Calculate the missing information for the purchase.

Item	Selling Price (in $)	Sales Tax Rate	Sales Tax (in $)	Excise Tax Rate	Excise Tax	Total Purchase Price
Book	$	8	$	0	0	$12.96

Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $54,889. The stores are located in a state that has a sales tax of

6 1/2%.

(Round your answers to the nearest cent.)

(a)As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month.$

(b)As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue.$

You are the owner of Cach, a chain of women's clothing boutiques. Your state has a sales tax of 7%, and your city has an additional sales tax of 1.5%. Each quarter you are responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue, including sales tax, of $596,750.

(a)How much of this revenue was sales (in $) and how much was sales tax (in $)?sales$ sales tax$

(b)How much sales tax (in $) should be sent to the city?$

(c)How much sales tax (in $) should be sent to the state?$

Calculate the assessed value (in $) and the property tax due (in $) on the property.

Fair Market Value	Assessment Rate	Assessed Value	Property Tax Rate	Property Tax Due
$280,000	80	$	$25.10 per $1,000	$

Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.)

Community	Total Assessed Property Valuation	Total Taxes Required	Property Tax Rate
Percent	Per $100 (in $)	Per $1,000 (in $)	Mills
Ellingham	$58,000,000	$2,500,000	%	$	$

As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in the county is $200,000,000. Currently, the assessment rate is 35% and the tax rate is 30 mills. The county commission increases the assessment rate to 45% and the tax rate to 35 mills.

(a)How much property tax (in $) was collected under the old rates?$

(b)How much more tax (in $) revenue will be collected under the new rates?$

Mike purchases a bicycle costing $178.70. State taxes are 4% and local sales taxes are 2%. The store charges $20 for assembly. What is the total purchase price (in $)? (Round your answer to the nearest cent.)$

A trucking company buys 24,675 gallons of gasoline. The federal excise tax is $0.175 per gallon. Find the amount of excise tax due. (Round your answer to the nearest cent.)

Answer rating: 100% (QA)

To calculate the missing information for the purchases and taxes lets go through each question 1 Calculate the missing information for the purchase Item Selling Price in Sales Tax Rate Sales Tax in Ex... View the full answer