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nekit [7.7K]
3 years ago
8

Excise and Sales Tax Calculations

Business
1 answer:
Eva8 [605]3 years ago
6 0

Answer:

Explanation:

Sales for May = $750,000

Sales tax =5% (30%*750000) + 5%(65%*750000)

( 225000+487500)*5% =35,625

Excise tax = 10%(30%*750000)

=10%(225000)=22,500

Journal entry = Dr Sales tax payable - $35,625

                          Dr Excise tax payable - $22,500

                          Cr Cash  - $58,125

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4. Another term for a pre-inspection agreement is A. pre-sale inspection. B. partial inspection. C. scope of work. D. standard o
kolbaska11 [484]

Answer:

Another term for a pre-inspection agreement is Standard of practice.

Explanation:

Standard of practice entails agreement signed before any business is done at all, it forms the basis of the agreement documented and signed

7 0
3 years ago
Suppose that the demand for milk in the United States is represented by the following equation, where P is the price of a gallon
Nostrana [21]

Answer:

a.

P = $3.50 per gallon

b.

Equilibrium Quantity = 165 million gallons

Explanation:

a.

The equilibrium price is the price at which Quantity demanded equals quantity supplied. To calculate the equilibrium price using the given equations for demand and supply, we need to equate both equations.

<u>Equilibrium Price (P) calculation</u>

QD = QS

200 - 10P  =  -10 + 50P

200 + 10  =  50P + 10P

210 = 60P

P = 210 / 60

P = $3.50 per gallon

b.

The equilibrium quantity can be calculated by inserting the value of Price (P) in any of the equation for demand or supply.

Equilibrium Quantity = 200 - 10(3.50)

Equilibrium Quantity = 200 - 35

Equilibrium Quantity = 165 million gallons

8 0
2 years ago
Katie's Dinor spent $84,000 to refurbish its current facility. The firm borrowed 80 percent of the refurbishment cost at 9.2 per
jenyasd209 [6]

Answer:

The question is missing the below options:

$1,333.33

$1,401.49

$1,108.91

$1,282.16

$1,487.06

Monthly payment is $1,401.49  as shown below

Explanation:

In calculating the amount of each monthly payment, PMT formula in excel comes very handy.The formula is stated below:

PMT(rate,nper,pv,-fv)

The rate is the percentage of interest payable on the loan considering that repayment is made monthly, hence the rate in this case 9.2% divided by number of repayments in a year,12

rate=9.2%/12=0.007666667

nper is the number of times repayment would be made, which is calculated as five years multiplied by the number of repayments in a year i.e 5*12=60

pv is the actual amount borrowed , 80%*$84000=$67200

The fv future value is nil

PMT(0.007666667 ,60,67200,0)

PMT=$1,401.49

Find attached as well.

Download xlsx
6 0
3 years ago
You want to invest $50,000 in a portfolio with a beta of no more than 1.4 and an expected return of 12.4%. Bay Corp. has a beta
IRISSAK [1]

Answer:

Assume the weight to be invested in Bay Corp is x. That means (1 - x) will be the weight for City Inc. The expression for the expected return will be;

(x * 11.2%) + ( (1 - x) * 14.8%) = 12.4%

0.112x + 0.148 - 0.148x = 0.124

-0.036x = -0.024

x = 0.67

Portfolio beta is;

= 0.67 * 1.2 + ( 1 - 0.67) * 1.8

= 1.398 so beta condition is satisfied.

Amount in Bay Corp.;

= 0.67 * 50,000

= $33,500

Amount in City Inc.;

= 50,000 - 33,500

= $16,500

8 0
3 years ago
What is meant by management being multidimensional​
REY [17]

Answer:

In a multidimensional organization, the firm uses different criteria on several levels, reported at the same time, to track its performance.

Explanation:

Managers in a multidimensional organization have common goals. The management process prioritizes decision making

7 0
3 years ago
Read 2 more answers
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