Question: Explain how GST that is paid by consumers is a liability of the store that sold the merchandise. To whom is GST paid?

Explain how GST that is paid by consumers is a liability of the store that sold the merchandise. To whom is GST paid?

Step by Step Solution

★★★★★

3.24 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Retailers act as collecting agents for the federal gove... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

1211-B-C-A-B(3486).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

Q:

Table 20P-1 shows supply and demand in the market for sub sandwiches in Wheretown, where the local government wants to raise revenue via a $1 tax on all sandwiches, collected from sandwich shops. a....

Q:

This is a challenging question intended for those students who like mathematics. It will help you work through the issue of tax incidence. Consider the market for gasoline. Suppose the market demand...

Q:

Suppose that the government imposes a specific of T dollars on a good sold by a monopolist. Does it matter for the amount bought and sold, and the total cost per unit to consumers, whether the tax is...

Q:

Explain how sales tax that is paid by consumers is a liability of the store that sold the merchandise.

Q:

Explain why sales tax that is paid by consumers is a liability of the store that sold the merchandise.

Q:

Chapter 9 Questions What distinguishes a current liability from a long-term liability? Explain how GST that is paid by consumers is a liability of the store that sold the merchandise. To whom is GST...

Q:

Explain how GST that is paid by consumers is a liability of the store that sold the merchandise. To whom is GST paid

Q:

3. Explain how GST that is paid by consumers is a liability of the store that sold the merchandise. To whom is GST paid?

Q:

Having so many problems with this, please assist (Thanks for your help) Question 2 Partially correct Mark 33.00 out of 54.00 Flag question Take ine to the text Purch Livng sells outdoor furniture and...

Q:

Selected transactions of Coromandel Ltd are given below. The company uses straight-line depreciation and calculates depreciation expense to the nearest whole month. 2018 Jan. Purchased from Brampton...

Q:

[10 Marks] Evaluate the limit (b) [10 Marks] Determine whether the given series is convergent or divergent. Justify your answer. Only one point will be awarded if no correct justification is...

Q:

Explain disadvantages of file system (file processing systems) compared to Database management system. OR Explain disadvantages of conventional file-based system compared to Database management...

Q:

What is the primary goal of financial management in a corporation? a ) current profits b ) market share c ) market value of existing stock

Q:

14. Describe the following communications means and products and what they contribute to the management of emergencies: media lists and contacts, press releases, press conferences, press inquiries,...

Q:

A corporation issues 5,000 shares of $1 par value stock for some equipment with a clearly determined value of $10,000. Prepare the journal entry to reflect this transaction.

Q:

Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Apr. 10,...

Q:

Use the internet to find a publicly-held companys annual report. Locate the section that comments on the Stockholders Equity section of the financial reports. What additional insights are you able to...

Q:

What is source code? any software whose source code is made available free for any third party to review and modify contains instructions written by a programmer specifying the actions to be...

Q:

What is the firm's dividend payment in the current year? What is the firm's net income in the current year? Answer format: Number: Round to: 0 decimal places

Q:

Hi, please answer these questions it will be appreciated :) Thanks! Can you also please check my answers :) Consider the case of Badger Corp. Badger Corp. has 9% annual coupon bonds that are callable...