On the Purchase of a Plasma TV, the Total Cost

question 150

Short Answer

On the purchase of a plasma TV, the total cost to the customer (including 13 % HST ) came to $2,822.74. How much HST did the customer pay?

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Definitions:

Accounting Principle

A general rule or guideline that prescribes the methodology for recording financial transactions and preparing financial statements.

Asset Account

An accounting record that shows the amount of economic resources owned or controlled by an entity.

Liability Account

An account on the balance sheet representing obligations to pay money or deliver goods or services to another party in the future.

Tornado Damage

The destruction or damage caused to structures, lands, and properties as a result of a tornado, a rapidly rotating column of air in contact with both the surface of the Earth and a cumulonimbus cloud or, in rare cases, the base of a cumulus cloud.