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Elena-2011 [213]
3 years ago
7

Kai operates the Surf Shop in Laie, Hawaii, which designs, manufacturers, and customizes surf boards. Hawaii has a hypothetical

4 percent excise tax technically paid by the seller. However, the state also allows "tax on tax" to be charged, which effectively means a customer is billed 4.166 percent of the sales price. Determine the sales tax liability the Surf Shop must collect and remit - or the use tax liability that the customer must pay - for each of the following orders:
a) Kalani, a Utah customer, places an internet order for a $1,000 board that will be shipped to Provo, Utah where the local sales tax rate is 6.85 percent.
b) Nick, an Alabama resident, comes to the retail shop on vacation and has a $2,000 custom board made. Nick uses the board on vacation and then has the Surf Shop ship it to Tuscaloosa, Alabama where the sales tax rate is 9 percent.
c) Jim, a Michigan resident, places an order for a $2,000 custom board at the end of his vacation. Upon completion, the board will be shipped to Ann Arbor, Michigan, where the sales tax rate is 6 percent.
d) Scott, a Nebraska resident, sends his current surfboard to the Surf Shop for a custom paint job. The customization services come to $800. The board is shipped to Lincoln, Nebraska, where the sales tax rate is 7.25 percent.
Business
1 answer:
prohojiy [21]3 years ago
7 0

Answer:

Explanation:

According to the Kai surf shop in Laie, Hawaii, below is the computation of sales and use tax of surf shop that must collect or remit.

A.

Kai doesn't have a sales tax nexus with Utah, therefore it will not have any sales tax liability. Instead, Kalani will have a tax liability in Utah that will be $63($1000 x 6.85%).

B.

kai will have a tax liability of $83($2000 x 4.166%) Also, Nick will have use tax liability of $87[($2000 x (9% - 4.166%)].

C.

Kai doesn't have a sales tax nexus with Michigan, therefore it will not have sales tax liability. Instead, Jim will have a use tax liability in Michigan will be $140($2000 x 6%)

D.

Sales and use tax is not imposed on sale of services. Therefore, neither Kai nor Scott will have any sales or use tax liability.

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The Human Resources department of Superior Catering conducted a training workshop on setting and achieving organization goals. D
Harman [31]

Answer:

The goals are not time-bound, there is no specific date as to when they should be achieved.

Explanation:

SMART goals should be:

  • Specific
  • Measurable  
  • Achievable
  • Relevant
  • Time-Bound: how long will it take DeJohn and his managers to accomplish their goals, e.g. six months, one year?

7 0
3 years ago
Rebel Technology maintains its records using cash-basis accounting. During the year, the company received cash from customers, $
Elden [556K]

Answer:

The cash-basis net income and accrual-basis net income for the year is $19,500 and $22,800 respectively.

Explanation:

The computation is shown below:

1. Net income under cash basis:

= Received cash from customers - paid cash for salaries

= $43,000 - $23,500

= $19,500

2. Net income under accrual basis:

= Cash received - salary paid

where,

Cash received = Cash owed at the end of the year + cash received - cash owed at the beginning of the year

= $6,600 + $43,000 - $1,000

= $48,600

And, the salary paid = salary owed at the end of the year + salary paid - salary owed at the beginning of the year

= $5,600 + $23,500 - $3,300

= $25,800

Now put these values to the above formula  

So, the value would equal to

= $48,600 - $25,800

= $22,800

3 0
3 years ago
Which of the following activities is not a component of the operating cycle?A)Sale of merchandiseB)Payment of employees' salarie
Sloan [31]

Answer:

B)Payment of employees' salaries

Explanation:

Operating cycle: The operating cycle is that cycle in which the firm makes the collection of cash with respect to the sales and make the payment with respect to the purchase of the inventory

The cycle start from days of inventory outstanding, days of sales outstanding, and days of payable outstanding

In mathematically,  

Operating cycle = days of inventory outstanding + days of sales outstanding - days of payable outstanding

Thus, option B is correct.

8 0
3 years ago
The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17
kolezko [41]

Answer:

=  $490

Explanation:

<em>Under the </em><em>First-in-First-Out  </em>( FIFO ) <em>method of inventory valuation,  inventories are valued using the price of the earliest batch in stock until the batch is exhausted when the price of the next oldest batch is used and so on.</em>

Date     sale units       Workings                         Value

              10                    10 × $19                              190

               20        (10 × $19)+( 10 × $20)                  390

The cost o he merchandise = $190 + $390

                                             =  $490

8 0
3 years ago
For the most recent year, Camargo, Inc., had sales of $546,000, cost of goods sold of $244,410, depreciation expense of $61,900,
weqwewe [10]

Answer:

Explanation:

As we know that time interest earned ratio = Income before interest and taxes / interest expense.

Sales                                                                                           = 546000

less: cost of goods sold                                                            =  (<u>244410</u>)

            Gross profit                                                                       301590

Less: <u>expenses</u>

          Depreciation expense                                                      =( <u>61900   </u>)    

         Profit before interest and taxes                                         239690

Less: tax

      (239690 * 23%)                                                                =   (<u>55128</u>)            

                         Profit                                                                   184562

Profit - Retained earning Addition  = Interest

      184562 - 74300 = 110262.

Interest earned ratio = 239690 / 110262 = 2.17 times  

3 0
3 years ago
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