A tax based on the retail selling or rental price of tangible personal property is known as ____ tax. (18-1)

Question

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Answer 1

Textbook Question

Chapter 18, Problem 1CR

A tax based on the retail selling or rental price of tangible personal property is known as ____ tax. (18-1)

Expert Solution & Answer

To determine

To fill: The blank space provided in the statement. “A tax based on the retail selling or rental price of tangible personal property is known as _____________”.

Answer to Problem 1CR

Solution:

The complete statement is “A tax based on the retail selling or rental price of tangible personal property is known as sales tax”.

Explanation of Solution

Sale tax is a tax which is based on the retail selling or rental price of tangible personal property, collected by the retailer at the time of the purchase.

This tax can be imposed on the entry charges of places like places of amusement or recreation as well as on some services.

Sales tax is only paid by final buyers. Also, it is exempted on products like food, drugs and other selected items.

Thus, a tax based on the retail selling or rental price of tangible personal property is known as sales tax.

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Answer 2

Textbook Question

Chapter 18, Problem 1CR

A tax based on the retail selling or rental price of tangible personal property is known as ____ tax. (18-1)

Expert Solution & Answer

To determine

To fill: The blank space provided in the statement. “A tax based on the retail selling or rental price of tangible personal property is known as _____________”.

Answer to Problem 1CR

Solution:

The complete statement is “A tax based on the retail selling or rental price of tangible personal property is known as sales tax”.

Explanation of Solution

Sale tax is a tax which is based on the retail selling or rental price of tangible personal property, collected by the retailer at the time of the purchase.

This tax can be imposed on the entry charges of places like places of amusement or recreation as well as on some services.

Sales tax is only paid by final buyers. Also, it is exempted on products like food, drugs and other selected items.

Thus, a tax based on the retail selling or rental price of tangible personal property is known as sales tax.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 18, Problem 1CR

A tax based on the retail selling or rental price of tangible personal property is known as ____ tax. (18-1)

Expert Solution & Answer

To determine

To fill: The blank space provided in the statement. “A tax based on the retail selling or rental price of tangible personal property is known as _____________”.

Answer to Problem 1CR

Solution:

The complete statement is “A tax based on the retail selling or rental price of tangible personal property is known as sales tax”.

Explanation of Solution

Sale tax is a tax which is based on the retail selling or rental price of tangible personal property, collected by the retailer at the time of the purchase.

This tax can be imposed on the entry charges of places like places of amusement or recreation as well as on some services.

Sales tax is only paid by final buyers. Also, it is exempted on products like food, drugs and other selected items.

Thus, a tax based on the retail selling or rental price of tangible personal property is known as sales tax.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 18, Problem 1CR

A tax based on the retail selling or rental price of tangible personal property is known as ____ tax. (18-1)

Expert Solution & Answer

To determine

To fill: The blank space provided in the statement. “A tax based on the retail selling or rental price of tangible personal property is known as _____________”.

Answer to Problem 1CR

Solution:

The complete statement is “A tax based on the retail selling or rental price of tangible personal property is known as sales tax”.

Explanation of Solution

Sale tax is a tax which is based on the retail selling or rental price of tangible personal property, collected by the retailer at the time of the purchase.

This tax can be imposed on the entry charges of places like places of amusement or recreation as well as on some services.

Sales tax is only paid by final buyers. Also, it is exempted on products like food, drugs and other selected items.

Thus, a tax based on the retail selling or rental price of tangible personal property is known as sales tax.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

To fill: The blank space provided in the statement. “A tax based on the retail selling or rental price of tangible personal property is known as _____________”.

Answer to Problem 1CR

Solution:

The complete statement is “A tax based on the retail selling or rental price of tangible personal property is known as sales tax”.

Explanation of Solution

Sale tax is a tax which is based on the retail selling or rental price of tangible personal property, collected by the retailer at the time of the purchase.

This tax can be imposed on the entry charges of places like places of amusement or recreation as well as on some services.

Sales tax is only paid by final buyers. Also, it is exempted on products like food, drugs and other selected items.

Thus, a tax based on the retail selling or rental price of tangible personal property is known as sales tax.

Answer 8

Expert Solution & Answer

To determine

To fill: The blank space provided in the statement. “A tax based on the retail selling or rental price of tangible personal property is known as _____________”.

Answer to Problem 1CR

Solution:

The complete statement is “A tax based on the retail selling or rental price of tangible personal property is known as sales tax”.

Explanation of Solution

Sale tax is a tax which is based on the retail selling or rental price of tangible personal property, collected by the retailer at the time of the purchase.

This tax can be imposed on the entry charges of places like places of amusement or recreation as well as on some services.

Sales tax is only paid by final buyers. Also, it is exempted on products like food, drugs and other selected items.

Thus, a tax based on the retail selling or rental price of tangible personal property is known as sales tax.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

To fill: The blank space provided in the statement. “A tax based on the retail selling or rental price of tangible personal property is known as _____________”.

Answer 12

Answer to Problem 1CR

Solution:

The complete statement is “A tax based on the retail selling or rental price of tangible personal property is known as sales tax”.

Answer 13

Explanation of Solution

Sale tax is a tax which is based on the retail selling or rental price of tangible personal property, collected by the retailer at the time of the purchase.

This tax can be imposed on the entry charges of places like places of amusement or recreation as well as on some services.

Sales tax is only paid by final buyers. Also, it is exempted on products like food, drugs and other selected items.

Thus, a tax based on the retail selling or rental price of tangible personal property is known as sales tax.

Answer 14

Ch. 18.I - Use Exhibit 18-1 to determine the amount of sales...Ch. 18.I - Andy Bennett purchased a car for $38,600 at Auto...Ch. 18.I - At the end of a business day, the cash register at...Ch. 18.I - An archery set at The Sports Authority in Mason,...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...

A tax based on the retail selling or rental price of tangible personal property is known as ____ tax. (18-1)

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