{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-07T03:32:06-04:00", "answer_date": "2024-06-07 03:32:06", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2402175", "url": "\/study-help\/questions\/country-m-levies-a-1-0-percent-excise-tax-on-2402175", "question_creation_date_js": "2024-06-07T03:32:06-04:00", "question_creation_date": "Jun 07, 2024 03:32 AM", "meta_title": "[Solved] Country M levies a 1 0 percent excise tax | SolutionInn", "meta_description": "Answer of - Country M levies a 1 0 percent excise tax on the retail price of any automobile purchased in the country. This year, t | SolutionInn", "meta_keywords": "country,m,levies,1,percent,excise,tax,retail,price,automobile,purchased,year", "question_title_h1": "Country M levies a 1 0 percent excise tax on the retail price of any automobile purchased in the country. This year, the aggregate purchase", "question_title": "Country M levies a 1 0 percent excise tax on the retail", "question_title_for_js_snippet": "Country M levies a 1 0 percent excise tax on the retail price of any automobile purchased in the country This year, the aggregate purchase price subject to tax was $ 7 5 million, so current year revenue was $ 7 5 0 , 0 0 0 Country M plans to increase the tax rate next year to 1 1 percent Required Compute next year s excise tax revenue assuming next year s tax base equals the current year base Compute next year s excise tax revenue assuming next year s tax base increases to $ 8 8 million Compute next year s excise tax revenue assuming next year s tax base decreases to $ 6 5 million ", "question_description": "
Country M levies a <\/span>1<\/mn>0<\/mn><\/mrow><\/math> percent excise tax on the retail price of any automobile purchased in the country. This year, the aggregate purchase price subject to tax was $<\/span>7<\/mn>.<\/mn>5<\/mn><\/mrow><\/math> million, so current year revenue was $<\/span>7<\/mn>5<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn>.<\/mo><\/mrow><\/math> Country M plans to increase the tax rate next year to <\/span>1<\/mn>1<\/mn><\/mrow><\/math> percent.<\/span> <\/div>
<\/div>
Required:<\/span><\/div>
Compute next year<\/span><\/mi><\/mrow><\/math>s excise tax revenue assuming next year<\/span><\/mi><\/mrow><\/math>s tax base equals the current year base.<\/span> <\/div>
Compute next year<\/span><\/mi><\/mrow><\/math>s excise tax revenue assuming next year<\/span><\/mi><\/mrow><\/math>s tax base increases to $<\/span>8<\/mn>.<\/mn>8<\/mn><\/mrow><\/math> million.<\/span> <\/div>
Compute next year<\/span><\/mi><\/mrow><\/math>s excise tax revenue assuming next year<\/span><\/mi><\/mrow><\/math>s tax base decreases to $<\/span>6<\/mn>.<\/mn>5<\/mn><\/mrow><\/math> million.<\/span>\\<\/mi><\/mrow><\/math> <\/div>
\\<\/mi><\/mrow><\/math><\/div>
<\/div><\/span> <\/div><\/div>", "transcribed_text": "", "related_book": { "title": "Managerial Accounting", "isbn": "0073022853, 978-0073022857", "edition": "7th Edition", "authors": "Ronald W Hilton", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/631ee23378937_238.jpg", "uri": "\/textbooks\/managerial-accounting-7th-edition-238", "see_more_uri": "" }, "free_related_book": { "isbn": "042384170X", "uri": "\/textbooks\/the-helicopter-dog-1st-edition-978-0423841701-382654", "name": "The Helicopter Dog", "edition": "1st Edition" }, "question_posted": "2024-06-07 03:32:06", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/your-company-is-a-major-fruit-processor-that-maintains-longterm", "description": "Your company is a major fruit processor that maintains long-term contracts with plantation owners in Central America to guarantee supplies of high-quality produce. 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