The North Miami material-tax file shows taxable construction purchases of $118,000 and documented tax-paid purchases of $98,000. What status should be reported?
Correct Answer
A) use-tax review
If tax-paid support is less than taxable purchase exposure, the contractor should review use-tax exposure.
Why This Is the Correct Answer
If tax-paid support is less than taxable purchase exposure, the contractor should review use-tax exposure.
Why the Other Options Are Wrong
Option B: lien timing review regulatory calendar entry
lien timing review regulatory calendar entry puts the item in the wrong financial bucket, timing, base, or comparison for use tax support.
Option C: qualifier update statutory review note
qualifier update statutory review note puts the item in the wrong financial bucket, timing, base, or comparison for use tax support.
Option D: permit closeout agency response log
permit closeout agency response log puts the item in the wrong financial bucket, timing, base, or comparison for use tax support.
Memory Technique
Tax-Paid and less live in different drawers; Controller Reviews tells which opens.
Reference Hint
Open-book path: tab Florida Statutes Chapter 212; Florida Department of Revenue Sales and Use Tax on Building Contractors to Florida DOR GT-800007, Contractor sales and use tax records; verify the Florida rule, deadline, or compliance record before answering.
More Business & Finance Questions
The Cedar Key subcontract closeout file requires 44 final releases, and 31 have been received. How many releases are missing?
A Florida GC prepaid $18,000 for annual insurance and expenses it evenly by month. After 7 months have expired, what prepaid asset remains?
The West Miami system access list starts with 22 active users, adds 4, and removes 7. How many active users should remain?
The Winter Park bank review shows a bank balance of $124,600, book balance of $119,400, and known timing items of $3,200. What unexplained difference remains?
The Riverview bank review shows a bank balance of $87,500, book balance of $90,400, and known timing items of $1,600. What unexplained difference remains?
A Satellite Beach contractor had 4 separations during the quarter and an average headcount of 32. What turnover rate should HR report?
A Winter Park startup budgets monthly overhead of $61,500 and wants a 4-month operating reserve. What reserve should be funded?
A Royal Palm Beach customer account has unpaid approved invoices of $126,000. Company policy requires review when unpaid invoices exceed $100,000. What status applies?
A Wildwood contractor had 9 separations during the quarter and an average headcount of 60. What turnover rate should HR report?
A Clermont field group had 64 absence hours out of 1280 scheduled hours. What absence rate should be reported?
People Also Study
Related Study Resources
Previous Question
The Wesley Chapel workers compensation file shows this issue: certificate holder does not match contractor. Which compliance response is best?
Next Question
A Lake Mary contractor has a bank line of credit with a $500,000 limit. Current outstanding balance is $315,000, and management plans a $64,000 draw. What availability remains after the draw?