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Roman55 [17]
3 years ago
6

TR Company conducts business exclusively in State V, which levies a 5 percent sales and use tax on goods purchased or consumed i

n-state. This year, TR bought equipment in State B. The cost of the equipment was $90,000, and TR paid $5,400 sales tax to State B. TR also bought machinery in State D. The cost of the machinery was $200,000, and TR paid $7,000 sales tax to State D.
Required:
a. How much use tax does TR Company owe to State V with respect to the equipment bought in State B?
b. How much use tax does TR Company owe to State V with respect to the machinery bought in State D?
Business
1 answer:
TiliK225 [7]3 years ago
7 0

Answer:

a. Particulars                                                       Amount

Value of property purchased in State B A      $90,000

Tax rate in State V B                                         <u>      </u><u>5%     </u>

Pre-Credit use tax C (A*B)                                 $4,500

Credit Sales tax paid to State B D                   <u>($5,400)</u>

Use tax owed to State V E (C+D)                      <u>$0          </u>

b. Particulars                                                          Amount

Value of property purchased in State D A        $200,000

Tax rate in State V B                                           <u>        </u><u>5%      </u>

Pre-credit use tax C (A*B)                                   $10,000

Credit Sales tax paid to State D D                     <u>($7,000)   </u>

Use tax owed to State V E (C+D)                       <u>$3,000    </u>

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