A cash customer purchased $3,000 of merchandise on which sales tax of 7% was charged. The customer subsequently returned $500 of the merchandise for a refund. The amount of the cash refund is.

$535.

Explanation:

The total price, inclusive of sales tax, charged by the company is $3,210 (3,000 * 1.07). When the customer return $500 of goods, the company has to repay $500 Plus Sales Tax Charged on it. So, the cash refund is $535 (500 * 1.07) or (500/3,000) * (3,210).

The amount of the cash refund is $535.

Explanation:

A sales tax can be described as a tax on consumption of goods and services that government imposes on when those goods and services are sold.  

Usually, the sales tax is charged and collected at the point of sale by the seller who remits it to the government.

When a good is returned by a buyer to the seller, it implies the good is no longer sold. Therefore, no tax is payable on the good. The seller will then have to refund the buyer the amount paid on the good together with the sales already paid by the buyer.

Form the question, the sales tax already paid on the good returned can be calculated as follows:

Sales tax refund = $500 × 7% = $35

Therefore, the amount to refund to the customer will be:

Cash refund = $500 + $35 = $535.

Therefore, the amount of the cash refund is $535.

a loan? that’s my guess, anywho.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know