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2 years ago

How does a merchandising business act as a collection agency for the state government?

Business

1 answer:

ExtremeBDS [4]2 years ago

5 0

Answer:

Charging Sales tax

Explanation:

Merchandising business is the kind of business, that buys or purchases the finished products and then resells them to the customers.

So, the merchandising business could act as a collection agency for the government through charging the sales tax. There is need to remit the government after collecting the tax and when it is done, the business will decrease the cash and the sales tax liability.

And it is the lability to the government until it is remitted by the business.

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Zoe Corporation has the following information for the month of March: cost of direct materials used in product $15,401,direct la

bija089 [108]

Answers:

Calculation of cost of goods manufactured:

Particulars Amount(in $)

Cost of direct material $15,401

Add: Direct labour $24,583

Add: Factory overhead $35,335

Add: Work In process inventory, March 1 $20,021

Less: Work in process inventory, March 31 $20,681

Cost of goods manufactured $74,659

Calculation of Cost of goods sold:

Particulars Amount(in $)

Cost of goods manufactured $74,659

Add: Finished goods inventory, March 1 $24,889

Less: Finished goods inventory, March 31 $27,311

Cost of goods sold $72,237

7 0

2 years ago

Carly’s Clips charges for their grooming services based on the following:________.

Novay_Z [31]

Answer: $256

Explanation:

Using time and materials pricing, the total price for a job requiring 3 direct labor hours and $54 of materials will be calculated as:

Materials = $54

Add: Materials markup = 30% × $54 = 0.3 × $54 = $16.2 = $16

Add: Labour = 3 × $62 = $186

Total price of job = $256

7 0

2 years ago

the audit expectation gap is caused by unrealistic user expectations. what example would not be included in an unrealistic user

Tomtit [17]

The audit expectation gap is caused by unrealistic user expectations. The auditors provides reasonable gap examples that would not be included in unrealistic user expectations.

NASBA believes the expectancy gap relating to fraud and going problems in a financial statement audit may be caused by a few factors: lack of knowledge by way of the general public as to what an audit is and what auditors do; inconsistent audit execution in these regions by some auditors due to lack of expertise.

The expectation hole exists while auditors and the public keep distinct beliefs about the auditors' obligations and obligations and the messages conveyed by way of audit reports. apparently, there's an opening between what the public expects and what it virtually receives.

Learn more about auditors here: brainly.com/question/26048609

#SPJ4

3 0

1 year ago

Gale Corporation manufactures windsocks. The business recently decided to adopt an ABC system. The following activities have bee

solniwko [45]

Answer:

$270,000

Explanation:

The first step is to calculate the overhead cost of the material handling parts

Since each wind stock require 3 parts then the overhead cost can be calculated as follows

= 3 × 20,000

= 60,000

The overhead cost of machining hours can be calculated as follows

Since 5 minutes is spent in the machining department then overhead cost is

= 5× 20,000

= 100,000

The overhead cost of packaging number of finished units can be calculated as follows

= 2 × 20,000

= 40,000

Total overhead cost= 100,000 + 60,000 + 40,000

= 200,000

The total cost of direct materials and labor can be calculated as follows

= 3.5 × 20,000

= 70,000

Therefore the total cost of producing 20,000 windstocks is

= Total overhead cost + total cost of direct materials and labor

= 200,000 + 70,000

= $270,000

Hence the total cost of producing 20,000 windstocks is $270,000

5 0

2 years ago

Identify the accounting assumption or principle that is described below. (a) Belief that a company will remain in operation for

Leviafan [203]

Answer:

(a) Belief that a company will remain in operation for the foreseeable future.

Accounting assumption or principle: Going concern assumption

(b) Indicates that personal and business record-keeping should be separately maintained.

Accounting assumption or principle: Economic entity assumption

Accounting assumption or principle: Monetary unit assumption

(d) Separates financial information into time periods for reporting purposes.

Accounting assumption or principle: Periodicity assumption

(e) Measurement basis used when a reliable estimate of fair value is not available.

Accounting assumption or principle: Historical cost principle

(f) Dictates that companies should report all circumstances and events that make a difference to financial statement users.

Accounting assumption or principle: Full disclosure principle

4 0

2 years ago