7.E: Accounting Applications (Exercises)

7.1: Sales Taxes

Mechanics

You are purchasing a new BlackBerry at the MSRP of $649.99. Calculate the price including taxes in the following provinces or territories:

1. Northwest Territories
2. New Brunswick
3. Nova Scotia
4. British Columbia

The Brick is advertising a new Serta mattress nationally for a price of $899.99 including taxes. What is the price before taxes and the sales tax amounts in each of the following provinces?

5. Ontario
6. Saskatchewan
7. Audiophonic Electronics is calculating its HST remittance in Prince Edward Island. For each of the following months, calculate the HST remittance or refund on these HST-eligible amounts.

Month	Purchases	Sales
January	$48,693	$94,288
February	$71,997	$53,639

8. Airwaves Mobility is calculating its GST remittance in Alberta. For each of the following quarters, calculate the GST remittance or refund on these GST-eligible amounts.

Quarter	Purchases	Sales
Winter	$123,698	$267,122
Spring	$179,410	$158,905
Summer	$216,045	$412,111
Fall	$198,836	$175,003

Applications

9. Elena lives in Nova Scotia and has relatives in Alberta, Saskatchewan, and Quebec. She gets together with them often. She wants to purchase a new aerobic trainer and would like to pay the lowest price. If a family member buys the item, Elena can pick it up at one of their regular family gatherings. The price of the trainer for each province is listed below:

Province	Regular Selling Price before Taxes
Nova Scotia	$1,229.50
Alberta	$1,329.95
Saskatchewan	$1,274.25
Quebec	$1,219.75

1. Where should Elena have the aerobic trainer purchased and how much would she pay?
2. How much money would she save from her most expensive option?

10. Mary Lou just purchased a new digital camera in Nunavut for $556.49 including taxes. What was the price of the camera before taxes? What amount of sales tax is paid?
11. Marley is at Peoples Jewellers in New Brunswick wanting to purchase an engagement ring for his girlfriend. The price of the ring is $2,699.95. If the credit limit on his credit card is $3,000, will he be able to purchase the ring on his credit card? If not, what is the minimum amount of cash that he must put down to use his credit card?
12. In the IKEA store in Vancouver, British Columbia, you are considering the purchase of a set of kitchen cabinets priced at $3,997.59. Calculate the amount of GST and PST you must pay for the cabinets, along with the total price including taxes.
13. A company in Saskatchewan recorded the following GST-eligible purchases and sales throughout the year. Determine the GST remittance or refund per quarter.

Quarter	Purchases	Sales
1st	$2,164,700	$2,522,000
2nd	$1,571,300	$2,278,700
3rd	$1,816,100	$1,654,000
4th	$2,395,900	$1,911,700

14. A manufacturer in Nova Scotia recorded the following HST-eligible purchases and sales in its first three months of its fiscal year. Determine the HST remittance or refund per month.

Month	Purchases	Sales
March	$20,209	$26,550
April	$28,861	$20,480
May	$22,649	$42,340

Challenge, Critical Thinking, & Other Applications

15. If the selling price of an item is 6% higher in Yukon than in Ontario, will the price including taxes be higher in Yukon or Ontario? What percentage more?
16. Colin just travelled across the country on a road trip. He bought some skis in Alberta for $879.95 plus tax, a boombox in British Columbia for $145.58 including taxes, a Niagara Falls souvenir in Ontario for $99.97 plus tax, and some maple syrup in Quebec for $45.14 including tax. Overall, how much GST, PST, and HST did Colin pay on his trip?
17. Cisco Enterprises in Ontario purchased the following in a single month:
    • 16,000 units of network routers at $79.25 each, priced at $97.97 each
    • 12,000 units of wireless LAN adapters at $129.95 each, priced at $189.55 each
    • 13,500 units of computer boards at $229.15 each, priced at $369.50 each.

Assuming that all units purchased are sold during the same month and that all purchases and sales are taxable, calculate the tax remittance or refund for the month.

18. In Quebec, the PST used to be calculated on the price including GST. When the PST was calculated in this manner, what PST rate did Quebec set to arrive at the same price including taxes?
19. For each of the following situations, compute the selling price of the product before taxes in the other province/territory that would result in the same selling price including taxes as the item listed.

Price before Tax	Sold In	Find Equivalent Price before Tax in This Province
a. $363.75	British Columbia	Prince Edward Island
b. $1,795.00	Alberta	Manitoba
c. $19,995.95	Saskatchewan	Ontario
d. $4,819.35	New Brunswick	Quebec

20. A company made the following taxable transactions in a single month. Compute the GST remittance on its operations assuming all sales and purchases are eligible for GST.

Transaction Type	Unit Price	Quantity Involved
Purchase	$168.70	5,430
Sale	$130.00	4,000
Sale	$148.39	3,600
Purchase	$93.47	2,950
Purchase	$24.23	3,325
Purchase	$121.20	2,770
Sale	$188.88	6,250

7.2: Property Taxes

Mechanics

For questions 1–4, solve for the unknown variables (identified with a ?) based on the information provided.

Market Value	Tax Policy	Assessed Value	Rate	Type of Rate	Property Tax
1. $320,000	55%	?	26.8145	Mill	?
2. ?	85%	$136,000	1.984561	Tax	?
3. $500,000	?	?	9.1652	Mill	$3,666.08
4. ?	50%	$650,000	?	Tax	$4,392.91

Applications

5. A house with an assessed value of $375,000 is subject to a tax rate of 1.397645. What is the property tax?
6. If a commercial railway property has a property tax bill of $166,950 and the mill rate is 18.5500, what is the assessed value of the property?
7. A house in Calgary has a market value of $450,000. The tax policy is 100%. The property is subject to a 2.6402 mill rate from the City of Calgary and a 2.3599 mill rate from the province of Alberta. What are the total property taxes?
8. A residential property in Regina has a market value of $210,000. The Saskatchewan tax policy is 70%. The property is subject to three mill rates: 13.4420 in municipal taxes, 1.4967 in library taxes, and 10.0800 in school taxes. What amount of tax is collected for each, and what are the total property taxes?
9. A municipality needs to increase its operating budget. Currently, the assessed value of all properties in its municipality total $1.3555 billion and the tax rate is set at 0.976513. If the municipality needs an additional $1.8 million next year, what tax rate should it set assuming the assessed values remain constant?
10. A municipality set its new mill rate to 10.2967, which increased its total operating budget by $10 million on a constant assessed value of $7.67 billion. What was last year’s mill rate?

Challenge, Critical Thinking, & Other Applications

11. A school board is determining the mill rate to set for next year. The assessed property values for next year total $5.782035 billion, representing an increase of 5% over the current year. If the school board needs an additional $5.4 million in funding next year, by what amount should it change its current year mill rate of 11.9985?
12. In the current year, the market value of properties totals $6.896 billion. The current tax policy is 85% and the current mill rate is 15.6712. If the municipality requires an additional $2 million in its operating budget next year, market values increase by 4%, and the tax policy changes to 90%, what mill rate should it set for next year?
13. A $600,000 market value property is assessed with a tax policy of 75% and subject to two mill rates. If the total property taxes are $6,766.67 and the second mill rate is half of the first tax rate, calculate each mill rate.
14. Two properties in different provinces pay the same property taxes of $2,840. One province uses a mill rate of 24.6119 with a 60% tax policy, while the other province uses a tax rate of 1.977442 with an 80% tax policy. Compute the market values for each of these properties.
15. A water utility funded through property taxes requires $900 million annually to operate. It has forecasted increases in its operating costs of 7% and 3.5% over the next two years. Currently, properties in its area have a market value of $234.85 billion, with projected annual increases of 3% and 5% over the next two years. The provincial government has tabled a bill that might change the tax policy from 70% to 75% effective next year, but it is unclear if the bill will pass at this point. For planning purposes, the utility wants to forecast its new mill rates for the next two years under either tax policy. Perform the necessary calculations for the utility.

7.3: Exchange Rates and Currency Exchange

For questions 1–6, use the mid-rates in the cross-rate table below to convert the current currency to the desired currency.

	Per C$	Per US$	Per €	Per ¥	Per MXN$	Per AU$
Canadian Dollar (C$)	\(\diagdown\)	0.9787	1.4012	0.0122	0.0823	1.0360
US Dollar (US$)	1.0218	\(\diagdown\)	1.4317	0.0125	0.0841	1.0585
Euro (€)	0.7137	0.6985	\(\diagdown\)	0.0087	0.0588	0.7394
Japanese Yen (¥)	82.0233	80.2765	114.9287	\(\diagdown\)	6.7540	84.9747
Mexican Peso (MXN$)	12.1445	11.8859	17.0165	0.1481	\(\diagdown\)	12.5814
Australian Dollar (AU$)	0.9652	0.9447	1.3525	0.0118	0.0795	\(\diagdown\)

Mechanics

Current Currency	Desired Currency
1. C$68,000	US$
2. ¥15,000,000	€
3. AU$3,000	MXN$
4. US$180,000	AU$
5. €230,500	C$
6. MXN$1,300,000	¥

Applications

7. If the exchange rate is ¥97.3422 per C$, what is the exchange rate for C$ per ¥?
8. Procter & Gamble just received payment for a large export of Tide in the amount of 275,000 Denmark kroner (DKK). If the exchange mid-rate is C$0.1992 per DKK and the bank charges 3% on its buy rates, how many Canadian dollars will Procter & Gamble receive?
9. The exchange rate per US$ is C$0.9863. If the Canadian dollar depreciates by $0.0421 per US$, how many more or less US$ is C$12,500 able to purchase?
10. Jack is heading home to visit his family in Great Britain and decided to stop at the airport kiosk to convert his money. He needs to convert C$5,000 to British pounds (£). The exchange mid-rate per C$ is £0.5841. The kiosk charges a commission of 4.5% on the conversion, plus a flat fee of £5.00.
    1. How many pounds will Jack have?
    2. What is the percentage cost of his transaction?
11. Yarianni is heading on a vacation. She converts her C$4,000 into Chinese yuan renminbi (CNY) at a sell rate of CNY6.3802 per C$. While in China, she spends CNY14,000 of her money. At the airport, she converts her remaining money into Indian rupees (INR) at a sell rate of INR6.7803 per CNY. In India, she spends INR50,000. When she returns home, she converts her INR back to C$ at a buy rate of C$0.0231 per INR. How many Canadian dollars did she return with? Note that all currencies involved have two decimals.
12. Elena is an international investor. Four years ago she purchased 2,700 shares of a US firm at a price of US$23.11 per share when the exchange rate was US$0.7536 per C$. Today, she sold those shares at a price of US$19.87 per share when the exchange rate was US$1.0063 per C$. In Canadian dollars, determine how much money Elena earned or lost on her investment.
13. International Traders regularly imports products from Hong Kong. If the exchange rate of C$ per Hong Kong dollar (HKD) is 0.1378 and the Canadian dollar appreciates by HKD0.0128, by what amount would the cost of a HKD1,000,000 purchase increase or decrease in Canadian dollars for International Traders?
14. Brian needs to purchase some Brazilian reals (BRL). He takes C$7,500 to the bank and leaves the bank with BRL12,753.20. If the exchange mid-rate per C$ is 1.7621, determine the sell rate commission percentage (rounded to two decimals) charged by the bank.

Challenge, Critical Thinking, & Other Applications

15. Fernando could purchase a 55" Samsung HDTV in Winnipeg, Manitoba, for $2,999.99 plus taxes. Alternatively, he could head across the border on Black Friday and shop in Grand Forks, North Dakota, where the same product is selling for US$2,499.99 (plus 5% state sales tax and 1.75% local sales tax) at Best Buy. He estimates he would incur $65 in gasoline and vehicle wear and tear, $130 in accommodations, and $25 in food (all money in US$). He would make all purchases on his credit card, which uses the mid-rate plus 2.5%. When returning across the border, he would have to pay in Canadian dollars the 5% GST on the Canadian value of the HDTV not including taxes. Once home, he can then have the North Dakota government refund all taxes paid on the HDTV through their Canadian sales tax rebate program. For all currency exchanges, assume a mid-rate of US$0.9222 per C$. Which alternative is Fernando's better choice and by how much?
16. The current mid-rate is C$1.5832 per €. Scotiabank has a sell rate of C$1.6196 per € while an airport kiosk has a sell rate of C$1.6544 per € plus a service charge of C$4.75. You need to purchase €800.
    1. Calculate the fee percentages charged by each financial institution. Round your answers to one decimal.
    2. Rounded to two decimals, what percentage more than Scotiabank is the airport kiosk charging on your purchase?
17. Henri and Fran have retired and are considering two options for a two-month vacation in Europe. Their local Lethbridge travel agent is offering them an all-inclusive package deal at C$7,975 per person. Alternatively, they can book their own flights for C$1,425 per person, stay in Britain at a small apartment averaging £65 per night for 30 days, and then in France for €70 average per night for 30 days. Estimated groceries cost a total of £250 in Britain and €400 in France. They will need to purchase a Eurail pass for €986 each while they are there. The exchange rates are €0.6808 per C$ and £0.5062 per C$. Which alternative is their cheapest option and by how much in Canadian dollars?

7.4: Invoicing - Terms of Payment and Cash Discounts

Round all money to two decimals and percentages to four decimals for each of the following exercises. In all questions, assume that the dates indicated are the dates upon which the payment is received.

Mechanics

For questions 1–3, calculate the full payment required on the payment date that reduces the balance on the invoice to zero. Assume this is not a leap year.

Invoice Amount	Invoice Date	Invoice Terms	Receipt of Goods Date	Date of Full Payment
1. $136,294.57	January 14	2/10, n/30	January 10	January 22
2. $98,482.75	September 28	3/10, 2/20, 1/30, n/50 EOM	October 3	October 19
3. $48,190.38	February 21	4/15, 3/40, n/60 ROG	February 27	April 3

For questions 4–6, calculate the remaining invoice balance after crediting the invoice for the partial payments indicated.

Invoice Amount	Invoice Date	Invoice Terms	Receipt of Goods Date	Partial Payments and Dates
4. $57,775.00	June 16	3/15, 1½/25	June 12	$20,000 on July 2; $15,000 on July 10
5. $1,200,310.75	August 25	2½/10, 1/20, n/30 ROG	September 2	$500,000 on September 4; $250,000 on September 14
6. $17,481.68	December 3	4/10, 1/30, n/60 EOM	December 20	$10,000 on January 2

For questions 7–8, calculate the final payment required on the payment date that reduces the balance of the invoice to zero.

Invoice Amount	Invoice Date	Invoice Terms	Late Payment Penalty	Receipt of Goods Date	Partial Payments and Dates	Final Payment Date
7. $23,694.50	April 13	3/15, 2/25, 1/40, n/60	1½% per month	April 18	$10,000 on April 30	June 15
8. $332,053.85	October 4	4/10 EOM	2% per month	October 30	$100,000 on November 5	December 15

Applications

9. Hudson's Bay received an invoice dated July 13 from Nygard International in the amount of $206,731.75. The terms are 2/10, 1/20, n/30. If Nygard receives full payment on August 1, what amount is paid?
10. Time Bomb Traders Inc. in Burnaby just received an invoice dated February 17 (of a leap year) from UrbanEars headphones in the amount of $36,448.50 with terms of 1½/15, ½/30, n/45 ROG. The items on the invoice are received on March 3. What amount is the full payment if UrbanEars receives it on March 18?
11. Family Foods received an invoice dated July 2 from Kraft Canada in the amount of $13,002.96 with terms of 2/15, 1/30, n/45 EOM and a late penalty of 2% per month. What amount is paid in full if Kraft Canada receives a cheque from Family Foods on August 17?
12. An invoice dated November 6 in the amount of $38,993.65 with terms of 2½/10, 1/15 ROG, 2% penalty per month is received by Cargill Limited from Agricore United. The wheat shipment is received on December 2. Cargill Limited made a partial payment of $15,000 on December 10. What amount should Cargill pay to clear its invoice on December 13?
13. Yamaha Music received two invoices from the same vendor. The first is for $1,260 dated March 9 with terms 3/10, net 30. The second is for $2,450 dated March 12 with terms 2/10, 1/20, net 30. If a payment of $1,000 is made on March 19, what payment amount on March 31 settles both invoices? (Note: Payments are applied to the earlier invoice first.)
14. An invoice is dated July 26 for $5,345.50 with terms of 3¼/10, net 45, 2½% per month penalty. If the invoice is paid on September 10, what payment amount is required to pay the entire balance owing?
15. Mohawk College received an invoice dated August 20 from Office Depot for office supplies totaling $10,235.97 with terms of 3¾/15, 1½/30, \(n\)/45, EOM, 2¾% per month penalty. The college made three payments of $2,000 dated September 4, September 29, and October 10. What payment on October 25 settles the invoice?

Challenge, Critical Thinking, & Other Applications

16. An invoice for $100,000 dated February 2 (of a non–leap year) with terms of 4/10, 3/20, 2/30, 1/40, net 60, ROG, 1¾% per month penalty. The merchandise is received on February 16. If four equal payments are made on February 20, March 17, April 1, and April 20 resulting in full payment of the invoice, calculate the amount of each payment.
17. An accounting department receives the following invoices from the same vendor and makes the indicated payments. The vendor always applies payments to the earliest invoices first and its late payment policy stands at 1½% per month for any outstanding balance.

Invoice #	Invoice Amount	Invoice Date	Invoice Terms	Receipt of Goods Date
3866	$47,690.11	June 18	2/10, EOM	July 3
2928	$123,691.82	June 26	2½/15, 1/25	July 6
4133	$96,004.21	June 30	2/20, ROG	July 7
6767	$16,927.50	July 10	2/10, 1/20	July 11

Payment Received by Vendor on	Payment Amount
July 2	$40,000
July 11	$75,000
July 21	$100,000
July 30	$25,000

Calculate the amount of the final payment on August 17 that reduces the total balance owing to zero.

18. John's Home Hardware was invoiced on May 29 for the following non-taxable items with terms of 2/20, 1/40, 2% per month penalty.

Item	Quantity	Unit Price
2"x 4"x 8' framing studs	13,000	$0.96
4"x 4" x 8' fence posts	2,400	$2.87
2"x 8"x 16' wood planks	480	$8.47
1"x 6"x 5' fence boards	8,000	$1.22

If a partial payment of $20,000 is made on July 7, what payment amount on August 30 reduces the balance owing to zero? What is the total dollar amount of the late penalty?

19. Your company receives a $138,175.00 invoice dated April 12 with terms of 4/10, 3/20, 2/30, 1/40, n/60. Due to the large amount, the accounting department proposes two different ways to pay this invoice, depending on company income and financing alternatives. These plans are listed in the table below.

Payment Date	Plan #1	Plan #2
April 21	$35,000	$50,000
May 2	$20,000	$10,000
May 10	$25,000	$50,000
May 13	$30,000	$20,000
June 11	Balance owing	Balance owing

1. Which alternative do you recommend?
2. If your recommendation is followed, how much money is saved over the other option?

20. You receive an invoice dated July 29 with terms of 3/15, 1¾/30, \(n\)/50 EOM, 2% penalty per month. If the payments in the following table are made and you pay the invoice in full, what is the total invoice amount?

Payment Date	Payment Amount
August 14	$67,000.00
August 28	$83,000.00
September 18	$15,000.00
September 30	$83,297.16

Review Exercises

Mechanics

1. Suppose you own property with a market value of $412,000 in a municipality that has a 60% tax policy. What are your total property taxes if the mill rate is set at 15.4367?
2. Convert 140,000 Indian rupees (INR) to Belgian francs (BEF) if the exchange rate is BEF0.6590 per INR.
3. Calculate the price including taxes for a product that has a regular selling price of $995.95 in:
   1. Ontario
   2. Alberta
   3. Saskatchewan
   4. Prince Edward Island
4. An invoice for $15,000.00 dated February 16 of a leap year has terms of 3/15, 2/30. What payment in full is required if the payment is received on March 3?
5. The exchange rate is US$0.9063 per Canadian dollar. If over the course of a year the Canadian dollar appreciates by $0.0644 per C$, how many more or less US dollars are purchased with C$1,750?
6. A company recorded the following purchases and sales throughout the year. Assume all amounts are taxable.

Quarter	Purchases	Sales
1st	$2,138,450.25	$1,444,297.93
2nd	$3,496,821.15	$4,989,201.01
3rd	$1,265,733.49	$6,422,604.19
4th	$2,725,706.28	$2,003,125.50

1. Calculate the GST remittance or refund per quarter.
2. Calculate the HST remittance or refund per quarter in Newfoundland and Labrador.

7. The assessed values in a municipality total $4.986 billion. If the city council needs an operating budget of $100 million, what mill rate should it set for its constituent property owners?

Applications

8. An invoice for $37,650 is dated June 24 with terms of 2/10, 1/30, ROG. Merchandise is received on June 29. If a payment of $20,000 is made on July 5 and another payment of $10,000 is made on July 26, what is the balance remaining on the invoice? Assume all payments are received on the dates indicated.
9. If the price including taxes for an item is $1,968.35 in Quebec, what is the dollar amount of each of the PST and GST on the item?
10. Obiwan is going on vacation to Slovakia and stops at a currency shop in his local airport. He needs to convert C$7,500 to the Slovakian koruna (SKK). The exchange mid-rate per C$ is 21.4624. The shop charges a commission of 6.5% on the conversion, plus a flat fee of C$15.75. How many koruna will Obiwan have?
11. A town in Saskatchewan has residential property values totalling $968 million in market value. The councillors have set the tax policy at 75% of market value. The following is a list of projected municipal expenditures in the coming year.

Sewers & water	$5,250,000
Public education	$13,500,000
City services (fire, police, ambulance)	$1,115,000
Roads & maintenance	$3,300,000
Other	$2,778,000

If the council expects to raise 85% of these expenditures from residential property taxes, what mill rate must it set?

12. What amount must be remitted if invoices dated January 25 for $1,700, February 1 for $1,800, and February 15 for $900, all with terms of 3/25, n/50, EOM are paid with the same cheque on March 12? Assume it is a non–leap year.
13. Many Canadians complain about the high cost of automobile gasoline. In the United States, regular grade gasoline costs approximately $3.652 per gallon (as of June 2011).
    1. What is the equivalent Canadian cost per litre (rounded to three decimals) if the exchange rate is US$1.0152 per C$? A US gallon is equivalent to 3.7854 litres.
    2. At the same time, Canadians were paying $1.239 per litre. What percentage more (rounded to two decimals in percent format) than Americans do Canadians pay?
14. An invoice for $13,398.25 dated August 27 with terms of 5/10, 2/25, n/45 was partially paid on September 7. If the invoice balance was reduced to $2,598.25, what was the amount of the payment? Assume the payment was received on the date indicated.

Challenge, Critical Thinking, & Other Applications

15. In Saint-Lazare, Quebec, the average market value of a residential home in 2010 rose to $308,000 from its previous 2009 value of $262,000. The residential property tax rate was lowered from 2009 to 2010 by 9.8918% to 0.583. In Saint-Lazare, the tax policy is to tax 100% of the market value. By what percentage did the residential property tax bill go up or down in 2010 for a Saint-Lazare residential homeowner?
16. What percentage of a tax-inclusive price is each of the GST and PST in the following provinces?
    1. Quebec
    2. Manitoba
17. It is well known that airport kiosks are much more expensive for currency exchange than visiting a bank. The current mid-rate is $2.4226 Brazilian reals (BRL) per euro. The Banco do Brasil has a sell rate of BRL$2.4710 per euro, while a kiosk at Salvador airport has a sell rate of BRL$2.5473 per euro plus a flat service charge of BRL$3.00. A traveler through the airport wants to convert BRL$2,000 to euros. Assuming the traveler has the time, would it be worth the BRL$15.00 return taxi ride to the nearest bank to convert the currency? How many euros more would the best option present?
18. An invoice for $147,477.77 dated July 26 with terms of 5/15, 3½/25, 2/40, EOM was partially paid with two equal payments on August 10 and September 4, reducing the balance owing to $76,579.81. What amount was paid on each of the two dates? Assume the payment was received on the date indicated.
19. An American tourist is traveling across Canada and makes the following purchases on her credit card (all purchases are fully taxable):

Total Purchase Amount before Taxes	Province/Territory Purchased
$319.95	British Columbia
$114.75	Alberta
$82.45	Northwest Territories
$183.85	Manitoba
$59.49	Quebec
$123.99	Prince Edward Island

On the first purchase, the credit card company used an exchange rate of C$1.0412 per US$. Each subsequent purchase used an exchange rate that appreciated (for the US dollar) by 0.2% each time. What total amount in US dollars was charged to the traveller’s credit card?

20. A Canadian manufacturer imports 2,000 units of product worth US$262.25 each from an American supplier. These imports are subject to GST on the equivalent Canadian value of the product. All of the product is then sold for C$419.50 each to another Canadian distributor. The sale is subject to GST. Assume an exchange rate of US$0.9345 per C$. If the company needs to submit a GST remittance on this transaction, what amount is remitted or refunded?

Contributors and Attributions

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