Sales tax related:
a. Determine which services/items of DM Yard Services are subject to WI sales tax, support by the WI sales tax publication specific to landscaping services, copy and paste only pertinent area into your Word document for February questions.
b. List 3 county or additional sales tax rates. Why are they different?
c. List 1 type of organization exempt from sales tax.
d. “Print” (screen shot/snip) the QuickBooks help screen on how to set up sales tax.
a) “The sale of landscaping and lawn maintenance services, including any tangible personal property physically transferred to the customer with such services, is subject to Wisconsin sales and use tax, unless an exemption applies.” This includes planting, fertilizing, and mowing.
b) Various tax rates: (example answer)
i. Adams County = 5.5% (.5% county tax)
ii. Waukesha County = 5.1% (.1% stadium tax)
iii. Washington County = 5.6% (both county and stadium tax)
The rates are different because in addition to the state sales tax, county governments set their own county rates and some counties like Waukesha charge no additional county sales tax, but collect the additional stadium tax.
c) A church would be exempt from sales tax; it is a non-profit entity.
d) Per QuickBooks help: (a partial screen shot)
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a. legitimate b. resource c. expert d. personal
General partners have unlimited personal liability for the debts and obligations of the partnership
Indicate whether the statement is true or false
Bob, a guest in Jim's house, opens Jim's desk and writes a check to himself on Jim's checking account, forging Jim's signature. He indorses the check "Bob Saunders" and presents it to Jim's bank for payment. If the bank pays, can it collect from Jim's account?
a. Yes, because Bob is the real payee. b. Yes, because Jim's name is on the check. c. No, because bank should have known the signature is forged. d. No, because Jim did not know of the check.
The accounting concept that requires financial statement information to be supported by independent, unbiased evidence is:
A. Time-period assumption. B. Objectivity principle C. Business entity assumption. D. Going-concern assumption. E. Revenue recognition principle.