WebA sale of $750 on account subject to a sales tax of 6% would be recorded as an account receivable of $750. a. True b. False b. False Merchandise is sold for $3,600, terms FOB destination, 2/10, n/30, with prepaid freight costs of $150. The amount of the sales recorded is $3,528. a. True b. False a. True WebJuly 1. Sold merchandise on account to Landscapes Co., $15,500, terms FOB shipping point, n/eom. The cost of merchandise sold was $9,300. 2. Sold merchandise for $19,700 plus 5% sales tax to retail cash customers. The cost of merchandise sold was $12,800. 5. Sold merchandise on account to Peacock Company, $32,600, terms FOB destination, …
Accounting Homework 6 Flashcards Quizlet
WebJun 23, 2024 · U.S exporters, for example, may be subject to value-added tax (VAT) at a rate of up to 20%. 5 Moreover, the buyer is eligible to receive a VAT refund. Exporters are also subject to unexpected... WebFeb 4, 2016 · FOB shipping point is the same as FOB origin: the buyer is responsible for shipping costs and is responsible for the goods as soon as the goods leave the … bitlife web version
Sales and Use Tax Annotations - 325.0088 - California
Webamount equal to the tax he will pay; c. Changing the terms of the sale like FOB shipping point in the Philippines to FOB destination abroad, so that the title passes abroad instead of in the Philippines; d. The manufacturer transfers the sales tax to the distributor, then in turn to the wholesaler, in turn to WebDec 23, 2010 · FOB points don't count in determining the state that has jurisdiction. What matters is where the goods are physically delivered. Well, that's except for two states: Tennessee and New Mexico. In those two … WebJan. 1 Paid $287,600 cash plus $11,500 in sales tax and $1,500 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $20,600 salvage value. Loader costs are recorded in the equipment account. bitlife what is it