Describe the nature and purpose of the taxes

Assignment Help Financial Accounting

Reference no: EM131219491

Describe the nature and purpose of the following taxes:

a. Severance taxes.

b. Franchise taxes.

c. Occupational fees.

d. Customs duties.

e. Export duties.

Reference no: EM131219491

Questions Cloud

Determine the present worth of five equal annual deposits : The plan was to leave $4,400 on deposit in a savings account for 12 years at 10.0% interest compounded annually. It became necessary to withdraw $1,800 at the end of the 5th year. How much will be on deposit at the end of the 12-year period? Determin..

The memo should present clear explanations and discussion : Louis, Toi, Alonzo, and Sylvia, (L, T, A, and S) a local public accounting firm, uses job order costing to capture the costs of reviews performed. There were no review jobs in process on July 1. Records maintained by L, T, A and S reveal the followin..

Journalize the entries for the transactions : Journalize the entries for the following transactions: Sold merchandise for cash $12, 050. The cost of merchandise sold was $9, 000. Sold merchandise on account $6, 000.The cost of merchandise sold was $4, 000. Received an invoice from National Credi..

Interest and principal is due at the end of the note period : Al borrows $40,000 from the bank. This loan is in the form of a note that is due in two years (7/31/16) and bears interest at the rate of 6% per year. All of the interest and principal is due at the end of the note period. What is the journal entry f..

Describe the nature and purpose of the taxes : Describe the nature and purpose of the following taxes:

Determine the amount of depreciation expense for the years : Razar Sharp Company purchased equipment on July 1, 2014, for $33,750. The equipment was expected to have a useful life of three years, or 5,940 operating hours, and a residual value of $1,080. Determine the amount of depreciation expense for the year..

Potential tax problems-new winery investment : Vincent Vineyard, MD, is a very successful physician in Temecula, California. He earns approximately $800,000 per year from his medical practice. His two children have graduated from college and he and his wife are now "empty-nesters." Vincent, Jr., ..

What additional information might you want in the situation : Vincent Vineyard, MD, is a very successful physician in Temecula, California. He earns approximately $800,000 per year from his medical practice. His two children have graduated from college and he and his wife are now "empty-nesters." Vincent, Jr., ..

User Account

All Pages