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Rom4ik [11]
3 years ago
6

Mrs. Torres goes out of town on a business trip. She spends 3 nights in a hotel at a charge of $80 per night. She pays 9% tax on

the room and tips the maid service 10% of the room charge. Mrs. Torres also has meals worth $109.30 before tax and she tips 15%. If the total cost of her trip is $420.04, approximately what tax rate does Mrs. Torres pay on her meals
Business
2 answers:
WITCHER [35]3 years ago
8 0

Answer:

The answer is C I took the test.

frosja888 [35]3 years ago
6 0

Mrs Torres pay tax for the meals at the rate of 20%

Explanation:

The daily cost of the hotel room=80$

Total nights spent at hotel=3

Tax on the room=9%

Tip for the maid=10% of the room charge= 10/100*80= 8$

Cost of meal=109.30$

Tip paid =15%

The total cost of the trip=420.04$

Tx charged to Mrs Torres on the meal

Total tax charged on the room= 9/100*(total room charge)

Total room charge= 80*3=240$

Total tax charged on the room=9/100*240=21.6$

Hence the total cost accrued to Mrs Torres=240$+21.6$=261.6$

She paid maid a tip of 10%(8$)

Hence total charge= 261.6+8=269.6$

Let the tax charged at meal be c%

Hence total meal charges=

c/100*109.3+109.30

After this, she paid a tip of 15%

Hence total charge accrued to Mrs Torres would be (c/100*109.3+109.30)+.15*(c/100*109.3+109.30)

It is given that Mrs Torres paid 420.04$ as total bill

Hence (c/100*109.3+109.30)+.15*(c/100*109.3+109.30)=420.04$

Solving for "c" we get it to be as 20%

How to Solve such complex equations- Since the  equation seems to be complex and lengthy

Simply assume any value of "c" and see if it satisfies the equation

Assuming the value of "c" to be 20%- the equation is satisfied. hence the tax at meals was 20%

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Denzel Brooks opened a Web consulting business called Venture Consultants and completes the following transactions in March Marc
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1. Prepare general journal entries to record these transactions using the following titles:

March 1

Dr Cash (101) 175,000

Dr Office Equipment (163) 26,000

    Cr Common Stock (307) 201,000

March 2

Dr Prepaid Rent (131) 6,000

    Cr Cash (101) 6,000

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Dr Office Equipment (163) 3,800

Dr Office Supplies (124) 2,200

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Dr Cash (101) 4,500

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Dr Accounts Receivable (106) 10,900

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Dr Accounts Payable (201) 6,000

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Dr Prepaid Insurance (128) 6,400

    Cr Cash (101) 6,400

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Dr Cash (101) 4,000

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Dr Accounts Receivable (106) 5,330

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Dr Dividends (319) 5,400

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Dr Office Supplies (124) 1,700

    Cr Accounts Payable (201) 1,700

March 31

Dr Utilities Expense (690) 1,400

    Cr Cash (101) 1,400

2. Post the journal entries from part 1 to the ledger accounts.

Account      Description                                  Debit         Credit

101               Cash                                           175,000

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                                                                          4,500

                                                                                           6,000

                                                                                           6,400

                                                                          4,000

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<u>                                                                                             1,400  </u>

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106              Accounts Receivable                 10,900        

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<u>                                                                          5,330                     </u>

106              Accounts Receivable                 12,330

124              Office Supplies                            2,200

<u>                                                                          1,700                        </u>

124              Office Supplies                            3,900

128              Prepaid Insurance                       6,400

131               Prepaid Rent                                 6,000

163              Office Equipment                        26,000

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163              Office Equipment                        29,800

201              Accounts Payable                                              6,000

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<u>                                                                                                 1,700    </u>

201              Accounts Payable                                               1,700

307             Common Stock                                               201,000

319              Dividends                                       5,400

403             Services Revenue                                              4,500

                                                                                              10,900

<u>                                                                                                 5,330    </u>

403             Services Revenue                                             20,730

690             Utilities Expense                            1,400

3. Prepare a trial balance as of April 30.

Account      Description                                  Debit         Credit

101               Cash                                           158,300

106              Accounts Receivable                  10,900        

106              Accounts Receivable                  12,330

124              Office Supplies                             3,900

128              Prepaid Insurance                        6,400

131               Prepaid Rent                                 6,000

163              Office Equipment                        29,800

201              Accounts Payable                                               1,700

307             Common Stock                                               201,000

319              Dividends                                       5,400

                   Retained earnings                                             11,000

403             Services Revenue                                             20,730

690             Utilities Expense                            1,400

<u>                                                                                                                 </u>                

TOTAL                                                           234,430       234,430                                              

6 0
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Mikey initially invested $2,400 in a company and has held this investment for 3 years. He sold the investment after 3 years for
Tanzania [10]

Answer:

499.80

Explanation:

There is no 39.6% tax bracket, the highest marginal tax is 37%. But we can assume that Mikey had to pay 39.6% in taxes which means that he is in the seventh tax bracket (highest). Since he is classified under the highest tax bracket, he will also pay the highest capital gains rate which is 20%.

Mikey's long term capital gain = $4,950 - $2,400 = $2,550

if he paid regular income taxes = $2,550 x 39.6% = $1,009.80

since he pays capital gains taxes = $2,550 x 20% = $510

That means he saves $1,009.80 - $510 = 499.80

3 0
3 years ago
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