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OPERATION.

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Int. on $600 for 60 da. = $6.00 Int. on $800 for 45 da.

200" 30"

= $6.00

66

= 1.00

= 2.50

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Cash bal. = $1200+ $5=$1205, Ans. Computing the interest on each of these items, from the time of be coming due to the given date, January 1, we find the balance of the interest to be $5, and of the merchandise $1200, and both on the debit side; hence, the cash balance, January 1, 1867, is $1200 + $5, or $1205.

RULE. Compute the interest of each item for the time intervening between its being due and the time of settlement.

Find the sum of the interest on each side, and also the sum of the items; and if the interest balance and the merchandise balance fall on the same side of the account, the cash balance is their SUM; but if on different sides, it is their DIFFERENCE.

When an item is not due till after settlement, its interest must be subtracted from the interest of its side, or added to that on the other side.

Examples.

2. E. Holmes owes C. Simmons $600 due in 60 days from September 1, and $200 due in 30 days from December 2; and Simmons owes Holmes $700 due in 30 days from August 3; how much balance ought Holmes in equity to pay, should the account be closed on January 1, the rate of interest being 7%? Ans. $90.77.

3. I owe James Conant the following bills: May 16, for merchandise, on 60 days, $300; June 3, for flour, on 60 days, $50; July 1, for labor, on 30 days, $150; and he owes me a bill dated May 30, on 30 days, of $300, and another dated July 19, on 60 days, of $200; required the cash balance I owe him on September 1, the rate of interest being 6 %. Ans. $.78.

Explain the operation. Repeat the Rule.

TAXES.*

353. A Tax is a sum of money assessed upon a person, or upon property, for government or public use.

A POLL TAX is a sum assessed upon each male citizen, of a certain age, without regard to property.

354. Real Estate is immovable property, such as lands, houses, etc.

355. Personal Property is movable property, such as money, stocks, cattle, etc.

356. Assessors are officers appointed to take an inventory of taxable property, and a list of taxable polls, and to apportion to each person the tax to be raised.

357. To assess, or apportion, a town, or other tax.

1. The town and county tax of Middlebury, for 1866, was $12200. The real estate of the town is valued at $1040000, and the personal property at $560000. There are 500 polls, each taxed $2.00. How many mills is the tax on a dollar; and what is A's tax, who has $5000 of real estate and $1500 of personal property, and pays 1 poll tax?

OPERATION.

$2 × 500 = $1000, amount of poll taxes.

=

=

$12200 $1000 $11200, amount of property tax. $1040000 $560000 $1600000, amt. of taxable property. $11200 $1600000 = 7 mills, tax on $1 of property.

$5000 $1500 $6500, A's taxable property.

=

$6500 X .007 $45.50, A's property tax.

=

$45.50 $2.00 $47.50, A's entire tax. Hence, $45.50+$2.00 =

The tax on one poll, multiplied by the number of polls, will give the amount of poll taxes.

What is a Tax? A Poll Tax? Real Estate? Personal Property?

Assessors?

* Optional.

The amount of poll taxes subtracted from the whole amount of tax to be apportioned, will give the amount of property tax. The amount of property tax divided by the whole taxable property, will denote the tax on one dollar of property.

Each individual's taxable property multiplied by the number denoting the tax on one dollar, with his poll tax added, if any, will give his tax.

Having determined the number of mills the tax on property is on $1, Assessors usually facilitate computation, by finding the tax on $2, $3, etc., and arranging the same for use in a table. Suppose the tax on $1 is 16 mills, then we could have the following

Table,

Showing Taxes at the rate of 16 mills on $1.

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2. Find by the Table A's tax, his valuation being $1950,

and he paying for 2 polls, at $1.50 each.

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The tax on $19 is $.304, and removing the decimal point two places to the right, we have $30.40, the tax on $1900.

The tax on $5 is $.08, and removing the decimal point one place to the right, we have $.80, the tax on $50.

The tax on 2 polls, at $1.50 each, is $3.00.
Adding the results, we have A's tax on

$1900+ $50, or $1950, and for 2 polls, $34.20.

The tax on one dollar? Each

How do we find the amount of poll taxes? individual's whole tax? Explain the operation.

DUTIES.*

358. Duties are taxes or imposts levied by government upon commodities.

359. Excise Duties are imposts upon articles produced, and used or consumed in the country, and, also, on licenses.

A SPECIAL TAX is a duty, which is payable without regard to the amount of an individual's income.

STAMPS are marks to be attached to articles, as evidence that the duty upon them is paid.

INTERNAL REVENUE is the income of the government derived from excise duties, special taxes, stamps, etc.

CUSTOMS.

360. Customs are duties upon imports, and upon the tonnage of vessels.

361. An Invoice is a bill of merchandise, from the seller to the importer, giving the price and quantity of the goods. 362. An Ad Valorem Duty is a certain per cent. upon the value of an article estimated from the invoice.

363. A Specific Duty is a certain sum upon an article, without regard to its value.

364. Tare is an allowance made for the weight of the cask, box, bag, etc., containing the goods.

When the tare cannot be satisfactorily determined from the invoice, it may be estimated by actual weighing, or, on some articles, by a schedule furnished by the treasury department.

LEAKAGE is an allowance for waste of liquors in casks, and BREAKAGE is an allowance on liquors in bottles.

GROSS WEIGHT is the weight before any allowances are made, and NET WEIGHT is the weight of the goods alone.

What are Duties? Excise Duties? Stamps? Internal Revenue? Customs? An Invoice? An Ad Valorem Duty? A Specific Duty? Fare? Leakage? Gross Weight?

* Optional.

Exercises.

1. Holderman & Co. have imported 5000 weight of raisins in quarter boxes; what is the duty, allowing for tare 29 %, and the rate of duty to be 5 cents a pound?

SOLUTION. 5000 X.29 1450; 5000

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- 1450 = 3550; 3550 X

2. What is the amount of ad valorem duty at 30% on goods invoiced at $5600?

3. I have imported 200 bags of Rio coffee, at 25 kilograms each; if the tare is 2 %, and the duty 5 cents a pound, how much will be the duty? Ans. $540.13.

4. A merchant has imported 6000 pounds of cassia in mats ; allowing 9% tare, and the rate of duty to be 20 cents a pound, how much duty will he be required to pay? Ans. $1092.

5. What is the duty, at 20 % ad valorem, upon 5 tons (of 2240 pounds) of steel invoiced at 22 cents a pound?

STOCKS.

365. A Corporation is an incorporated body, or company, authorized by law to act and to be considered as an individual.

366. A Share is one of the equal parts into which the property of a corporation is divided.

367. Bonds are obligations securing the payment of a certain sum of money at a specified time.

Interest on bonds is usually paid quarterly or semi-annually.

The principal bonds of the United States are,

3's bearing interest at 3 %.

What is a Corporation?

A Share?

Bonds?

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