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Lerok [7]
3 years ago
8

Sales and excise taxes are levied on retailers, but retailers add these taxes to the prices of their products. this illustrates

the:
Business
1 answer:
coldgirl [10]3 years ago
4 0
<span>Sales and excise taxes are levied on retailers, but retailers add these taxes to the prices of their products. This illustrates the shifting of taxes to consumers. 

Retailers build in these taxes in the final product purchase amount so that they aren't eating the cost. By putting them on the customer, they are saving themselves money that they would have to pay if they couldn't build the price in. Sales tax on items is determined by the state and county someone lives in. 
</span>
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Aleksandr [31]

Answer:

The cost of the equipment is <u>$45,416</u>.

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The cost of a newly purchased equipment is the addition of all relevant costs uncured in order to make the equipment ready for use.

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However, any cost incurred to repair any damage to an equipment during installation is not part of equipment cost. Such repair costs are just ordinary expenses that are charged to the income statement during the period.

Based on the explanation above, the cost of the equipment by Oriole Company can be calculated as follows:

Equipment cost = Purchase price + Sales tax + Freight charges + Installation costs ..................... (1)

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Substituting the values into equation (1), we have:

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