Business, 28.01.2020 21:44 luthfipadasseri
Mr. and mrs. underhill operate a hardware store in a jurisdiction that levies both a sales tax on retail sales of tangible personalty and an annual personal property tax on business tangibles. the personal property tax is based on book value as of december 31. this year, mr. and mrs. underhill purchased $840,000 of inventory for their store.
(a) are mr. and mrs. underhill required to pay sales tax on the purchase of the inventory?
(b) how can mr. and mrs. underhill minimize their personal property tax by controlling the timing of their inventory purchases?
Answers: 3
Business, 22.06.2019 11:10
Wilson company paid $5,000 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $5,000, and no adjustments had been made previously. the adjusting entry required on december 31 is: (a) debit cash. $5,000: credit prepaid insurance. $5,000. (b) debit prepaid insurance. $2,500: credit insurance expense. $2500. (c) debit prepaid insurance. $1250: credit insurance expense. $1250. (d) debit insurance expense. $1250: credit prepaid insurance. $1250. (e) debit insurance expense. $2500: credit prepaid insurance. $2500.
Answers: 1
Business, 22.06.2019 11:40
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Answers: 3
Business, 23.06.2019 08:00
Wriston company is preparing its cash budget for the upcoming month. the beginning cash balance for the month is expected to be $15,000. budgeted cash disbursements are $72,500, while budgeted cash receipts are $89,600. wriston company wants to have an ending cash balance of $30,000. the excess (deficiency) of cash available over disbursements for the month would be
Answers: 2
Mr. and mrs. underhill operate a hardware store in a jurisdiction that levies both a sales tax on re...
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