge that is imposed by the government on the income, earnings, property, etc of…

Q: Suppose you bought a digital camera for a total purchase price of $277.99. If state taxes were 5.4%,…

A: The total purchase price includes both the actual purchase price and also state tax.

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: Calculate the a) total tax rate, and b) sales tax. 1. Item Clothing Cell Phone MP3 Player Computer…

A: A tax that is paid to an authority for the sale of goods and services is known as a sales tax.…

Q: Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21 percent):…

A: Income and balance sheet statements:

Q: From the data: May 2 - On sale to the public Purchase price, VAT not included…

A: Value Added Tax is referred to as VAT. The value contributed to goods and services at each level of…

Q: Q1: How much is the total output tax?

A: Value-added tax (VAT) also known as output tax, is imposed on the sale of goods or services by a…

Q: Calculate the property tax rate required to meet the budgetary demands of the community. Note: When…

A: Mills one mill is one dollar per 1000$ dollars.

Q: Calculate the state income tax owed on a $60,000 per year salary. tax = $[ ?] %3D

A: Tax is the liability calculated on the income earned paid to the government.

Q: Calculate the Workers' Compensation premium owing for an employer in Ontario with assessable…

A: The worker's compensation premium is the premium paid by the employer to insure the employee is case…

Q: What is the value of the balance carried forward into November?

A: VAT Control Account is prepared to records the entries related to VAT. Under this account, all the…

Q: Need help with question 2, if you could please just explain to me how this done.

A: Any number with decimal of more than 0.5, will rounded off to the next number. If it is less than…

Q: Calculate the

A: In this question, we have to calculate the property tax.

Q: INCOME TAXATION (With Tax Principles & Remedies) Ampongan 24 a. A Nissan car with a market value of…

A: 20% Final Tax is charged on prizes (except prizes amounting to P10,000 or less which shall be…

Q: Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,044, an amount…

A: Given information is: Billing amount = $1100 Excise tax = 10% State Sales Tax = 6%

Q: Excise and Sales Tax Calculations Clifford Company has just billed a customer for $1,100, an amount…

A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…

Q: Chevron Phillips (CP) has put into place new laboratory equipment for the production of chemicals;…

A: The following formulas are used to calculate the required details:- (a) Total Income = Annua Income…

Q: The following selected transactions apply to Topeca Supply for November and December Year 1.…

A: The sales tax payable is recorded as current liability.The sales tax liability is calculated on the…

Q: Susie's Sweet Shop has the following sales, payroll, and property factors: Item Sales Payroll…

A: Apportionment seems to be the process of determining the proportion of a company's profits that are…

Q: Biweekly Cash Allowance Salary a. $2,572.50 $40.00 b. $3,150.00 $75.00 c. $ 892.50 $25.00 d.…

A: CPP: An individual receives a taxable benefit after retirement from the Canada Pension Plan (CPP).…

Q: (million $) Sales COGS Depreciation Other expenses Tot. op. costs EBIT Intrest expense Pre-tax…

A: The calculation of operating income and earning before interest and tax is done by considering the…

Q: Calculate the property tax rate required to meet the budgetary demands of the community. Note: When…

A: Property tax rate refers to the interest rate charged on the assessed value of property that is…

Q: GIVEN data for a real property: Value Description Amount Market Value P1,000,000 Assessment level…

A: Here in this question, we are required to calculate local tax. In Philippines, real property tax is…

Q: Nueva Company reported the following pretax data for its first year of operations. Net sales Cost of…

A: Under FIFO (first in first out) method of inventory valuation, inventory which…

Q: Small CCPC Net Income $50 000 Taxable Income $40 000 Federal Tax Payable $15 000 Manitoba Nunavut…

A: Here's a step-by-step breakdown of how the provincial income tax payable for Manitoba is calculated…

Q: A property placed on tax rolls at $10,000 by the tax assessor in a region where the government…

A: Property Tax = Property Tax rate(Mill rate)*Taxable value

Q: ABC Corp., a VAT-registered taxpayer, disclose the following information: Quarter Period Gross…

A: VatVat is an abbreviation for a tax known as Vat added tax that is levied on sales and purchases and…

Q: Federal Aviation purchases 16,600 gallons of aviation fuel. The federal excise tax is $0.16 per…

A: Answer Purchase = 16,600 gallons The federal excise tax = $0.16 per gallon.

Q: If it is now profit hospital, its income tax after tax credit is:

A: Gross Income of Philippines and Abroad is P4,000,000 and $40,000 respectively. Deductions of…

Q: Required information Exercise 9-4A (Algo) Recognizing sales tax payable LO 9-2 [The following…

A: The amount of money a customer or purchaser pays to a government body when purchasing taxable…

Q: How much is the amount reported as Cther Income?

A: Other income is the income which a business or a company has earned during the year which has come…

Q: The balances of selected accounts of Casper Company on February 28, 20X1, were as follows: Sales…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Calculate the property tax rate required to meet the budgetary demands of the community. Note: When…

A: Please see the next step for the solution

Q: usie's Sweet Shop has the following sales, payroll, and property factors:

A: Product accounting is a type of accounting that focuses on the cost of producing each individual…

Q: What is the total cost of an item that is priced $12.50 and is subject to 6% sales tax? Submit

A: Sales tax is a form of indirect tax or sales tax being imposed on goods and services. This…

Q: Consumers in a country buy only two goods, pens and CDs. The prices and quantities purchased by…

A: ParticularsQuantityPricePens400$1.02CDs200$15.90

Q: Susie's Sweet Shop has the following sales, payroll, and property factors: Missouri 33.319 7.40%…

Q: on Dec,31 the net income is $20,000, interest expense is $5,000. The interest coverage ration is…

A: The objective of the question is to calculate the interest coverage ratio. The interest coverage…

Q: Find the amount of sales tax on a car that costs 12,800 where the sales tax rate is 6.5%

A: The sales Tax will be: Sales Tax = Cost of an Item × Sales Tax rate Cost of car = 12,800 Sales Tax…

Q: Calculate the tax base for Machine A on 29 February 2016:

A: Tax base of machine is the opening balance of the machine after charging…

Q: e. On which financial statement will the sales tax liability appear? The liability is shown on the

A: Accounting equation indicates that company's total assets are equal to the sum of its liabilities…

Q: ss Wages cial Security edicare Tax ate Income Tax deral Income Tax ate Unemployment Tax (SUTA)…

A: Employer Payroll Entries A payroll journal entry is a record of the salary or benefits that…

Q: Taxable Income shown in cells F5 to F7. Answer these questions about the process of cr

A: Given: To prepare the statement of taxable income with the given data's as,

Q: A computer sellsfor $860 plus GST and PST or HST. What is the price difference for consumers between…

A: The amount a consumer is willing to pay for a service or product is referred to as the price. A…

Q: Calculate the property tax rate required to meet the budgetary demands of the community. Note: When…

A: The property tax is the tax levied on the value of property. The formula for computing property tax…

Question

Determine the amount of provincial sales tax in
Manitoba after purchasing an electric key board for
$199.00 (Manitoba PST rate = 8%)
a
b
C
d
$143.20
$14.32
$15.92
$17.45

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

VIEW

Step 2 Determining the amount of Provincial Sales tax

VIEW

Step by step

Solved in 2 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, accounting and related others by exploring similar questions and additional content below.

Similar questions

Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $587,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $19,000 was subject to state and federal unemployment taxes. Question Content Area a. Compute the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.$fill in the blank 04825efc801a047_1 Question Content Area b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.
Paul makes $75,000. 0% on income from $0 - $12,000 10% on income from $12,000 - $24,000 25% on income from $24,000 - $65,000 35% on income from $65,000 + What is Paul's effective tax rate? $14,950 19.9% 35% 25%
Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your a two decimal places.) Community Total Assessed Property Valuation Total Taxes Required Ellingham Submit Answer $55,000,000 $2,400,000 43 Property Tax Rate Percent Per $100 (in 5) Per $1,000 (in $) Mills X% $43 x $ 43.64 ✓ 0.000044 x
Assume the following information to complete this question. Total Gross Sales $100,000 Total Full Deduction $60,000 Total Sales Tax rate of 9% Calculate the amount of District Tax that would be reported. Knowledge of the statewide base rate is needed to figure out ONLY the district tax amount. It may be helpful to use the sales tax return as your guide.
A trucking company buys 22,275 gallons of gasoline. The federal excise tax is $0.165 per gallon find the amount of excise tax due. Round your answer to the nearest cent. Answer key A-3,180.38 B-3,658.88 C-3,675.38 D-3,840.38
Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
Status Single DATA TABLE Total Tax Payments $ 8,342 Taxable Income $ 55,060.00 20,000 30,000 Total Tax $ 7,972 40,000 Refund Amount Amount Owed Use Goal Seek to find the Taxable Income (C5) that results in the Total Tax (C7) shown. Answer to the nearest 0.01. Do not include any punctuation ($ or ,) in your answer! Example of accepted answer: 12345.67Examples of incorrect answers: $12,345.67, 12,345.67, $12345.67 Taxable Income Total Tax Answer $2,600 Answer $4,200 Answer $8,500 Answer $10,500 Answer $22,000 Be sure to answer to the neared 0.01.
The following visualization shows the total sales and profits for each state in the USA where a company sells it goods. Based on principles discussed in the chapter, discuss three different ways the visualization could be changed to simplify its presentation.
ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject to 12% Php 1,000;000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1,000,000 Sale to government 1,000,000 The following input taxes were passed on by ABC Corps VAT suppliers: Input tax on taxable goods 50-000 Input tax on zero-rated sale 30,000 Input tax on sale of exempt goods 20,000 Input tax on sale to government 40,000 Input tax on depreciable capital goods not attributable to any specific activity 40.000 Total input tax which can be refunded is:
ll. Subject :- Accounting
4 Suppose the following table applies to the manufacture of wooden desks: Agent Purchase Price Sale Price Value Added Tax Paid (VAT=30%) Logger $0 $55 _________ _________ Manufacturer $55 $150 _________ _________ Retailer $150 $350 __________ _________ a. Complete the table assuming a value-added tax of 30% (subtraction method). What is the total tax revenue? b. How does this revenue compare to a sales tax of 30% levied only on the retailer? Which of the two tax collection methods is easier to avoid? Why?
Federal Aviation purchases 17,700 gallons of aviation fuel. The federal excise tax is $0.19 per gallon. Find the amount of the excise tax for this transaction. (Round your answer to the nearest cent.) A. $1,681.50 B. $1,710.00 C. $3,230.00 D. $3,363.00