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Evgesh-ka [11]
3 years ago
9

What determines how the burden of tax is divided between buyers and sellers? Why?

Business
2 answers:
Artemon [7]3 years ago
6 0

Answer:

Explanation:

Taxation is the means by which the government  gets most of its  revenue so it is the duties of private or publicly owned organizations and also the citizen to pay their taxes used by the government to fund all its projects. the taxes generated by the government are then divided among buyers and sellers.

The elasticity of demand is the main determinant of how burden of tax is divided between buyers and sellers.

velikii [3]3 years ago
6 0

Answer:

The elasticity of demand and the elasticity of supply decides how the tax burden is divided among the supplier and the customer.

Explanation:

Elasticity refers to how sensitive the demand or the supply is comparatively to relative changes in the price. This is the major factor that decides the change in the demand and supply once the price increases as a result of the taxes.

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3 0
3 years ago
Sussman Co. prepared cash-basis financial statements for the month ended January 31. A summary of Sussman's January activities f
coldgirl [10]

Answer:

An increase of $2,500

Explanation:

During cash-basis accounting method, all income and expenses that results to ACTUAL CASH INFLOW and OUTFLOW will be recorded. Thus, those income and expenses that applies for the period will not be recorded yet as long as there is no actual cash outflow. And all income made on account for the period will not be recognized unless there is an actual collection. Based on the stated facts, Sussman Co.,recorded $1,900 sales instead of the actual sales of $5,600 using accrual basis and has never been recorded the expenses incurred in the accrued salaries.

So, $5,600 less $1,900 cash collection which already have recorded on cash basis method, there will be an additional sales to be recorded at $3,700 less the salaries expense already incurred but not yet paid of $1,200. There will be an additional income of $2,500 after restatement.

5 0
3 years ago
Wims, Inc., has current assets of $5,000, net fixed assets of $23,300, current liabilities of $4,450, and long-term debt of $11,
Novay_Z [31]

Answer:

a). $12,850  b.) 550

Explanation:

a). Shareholder equity

The shareholder equity consists of the shareholder capital contributions plus the retained earnings. calculating the shareholder's equity is through the formula shareholder equity = total assets -total liabilities

In this case,

Total assets = $5,000,+ $23,300= $28,300

Total liabilities = $4,450 + $11,000 + $15,450

Shareholder equity = $28,300 -$15,450 = $12,850

b). Net working capital

Net working capital is the difference between current assets and current liabilities. i.e., net working capital is current assets - current liabilities

current asset = $5000

Current liabilities = $ 4,450

Net working capital; = $5,000 - $4,450= $550

5 0
3 years ago
A relatively steep demand curve indicates that a. quantity demanded will not adjust to a price change. b. quantity demanded will
Scilla [17]

Answer:

The correct answer is option b.

Explanation:

A steep demand curve implies that the demand is relatively inelastic. In other words, a significant change in price will cause a small change in the quantity demanded.  

A flatter demand curve, on the contrary, implies that a small change in price will cause a greater change in quantity demanded. In other words, demand is relatively elastic.  

A change in price will not cause demand to change if the elasticity of demand is perfectly inelastic or when the demand curve is a vertical line.

A change in demand will be equal to the change in price if demand is unitary elastic.

8 0
3 years ago
Gill company calculated equipment depreciation for the month of $500. the necessary adjusting entry will include a:_________
sesenic [268]

Gill company calculated equipment depreciation for the month of $500. The necessary adjusting entry will include a credit to accumulated depreciation, and debit to depreciation expense.

The basic journal entry for depreciation is to debit the depreciation expense account and credit the accumulated depreciation account. Depreciation expense is recorded on the income statement as an expense or debit, reducing net income.

On the other hand, accumulated depreciation is not recorded separately on the balance sheet. Instead, it is recorded in a contra asset account as a credit, by reducing the value of fixed assets.

Hence, the entry will include a credit to accumulated depreciation, and debit to depreciation expense.

To learn more about depreciation here:

brainly.com/question/28139636

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7 0
2 years ago
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