The Sales Tax on a Bookcase Is $24

question 66

Short Answer

The sales tax on a bookcase is $24.00. If the bookcase cost before tax is $480,
what is the sales tax rate?

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Definitions:

Useful Life

The estimated time period that an asset is expected to be usable for its intended purpose.

Equipment Cost

The total amount spent to acquire, install, and prepare equipment for its intended use, including purchase price and associated expenses.

Periodic Depreciation

The allocation of the cost of a tangible asset over its useful life in a periodic manner, typically done for accounting and tax purposes.

Plant Assets

Long-term tangible assets that are used in the production of goods or services, such as buildings, machinery, and equipment.