What is the total value of taxes paid in the following example if the value added tax is 10%?
A farmer raises wheat that he sells for $1.50 to the grain company. The grain company sells to the processor for $2.00 per bushel. The processor turns the wheat into a breakfast cereal and wholesales it for $3.00 per bushel. The retailer sells the cereal for $4.00 per bushel.
A) $0.15
B) $0.20
C) $0.30
D) $0.40
Answer: D
You might also like to view...
Negligent persons are not generally liable for injuries sustained by those who are injured while making reasonable attempts to avoid being injured by the negligent person's acts.
Answer the following statement true (T) or false (F)
[APPENDIX] Debbie and Alex formed a new partnership. The partnership agreement specified that income should be allocated in a 2-to-1 ratio, with Debbie receiving the larger portion. If revenue for the first year was $90,000 and expenses were $60,000, how much would be allocated to each partner?
a. Debbie—$45,000? Alex—$45,000 b. Debbie—$20,000? Alex—$10,000 c. Debbie—$60,000? Alex—$30,000 d. Debbie—$40,000? Alex—$20,000
Which of the following is/are not true?
a. U.S. GAAP and IFRS permit the employer to prepare consolidated financial statements with the retirement trust. b. The employer must report the net funded status of each defined benefit retirement plan (that is, the fair value of retirement trust assets minus the retirement trust obligation) as either an asset or a liability on its balance sheet. c. The employer must report the net funded status of each defined benefit retirement plan and credit (for an overfunded plan) or debit (for an underfunded plan) is to Other Comprehensive Income. d. Notes to the financial statements provide information about investments made by the retirement trust and how trust assets and liabilities changed during a period. e. all of the above
Selection of the deductive or inductive method of organizing business messages depends on the probable reaction of the receiver to the message
Indicate whether the statement is true or false