Determine If Eachof the Following Is a Tax and Why

question 24

Essay

Determine if eachof the following is a tax and why or why not.
a. $2.50 toll paid on the Florida Turnpike
b. $300 ticket for reckless driving
c. 1 percent local surcharge on hotel rooms to fund public roadways
d. 2 percent city surcharge on wages earned in the city of Philadelphia

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Definitions:

Unadjusted Trial Balance

A preliminary report of all accounts in the general ledger, before any adjusting entries are made to prepare financial statements.

Interim Financial Reports

financial statements prepared and published at intervals shorter than a fiscal year, such as quarterly or semi-annual reports.

Fiscal Year

A 12-month period used for accounting purposes and preparing financial statements, which may not align with the calendar year.

Supplies Expense

Costs associated with consumable items or supplies used in the day-to-day operations of a business.