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The city of Lakeland levies a 2 percent tax on the value of all restaurant meals served to the public within the city limits .
The city of Lakeland levies a percent tax on the value of all restaurant meals served to the public within the city limits This year, the aggregate value subject to tax was $ million, so current year revenue was $ Lakeland plans to decrease the tax rate next year to percent. Required: Compute next years restaurant tax revenue assuming next years tax base equals the current year base. Compute next years restaurant tax revenue assuming next years tax base increases to $ million. Compute next years restaurant tax revenue assuming next years tax base increases to $ million.
The city of Lakeland levies a percent tax on the value of all restaurant meals served to the public within the city limits This year, the aggregate value subject to tax was $ million, so current year revenue was $ Lakeland plans to decrease the tax rate next year to percent.
Required:
Compute next years restaurant tax revenue assuming next years tax base equals the current year base.
Compute next years restaurant tax revenue assuming next years tax base increases to $ million.
Compute next years restaurant tax revenue assuming next years tax base increases to $ million.
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