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You will need to get a Vendors Permit number from the Ontario Ministry of Finance. You can then provide an exemption certificate to the supplier of the goods. If you would like to be able to claim GST back, you will have to register for a business number and GST account with the Canada Revenue Agency.
IF cost of goods is available and margin is also provided then sales can be calculated as follows: Sales = Cost of goods / margin of sales
pst (provincial sales tax)--7% gst (goods & services tax [canada wide])--5%
There are laws that relate to the promotion and sale of retail goods to prevent false advertising. False advertising occurs when a manufacturer places false claim that an object has more to it than what it does.
The main types of taxation that an individual in Canada has to pay are income tax on earnings, and sales tax on purchases. Additionally, tax is due on profit from property sales and on the importation of certain goods.
Yes, you can claim state and local sales taxes on your return. But in order to do so you must itemize deductions and you must not claim state and local income taxes. You're allowed to claim either state and local income taxes or state and local sales taxes, but not both.If you do claim the sales tax deduction, you can either claim the amount you actually paid (based on receipts) or the amount given to you by the IRS's Sales Tax Deduction Calculator.For a more detailed explanation of the state and local sales tax deduction, please see Deducting State Sales Tax.
As a market segment, frozen baked goods realized sales of $1.5 billion in 2002
Sales = Cost of goods sold / 75% Sales = 100000 / .75 Sales = 133333 Prove sales = 133333 Less CGS = 100000 Gross profit = 33333 (25% of sales)
Difference between revenue from sales and cost of goods sold is called "Gross profit".
If sales goods returned: [Debit] Sales account xxxx [Credit] Sales Return account xxxx if purchase goods returned: [Debit] Purchase return xxxx [Credit] Purchases account xxxx
sales minus from purchase = Sales availble
Sales revenues are considered earned revenue because it was generated work the busy working to sell their goods. Businesses that generate a profit bring in more revenue than they spend on producing their products.