Sunland Company made a $24700 sale on account with the following terms: 2/10, n/30. If the company uses the gross method to reco
1 answer:
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$4,044 tax is credited to buyer.
Solution:
$8,200 annual taxes is imposed for 365 days.
hence the tax per day = $22.466
now for a duration of 180 days, that is, from 1 January to 29 June
Total tax imposed = $4044
- Tax compliance refers to policy actions and individual behavior aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs.
- A tax is a mandatory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national).
- Around 3000 and 2800, the first known taxation occurred in ancient Egypt. Non-compliance with the law includes failing to pay on time as well as evading or resisting taxation.
- Taxes can be paid in cash or in the labor equivalent and can be either direct or indirect.
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