A multistage sales tax with credit for taxes paid on business purchases.

A multistage sales tax with credit for taxes paid on business purchases.
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Income left over after an individual pays taxes and purchases the basic necessities of food, clothing and shelter is called : 1. disposable income 2. taxable income 3. accounting income 4. discretionary income 5. credit

Description : Income left over after an individual pays taxes and purchases the basic necessities of food, clothing and shelter is called : 1. disposable income 2. taxable income 3. accounting income 4. discretionary income 5. credit

Last Answer : discretionary income

Income left over after an individual pays taxes and purchases the basic necessities of food, clothing and shelter is called: A)disposable income B)taxable income C)accounting income D)discretionary income E)credit

Description : Income left over after an individual pays taxes and purchases the basic necessities of food, clothing and shelter is called: A)disposable income B)taxable income C)accounting income D)discretionary income E)credit

Last Answer : D)discretionary income

ARE THE TAXES A BUSINESS PAYS ON SUPPLIES, TRAINING , UTILIES ETC... CAN THAT BE USED AS TAXES PAID ON THE TAX FORMS?

Description : ARE THE TAXES A BUSINESS PAYS ON SUPPLIES, TRAINING , UTILIES ETC... CAN THAT BE USED AS TAXES PAID ON THE TAX FORMS?

Last Answer : Need Answer

Would people get better deals at car dealerships if they paid cash for their car purchases instead of using credit?

Description : Would people get better deals at car dealerships if they paid cash for their car purchases instead of using credit?

Last Answer : You can negoitate a better rate if you use cash than credit. Dealers like cash.

How do I compute sales tax for purchases made from another state?

Description : How do I compute sales tax for purchases made from another state?

Last Answer : answer:You might not need to charge any tax. The old rule was to tax only if the business had a store in the state being shipped to. The tax charged would be the ship to state's tax. So for ... books for the business and inform you what to keep track of, how to pay any required quarterly taxes, etc.

Mithun went to a shop and bought things worth Rs. 75, out of which 90 Paise went on sales tax on taxable purchases. If the tax rate was 18%, then what was the cost of the tax free items? a) 12.5 b) 69.80 c) 19.7 d) 34.5 e) 69.1

Description : Mithun went to a shop and bought things worth Rs. 75, out of which 90 Paise went on sales tax on taxable purchases. If the tax rate was 18%, then what was the cost of the tax free items? a) 12.5 b) 69.80 c) 19.7 d) 34.5 e) 69.1

Last Answer : Answer: E  Total cost of the items he purchased = Rs.75  Given that out of this Rs.75, 90 Paise is given as tax  => Total tax incurred = 90 Paise  = Rs.90/100  Let the cost of the tax free items = x  Given that tax rate = ... −0.9 −x) = 90  ⇒ (75 − 0.9 − x) = 5  x = 75 − 0.9 - 5  X=69.1 

If we take goods for own use we should A) Debit Drawings Account, Credit Purchases Account B) Debit Drawings Account: Credit Stock Account C) Debit Sales Account: Credit Stock Account D) Debit Purchases Account: Credit Drawings Account

Description : If we take goods for own use we should A) Debit Drawings Account, Credit Purchases Account B) Debit Drawings Account: Credit Stock Account C) Debit Sales Account: Credit Stock Account D) Debit Purchases Account: Credit Drawings Account

Last Answer : Answer: A

The credit terms offered to a customer by a business firm are 2/10, n/30, which means that a. the customer must pay the bill within 10 days. b. the customer can deduct a 2% discount if the bill is paid between the 10th and 30th day from the invoice date. c. the customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date. d. two sales returns can be made within 10 days of the invoice date and no returns thereafter.

Description : The credit terms offered to a customer by a business firm are 2/10, n/30, which means that a. the customer must pay the bill within 10 days. b. the customer can deduct a 2% discount if the ... date. d. two sales returns can be made within 10 days of the invoice date and no returns thereafter.

Last Answer : c. the customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date.

If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____ a) Dr Drawing A/c & Cr Purchases A/c b) Dr Office Expenses A/c & Cr Motor Car A/c c) Dr Motor Car A/c & Cr Purchases A/c d) Dr Motor Car & Cr Sales A/c

Description : If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____ a) Dr Drawing A/c & Cr Purchases A/c b) Dr Office Expenses A/c & Cr Motor Car A/c c) Dr Motor Car A/c & Cr Purchases A/c d) Dr Motor Car & Cr Sales A/c

Last Answer : c) Dr Motor Car A/c & Cr Purchases A/c

Why do we have to an inheritance tax when the previous owners paid taxes on them when they purchased them?

Description : Why do we have to an inheritance tax when the previous owners paid taxes on them when they purchased them?

Last Answer : Inheritance taxes and property taxes are entirely separate issues. Regardless of whether or not we agree with taxes you still have to abide by them. I personally don't agree with the scope of inheritance taxes, however the government considers an inheritance taxable income.

When my income was $100,000, I paid $10,000 in taxes. When my income became $200,000, I paid $40,000 in taxes. My marginal tax rate is: a. 10% b. 20% c. 30% d. 40%

Description : When my income was $100,000, I paid $10,000 in taxes. When my income became $200,000, I paid $40,000 in taxes. My marginal tax rate is: a. 10% b. 20% c. 30% d. 40%

Last Answer : c. 30%

When my income was $100,000, I paid $10,000 in taxes. When my income became $200,000, I paid $40,000 in taxes. My marginal tax rate is: a. 10% b. 20% c. 30% d. 40%

Description : When my income was $100,000, I paid $10,000 in taxes. When my income became $200,000, I paid $40,000 in taxes. My marginal tax rate is: a. 10% b. 20% c. 30% d. 40%

Last Answer : c. 30%

Which of the following taxes is exclusively and totally assigned to the Central Government by the Constitution? (1) Estate Duty (2) Sales Tax (3) Taxes on Railway Fares and Freights (4) Corporation Tax

Description : Which of the following taxes is exclusively and totally assigned to the Central Government by the Constitution? (1) Estate Duty (2) Sales Tax (3) Taxes on Railway Fares and Freights (4) Corporation Tax

Last Answer : (4) Corporation Tax Explanation: The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Centre and the State. Article ... taxes on capital of companies; estate duty in respect of property other than agricultural land, etc.

Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement

Description : Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement

Last Answer : (4) Taxes on Advertisement Explanation: Apart from taxes levied and collected by the States, the Constitution has provided for the revenues for certain taxes on the Union List to be allotted ... exchanges and future markets; and Taxes on sale and purchase of newspapers and advertisements therein.

Which of the following taxes is regressive? a. the federal income tax b. the state income tax c. the sales tax d. the Medicare tax

Description : Which of the following taxes is regressive? a. the federal income tax b. the state income tax c. the sales tax d. the Medicare tax

Last Answer : c. the sales tax

4. Which of the following taxes is regressive? a. the federal income tax b. the state income tax c. the sales tax d. the Medicare tax

Description : 4. Which of the following taxes is regressive? a. the federal income tax b. the state income tax c. the sales tax d. the Medicare tax

Last Answer : c. the sales tax

Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states ? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement

Description : Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states ? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement

Last Answer : Taxes on Advertisement

Which of the following taxes is such which does not cause rise in price ? (1) Import duty (2) Income tax (3) Octoroi (4) Sales tax

Description : Which of the following taxes is such which does not cause rise in price ? (1) Import duty (2) Income tax (3) Octoroi (4) Sales tax 

Last Answer :  Income tax

Can I claim foreign tax credit carryovers for past years even though I didn't file taxes during those years?

Description : Can I claim foreign tax credit carryovers for past years even though I didn't file taxes during those years?

Last Answer : You’d be better off with an accountant for this question.

How Sales or used tax must be paid on?

Description : How Sales or used tax must be paid on?

Last Answer : What is the answer ?

Your department store receipt says that you paid a 5% sales tax on sports equipment. This sales tax is an example of a _____.?

Description : Your department store receipt says that you paid a 5% sales tax on sports equipment. This sales tax is an example of a _____.?

Last Answer : regressive tax

Jenny bought 6 CDs that were each the same price. Including sales tax, she paid a total of $ 96.60 . Each CD had a tax of $ 1.20. What was the price of each CD before tax?

Description : Jenny bought 6 CDs that were each the same price. Including sales tax, she paid a total of $ 96.60 . Each CD had a tax of $ 1.20. What was the price of each CD before tax?

Last Answer : Each CD was $14.90

A commission or fee paid, when an agent or an individual sells an investment such as mutual funds or annuity is known as _________ A. Redemption fee B. Service Charge C. Regressive tax D. Sales tax

Description : A commission or fee paid, when an agent or an individual sells an investment such as mutual funds or annuity is known as _________ A. Redemption fee B. Service Charge C. Regressive tax D. Sales tax

Last Answer : A. Redemption fee Explanation: A mutual fund redemption fee, also referred to as a -market timing fee , or -short-term trading fee , is a charge by a mutual fund company to discourage investors from ... (i.e. a purchase, typically a transfer, followed by a sale within a short period of time).

Pick out the wrong statement. (A) Net worth means paid up share capital and reserve & surplus (i.e. shareholders equity) (B) Return on equity = profit after tax/net worth (C) Working capital turnover ratio = sales/net working capital (D) Total cost of production is more than net sales realisation (NSR) at breakeven point

Description : Pick out the wrong statement. (A) Net worth means paid up share capital and reserve & surplus (i.e. shareholders equity) (B) Return on equity = profit after tax/net worth (C) Working ... /net working capital (D) Total cost of production is more than net sales realisation (NSR) at breakeven point

Last Answer : (D) Total cost of production is more than net sales realisation (NSR) at breakeven point

If people actually paid attention to their purchases, which popular products do you suppose would disappear from store shelves?

Description : If people actually paid attention to their purchases, which popular products do you suppose would disappear from store shelves?

Last Answer : answer:Bottled water is just a waste of money and adds to landfills with the plastic bottles. frozen meals often take longer to cook than to make from scratch. And I don’t think any frozen breakfast is worth it, they can all be made so easily and taste better without all the processing.

If the purchases made during the year were Rs. 60,000, the balance of stock in trade at the beginning and at the end of the year were Rs. 12,000 and Rs. 9,000 respectively and the gross profit on sales was 1/5th, when which one of the following represents the figure of gross profit for the year ? (A) Rs. 15,750 (B) Rs. 14,000 (C) Rs. 12,500 (D) Rs. 17,250

Description : If the purchases made during the year were Rs. 60,000, the balance of stock in trade at the beginning and at the end of the year were Rs. 12,000 and Rs. 9,000 respectively and the gross profit on sales was 1/5th, when which ... year ? (A) Rs. 15,750 (B) Rs. 14,000 (C) Rs. 12,500 (D) Rs. 17,250

Last Answer : Answer: Rs. 12,500

If Opening Stock – Rs.15,000 Purchases – Rs.37,500 Direct Expenses – Rs.1,500 Closing Stock – Rs.7,500 Operating Expenses – Rs.3,000 Sales are Rs. 60,000 during the year, what is the net profit ? (A) Rs. 12,000 (B) Rs. 10,500 (C) Rs. 7,500 (D) Rs. 3,000

Description : If Opening Stock – Rs.15,000 Purchases – Rs.37,500 Direct Expenses – Rs.1,500 Closing Stock – Rs.7,500 Operating Expenses – Rs.3,000 Sales are Rs. 60,000 during the year, what is the net profit ? (A) Rs. 12,000 (B) Rs. 10,500 (C) Rs. 7,500 (D) Rs. 3,000

Last Answer : Answer: Rs. 10,500

West Company has the following account balances: Purchases $48,000 Sales Returns and Allowances 6,400 Purchase Discounts 4,000 Freight-in 3,000 Delivery Expense 4,000 The cost of goods purchased for the period is a. $52,000. b. $47,000. c. $51,000. d. $44,600.

Description : West Company has the following account balances: Purchases $48,000 Sales Returns and Allowances 6,400 Purchase Discounts 4,000 Freight-in 3,000 Delivery Expense 4,000 The cost of goods purchased for the period is a. $52,000. b. $47,000. c. $51,000. d. $44,600.

Last Answer : . $47,000.

For the financial year ended as on March 31, 2013 the figures extracted from the balance sheet of Xerox Limited as under: Opening Stock Rs. 29,000; Purchases Rs. 2,42,000; Sales Rs. 3,20,000; Gross Profit 25% of Sales. Stock Turnover Ratio will be :- (a) 8 times (b) 6 times (c) 9 times (d) 10 times

Description : For the financial year ended as on March 31, 2013 the figures extracted from the balance sheet of Xerox Limited as under: Opening Stock Rs. 29,000; Purchases Rs. 2,42,000; Sales Rs. 3,20,000; Gross Profit 25% of ... Stock Turnover Ratio will be :- (a) 8 times (b) 6 times (c) 9 times (d) 10 times

Last Answer : (a) 8 times

Value of goods withdrawn by the proprietor for his personal use should be credited to ____ a) Capital A/c b) Sales A/c c) Drawings A/c d) Purchases A/c

Description : Value of goods withdrawn by the proprietor for his personal use should be credited to ____ a) Capital A/c b) Sales A/c c) Drawings A/c d) Purchases A/c

Last Answer : d) Purchases A/c

Goods withdrawn by the proprietor for his personal use are A. Shown as a deduction from the purchases B. Shown as a deduction from the sales C. Treated as sales at cost price D. Added to the purchases

Description : Goods withdrawn by the proprietor for his personal use are A. Shown as a deduction from the purchases B. Shown as a deduction from the sales C. Treated as sales at cost price D. Added to the purchases

Last Answer : A. Shown as a deduction from the purchases

Which of the following is NOT considered to be an objective associated with the use of sales promotions? A. Change buyer attitudes B. Increase volume of individual purchases C. Prompt buyers into trial purchase D. Product improvement

Description : Which of the following is NOT considered to be an objective associated with the use of sales promotions? A. Change buyer attitudes B. Increase volume of individual purchases C. Prompt buyers into trial purchase D. Product improvement

Last Answer : A. Change buyer attitudes

The sales forecasting method that consists of making a product available to buyers in one or more locations and measuring purchases is A)a market test. B)the regression analysis. C)trend analysis. D)a survey. E)the Delphi technique.

Description : The sales forecasting method that consists of making a product available to buyers in one or more locations and measuring purchases is A)a market test. B)the regression analysis. C)trend analysis. D)a survey. E)the Delphi technique.

Last Answer : A)a market test.

If an intermediary wants to carry Tide detergent and Procter & Gamble agrees only if the supplier purchases P&G's entire line of detergents as well, the company is engaging in which of the following channel management practices? A)Exclusive dealing B)Dual distribution C)Tying agreement D)Refusal to deal E)Restricted sales territories

Description : If an intermediary wants to carry Tide detergent and Procter & Gamble agrees only if the supplier purchases P&G's entire line of detergents as well, the company is engaging in which of the ... A)Exclusive dealing B)Dual distribution C)Tying agreement D)Refusal to deal E)Restricted sales territories

Last Answer : C)Tying agreement

Suppose marketers at Renault need to determine the effects of an increase in the advertising budget on sales of the Clio. In setting up an experiment, the independent variable would be: A)sales B)price C)advertising expense D)production cost E)wholesale purchases

Description : Suppose marketers at Renault need to determine the effects of an increase in the advertising budget on sales of the Clio. In setting up an experiment, the independent variable would be: A)sales B)price C)advertising expense D)production cost E)wholesale purchases

Last Answer : C)advertising expense

Marketers at Premier Brands want to determine the effects of a price increase on sales of Gourmet Dinners. In setting up an experiment, the dependent variable would be: A)production costs B)price C)advertising costs D)sales E)wholesale purchases

Description : Marketers at Premier Brands want to determine the effects of a price increase on sales of Gourmet Dinners. In setting up an experiment, the dependent variable would be: A)production costs B)price C)advertising costs D)sales E)wholesale purchases

Last Answer : D)sales

Baxters purchases information regarding soup sales from a firm that tracks the information for a fee, it is using: A)syndicated data services B)primary data generation C)field experiments D)laboratory experiments

Description : Baxters purchases information regarding soup sales from a firm that tracks the information for a fee, it is using: A)syndicated data services B)primary data generation C)field experiments D)laboratory experiments

Last Answer : A)syndicated data services

Sales invoices are first entered in A) The Cash Book B) The Purchases Journal C) The Sales Journal D) The Sales Account

Description : Sales invoices are first entered in A) The Cash Book B) The Purchases Journal C) The Sales Journal D) The Sales Account

Last Answer : Answer: C

Suppliers personal a/c are seen in the A) Sales Ledger B) Nominal ledger C) Purchases Ledger D) General Ledger

Description : Suppliers personal a/c are seen in the A) Sales Ledger B) Nominal ledger C) Purchases Ledger D) General Ledger

Last Answer : Answer: C

Gross profit is A) Cost of goods sold + Opening stock B) Excess of sales over cost of goods sold C) Sales fewer Purchases D) Net profit fewer expenses of the period

Description : Gross profit is A) Cost of goods sold + Opening stock B) Excess of sales over cost of goods sold C) Sales fewer Purchases D) Net profit fewer expenses of the period

Last Answer : Answer: B

Rent, interest on fixed capital, depreciation of building, taxes and wages of the permanent labourers constitute

Description : Rent, interest on fixed capital, depreciation of building, taxes and wages of the permanent labourers constitute

Last Answer : Ans. Fixed Costs

Where can I get help for my tax questions for completing my business taxes and getting the most return from them?

Description : Where can I get help for my tax questions for completing my business taxes and getting the most return from them?

Last Answer : You should seek the advice of a qualified CPA to get information on taxes. They will be able to provide you with advice and console on all tax issues.

Does starting a new business help you with your tax refund when filing taxes.?

Description : Does starting a new business help you with your tax refund when filing taxes.?

Last Answer : My best suggestion is to inform yourself with information from different resources concerning what starting a new business will do for your taxes. But to directly answer your question then yes, it will ... small business owner. Here is their website to learn about it. www.irs.gov/businesses/small/

How can another state collect tax from online purchases when I don't live in that state?

Description : How can another state collect tax from online purchases when I don't live in that state?

Last Answer : If the merchant has a business address in ND, and the shipped to address is in ND, then yes, by law, they need to collect the sales tax.

What's the reason for different security measures when making credit purchases?

Description : What's the reason for different security measures when making credit purchases?

Last Answer : It will probably have to do with the various store’s relationship with their banks and card companies as well as their indemnity insurance rules.

are you liable for credit card purchases to a new company who bought out your old company?

Description : are you liable for credit card purchases to a new company who bought out your old company?

Last Answer : Yes. Everything will be transferred to the new company, and you are liable for those credit car purchases.

The Freight-in account a. increases the cost of merchandise purchased. b. is contra to the Purchases account. c. is a permanent account. d. has a normal credit balance

Description : The Freight-in account a. increases the cost of merchandise purchased. b. is contra to the Purchases account. c. is a permanent account. d. has a normal credit balance

Last Answer : a. increases the cost of merchandise purchased.

The availability of cash and other cash like marketable instruments that are useful in purchases and investments are commonly known as _______ a. Liquidity b. Credit c. Marketability

Description : The availability of cash and other cash like marketable instruments that are useful in purchases and investments are commonly known as _______ a. Liquidity b. Credit c. Marketability

Last Answer : a. Liquidity

Cost B1 + rental value of owned land and rent paid by leased in land

Description : Cost B1 + rental value of owned land and rent paid by leased in land

Last Answer : Ans. Cost B2

Cost A1 + rent paid for based in land

Description : Cost A1 + rent paid for based in land

Last Answer : Ans. Cost A2