Calculating actual sales

After studying this chapter you will be able to: Compute sales tax on goods sold involving trade and cash discounts and shipping charges, explain and calculate excise tax, calculate the tax rate in decimal, compute property tax due.

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THE FINANCIAL NUMBERS GAME been reported in the investing section of the cash-flow statement, operating cash flow in 1999 would have been $11.7 billion, or 16% higher than the $10.1 billion reported. Excluded from this discussion of the tax effects of the gain on sale is the fact that operating cash flow for the years 1997, 1998, and 1999 actually include the cash provided by operations of the divested unit. The amount of operating cash flow generated by that company prior to its disposal was not disclosed in the IBM annual report. In the absence of such a disclosure, calculating it...

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