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3 years ago

Match each type of tax with an example of its use.

Business

1 answer:

Verizon [17]3 years ago

4 0

Answer:

Property tax: 1 percent charged on the value of all residential houses

Excise tax: $2 tax charged on each pack of cigarettes

Sales Tax: 7 percent charged on the purchase of all non- necessary goods

Explanation:

Property tax is the tax that is charged on the property that is being purchased based on the tax rates in that jurisdiction where the property is located in. The property can be building or land. The value changes based on the developments that take place in the surroundings.

Excise tax are charged on specific goods like fuel, alcohol and cigarettes . These are international taxes charged within the country. They are generally charged on businesses. They are not paid directly by the consumers.

Sales tax is collected on the sales of goods or services. These sales tax are charged by the retailers to the customers which are then paid by retailers to the government.

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Q 5.34: A wholesaler offers credit terms 1/10, n/30. A fabric store bought goods worth $6,500 from the wholesaler. Within the di

AnnyKZ [126]

Answer:

the wholesaler received $6,138 as payment.

Explanation:

The seller would receive the the amount owing to customer less the return credit and cash discount of 1 %.

The calculation of this amount is as follows :

Account Receivable $6,500

Less Return Credit ($300)

$6,200

Less Cash discount ($6,200 × 1%) ($62)

Payment $6,138

Conclusion :

the wholesaler received $6,138 as payment.

6 0

3 years ago

This information relates to Sunland Company for the year 2017. Retained earnings, January 1, 2017 $83,080 Advertising expense 2,

babymother [125]

Answer:

Net Income : $16.616

Retained Earnings: $92.256

Please see details below:

Explanation:

Income Statement 2017

Sales $71.920

Advertising Expenses -$2.232

Miscellaneous Expenses -$50.096

Utilities Expenses -$2.976

Net Income $16.616

Retained Earnings Report

Opening retained earnings $ 83.080

Add: Net Income $ 16.616

Subtotal $ 99.696

Less: Dividens -$ 7.440

Total $ 92.256

8 0

3 years ago

What should an adjustment letter focus on?a. Explaining the resolution to the problem b. Preventing a recurrence of the problem

ivanzaharov [21]

Answer:

The correct answers are letters "A", "B", and "C": Explaining the resolution to the problem; Preventing a recurrence of the problem; Communicating compliance.

Explanation:

Adjustment letters are communications with legal nature from companies to customers who filed a claim. The main purpose of the letter is to politely inform the client that the claim was received, what steps were taken to analyze the situation, what is the final resolution after the study and what will be done as a result. The ultimate goal of the adjustment letter is to keep a good relationship with the customer so they can continue doing business.

8 0

4 years ago

Grains occupy slightly more than ____________ of the plate. The message to make half your grains ____________ is stressed throug

Vladimir79 [104]

Answer:

Grains occupy slightly more than one-fourth of the plate. The message to make half your grains whole is stressed throughout accompanying consumer-education materials.

Explanation:

7 0

3 years ago

Which type of account typically has low liquidity?

il63 [147K]

Option (d) is the correct option.

Certificate of deposit has low liquidity because the money can be withdrawn after the maturity period. It cannot be converted to cash immediately.

Further Explanation:

Liquidity:

Liquidity is a measurement of an asset’s ability to convert it into cash. If any specific asset can be converted into cash quickly, then it is considered a liquid asset.

Example: Stock, Debtors, Marketable securities are liquid assets as they can be converted into cash very quickly. On the other hand, land and building are not liquid assets as they would require a longer time to convert into cash.

Low liquidity account:

Certificate of deposit is a low liquidity account.

Certificate of deposit:

Certificate of deposit is a saving account. In certificate of deposit, the customer of the bank deposits lump-sum amount in the bank account, and it can be withdrawn after a specified time. Certificate of deposit has a higher interest rate than a normal saving account. Generally, the tenure of the certificate of deposit varies from 1 year to 10 years. The customer of the bank cannot withdraw the funds before the maturity date of the deposit.

Certificate of deposit has lower liquidity because the funds cannot be withdrawn before the maturity date of the deposits. Once deposited, the funds can be converted to cash after the maturity period, which varies from 1 year to 10 years as per the agreement with the customer.

Certificate of deposit has low liquidity because the money can be withdrawn after the maturity period. It cannot be converted to cash immediately

Checking account, savings account, and money market account has high liquidity as money can be readily withdrawn from these accounts.

Learn more:

1. Learn more about cash budget

brainly.com/question/12985585

2. Learn more about the role of money

brainly.com/question/12984919

3. Learn more about the cash deficiency

brainly.com/question/12981857

Answer details:

Grade: Senior School

Subject: Business Studies

Chapter: Money and Banking

Keywords: Account, Bank account, Bank, Liquidity, High liquidity, Low liquidity, Saving account, Checking account, Money market account, Certificate of deposit, Converted to cash.

3 0

3 years ago

Read 2 more answers