Sales tax

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  • Sales Tax Case Study

    As of December 31, 2011, what amount, if any, of sales taxes due should be recognized in eVade’s financial statements? 2. What effect, if any, does eVade’s decision to participate in the tax amnesty program have on the amount recognized as of March 31, 2012? 3. What amounts should be recognized in the financial statements for the $25 million payment on June 15, 2012? SUMMARY CONCLUSION ON ACCOUNTING QUESTIONS Statement Period How much should eVade Pays Up record sales tax in State X for particular time period? December 31, 2011 • Recognized $25 million • As liability under Sales Tax Payable March 15, 2012 • Carried over of $25 million from statement of 12/31/2011 • Plus the amount of accrued Sales Tax Payable from…

    Words: 1370 - Pages: 6
  • What Is The Sales Tax Point?

    As our text book states, it is a good idea to remember the sales tax. This is something to remember, especially if you are on vacation in another state or country. You may think you have all of the money to cover the cost, and then there is another fee attached! What correlates well with the sales tax point, is the additional costs associated with credit card fees and interest. Once again, being aware of how much you are going to end up paying on your credit card, if not paid off in a timely…

    Words: 800 - Pages: 4
  • Economics: Multiple Choice Questions

    compensated elasticity of supply of labor is zero, then a tax on labor earnings will have zero excess burden. 16. Lump-sum taxes do not prevent prices from equaling the marginal social cost and benefit of any goods and services. 17. Lump-sum taxes can vary in amount based on income level. 18. A lump-sum tax can distort prices and affect consumption behavior. Multiple Choice Questions 1. A lump-sum tax: a. distorts market prices so that they do not simultaneously equal MSB and…

    Words: 2915 - Pages: 12
  • How Do Government Laws Affect Curry

    For example if the government wants to encourage people to take loans and start businesses they will decrease the interest rates. Monetary policy has a big impact on all businesses including curry’s. When the government lowers interest rates it will encourage curry’s to take loans and expand their business. It will also embolden individuals to take loans and buy products from curry’s. If the government increases interest rates it will discourage people taking loans so people will have less…

    Words: 1433 - Pages: 6
  • Real Estate Tax Research Paper

    Real Estate Tax Strategies Achieving Financial Strength Through Real Estate Tax Strategies The right tax strategy can help you build true wealth because you can deduct hundreds of everyday personal and business expenses and interest payments, generate cash flow from rentals while building equity and realize tax-free capital gains on the sale of primary homes every two years. Any financial portfolio benefits by including real estate to hedge and balance the investments. In real estate, agents…

    Words: 1402 - Pages: 6
  • General Electric Revenue Analysis

    Revenue is the profits a company receive from sale of goods or services before any cost or expenses are subtracted; it is known as the top line on a company (Investopedia, 2016). General Electric recognizes revenue when all sales are final upon delivering or sales agreement are in place. Most of the GE multiple components are in the same agreement. GE total revenue as of December 31, 2012 was $ 146,684,000, as of December 31, 2013 was $146,045,000 and as December 31, 2014 was $148,589,000 (Yahoo…

    Words: 710 - Pages: 3
  • Casimaty V. FCT 97 ATC 5135: Case Study

    In the case of Casimaty v FCT 97 ATC 5135, the taxpayer was doing fencing and farming business, which his father inherited an amount of 998 acres land that was known as “Acton View” (Australian Tax Casebook p.162). He then purchased another 40 acres of land, which he built a homestead. As time goes by, he suffered some sort of difficulties as there were drought, severe financial debts, and as well as poor health condition. As he had no alternatives, so he decided to sell-off portions of the land…

    Words: 1285 - Pages: 6
  • Tax On Sugary Drinks

    The debate about whether to impose a tax on sugary drinks or not raises some interesting questions. Some individuals argue that government should tax sugary drinks because the number of health risks associated with them are on the rise. Opponents argue that consumers should have the right to drink what they want. By introducing an additional tax on sugary drinks proponents are hoping to decrease the consumption of these beverages, and thus promote a healthier lifestyle. While taxing sugary…

    Words: 447 - Pages: 2
  • Relevant Facts: Armando Perez A Citizen Of Colombia

    his name. Colombia does not have a tax treaty with the US. Properties A, B, and C were purchased on January 1, 2014 and their adjusted bases and fair market value are $97,800/150,000, $86,223/135,000 and $52,077/155,000 respectively. There is no depreciation recapture on any of the properties and they are currently rented and no significant improvements have been made to the properties since they were purchased. Mr. Perez made the election to treat his real property income as effectively…

    Words: 1493 - Pages: 6
  • Internal Revenue Code Section 1221 Case Study

    Commissioner, Azar purchased a terminated employee’s home per terms of the employment contract and incurred a loss on the sale of the home. Azar took an ordinary loss on the sale of the home but the court ruled that the resale of the home was a capital loss and therefore was not deductible as an ordinary loss. Azar argued that the loss on the home should be fully deductible because it was an ordinary and necessary business expense under section 162(a) or an ordinary loss under section 165(a).…

    Words: 854 - Pages: 4
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