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Elza [17]
2 years ago
7

Sment

Business
1 answer:
nexus9112 [7]2 years ago
4 0

Roads, schools, and

emergency services are funded by the government through the taxes.

Explanation:

Government collects taxes for the functioning of the government machineries. The reasons the taxes to be collected from the citizens of US are listed in the Article I, Section 8 of constitution of US. The three main types of taxation are as follows namely,

1. Progressive tax

2. Regressive tax

3. Proportional and flat tax.

Taxes are levied on the property, sales, income, dividends, imports, capital gains, payroll, gifts or estates. Eritrea and USA are the only countries that taxes non-residents on worldwide income as much as they tax the residents.

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Answer:

The journal entries alongwith its explanation are as under:

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Journal entry at Jan 3, to record purchase of treasury stock would include the recording of treasury stock at the price paid to the shareholders for purchase of the stock, the journal entry is as under:

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Journal entry at Jan 30, of selling treasury stock would include the elimination of the treasury stock at the amount purchased and the remainder will will be the Paid-In Capital, the journal entry is as under:

Dr Cash (1200*9)                 $10,800

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