Determine if each of the following is a tax and why or why not.a. $2.50 toll paid on the Florida Turnpikeb. $300 ticket for reckless drivingc. 1 percent local surcharge on hotel rooms to fund public roadwaysd. 2 percent city surcharge on wages earned in the city of Philadelphia
What will be an ideal response?
a. Not a tax because receiving a specific benefit for amount paid.
b. Not a tax, penalties/fines are not taxes by definition.
c. A tax, required payment imposed by local government, tax not tied to specific benefit received by payer.
d. A tax, required payment imposed by local government, no specific benefit received by payer.
You might also like to view...
Globalization and financialization are facilitated by:
A. International Labor Standards B. corporate codes of conduct and the labor movement C. tariffs and quotas D. free-market public policies and advances in information technology
If the order quantity is fixed, as in a continuous review system, the decision of when to place the order is determined by ______.
a. the daily demand rate and the lead time b. the daily demand rate and the safety stock c. the safety stock and the lead time d. the safety stock and the purchase price
Marcelin Corporation manufactures and sells one product. The following information pertains to the company's first year of operations: Variable costs per unit: Direct materials$92Fixed costs per year: Direct labor$1,122,000Fixed manufacturing overhead$3,927,000Fixed selling and administrative expenses$1,932,000 The company does not have any variable manufacturing overhead costs or variable selling and administrative expenses. During its first year of operations, the company produced 51,000 units and sold 46,000 units. The company's only product is sold for $276 per unit.The company is considering using either super-variable costing or a variable costing system that assigns $22 of direct labor cost to each unit that is produced. Which of the following statements is true
regarding the net operating income in the first year? A. Variable costing net operating income exceeds super-variable costing net operating income by $110,000. B. Super-variable costing net operating income exceeds variable costing net operating income by $385,000. C. Variable costing net operating income exceeds super-variable costing net operating income by $385,000. D. Super-variable costing net operating income exceeds variable costing net operating income by $110,000.
Assume that Hercules Manufacturing has sales of $25 million and current assets of $5 million. The corporation utilizes the percent-of-sales method of financial forecasting
If Hercules is expected to generate sales of $31 million next year, what will the firm's investment in current assets be? A) $8.3 million B) $4.0 million C) $6.2 million D) $5.0 million