Homework Answers
| Account Name | Debit | Credit | ||
| b. | Cash | 18,000 | ||
| Sales Revenue | 16,981 | (18,000 x 100/106) | ||
| Sales Taxes Payable | 1,019 | (18,000 x 6/106) |
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Recording Sales Tax Payable Entries Target Shoppers Inc. reported cash sales of $18,000 for the month...
Record the entries for the following transactions for Shoppers Inc. Shoppers uses a perpetual inventory system...
Record the entries for the following transactions for Shoppers Inc. Shoppers uses a perpetual inventory system and records sales taxes payable at the point of sale. a. On January 1, 2020, Shoppers Inc. purchased merchandise for resale for $63,000 on credit terms 1/15, n/30. Shoppers Inc. incurred a shipping charge of $324 on the purchase, which was immediately paid. Shoppers Inc. uses the gross method to record purchases. b. Shoppers Inc. sells $25,200 of inventory during the first week of...
Cash sales for Zeviae Inc. in 2020 were $5 million. The majority of sales were subject...
Cash sales for Zeviae Inc. in 2020 were $5 million. The majority of sales were subject to a sales tax rate of 6%. Zeviae records sales taxes payable at the point of sale. Required a. Record the sales and sales tax entry for 2020 assuming that $100,000 of sales were not subject to tax. b. Now assume that cash collections for 2020 amounted to $5 million, which included a 6% sales tax along with the sales amount. Of the amount...
cCan someone let me know if this is correct? Recording Noninterest-Bearing Note Payable Entries First Choice...
cCan someone let me know if this is
correct?
Recording Noninterest-Bearing Note Payable Entries First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $32,000 to be paid one year from today. The equipment could be purchased for $29,091 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end....
BSW Inc. had a weekly payroll of $2,500 for three employees with mandatory withholdings of social...
BSW Inc. had a weekly payroll of $2,500 for three employees with mandatory withholdings of social security tax (7.65%), federal withholdings of $500, and state withholdings of $100. Voluntary withholdings included retirement plan contributions of $50, and health care savings account contributions of $75. Record BSW Inc.'s weekly payroll entry. Note: Round your answers to the nearest whole dollar. Note: List multiple debits or credits (when applicable) in alphabetical order. Dr. Cr. X 7,500 x 0 X 0 6,201 x...
Recording a Note Payable Issued for Non-Cash Consideration On January 1, 2020, Jet Air Inc. contracted...
Recording a Note Payable Issued for Non-Cash Consideration On January 1, 2020, Jet Air Inc. contracted with Systems Plus Inc. to manufacture heavy equipment. Jet Air Inc. issued a $90,000 note to Systems Plus Inc. in exchange for the equipment that required 5% interest payments annually over 3 years on December 31 of each year. Although the fair value of the customized heavy equipment was not reasonably determinable, it was determined that 10% was a reasonable rate of interest for...
Recording Acquisition of Equipment through Donation A shareholder donated a building and the land on which...
Recording Acquisition of Equipment through Donation A shareholder donated a building and the land on which it is located to Clemson Inc. The property was reliably appraised at a value of $256,000 (25% related to the land). Clemson Inc. paid transfer costs of $6,400 cash. The building has an estimated remaining life of 25 years (no residual value). Prepare Clemson's entries to record the (a) transfer of the building and land, and (b) depreciation expense at the end of the...
Recording Acquisition of Equipment through Donation A shareholder donated a building and the land on which...
Recording Acquisition of Equipment through Donation A shareholder donated a building and the land on which it is located to Clemson Inc. The property was reliably appraised at a value of $256,000 (25% related to the land). Clemson Inc. paid transfer costs of $6,400 cash. The building has an estimated remaining life of 25 years (no residual value). Prepare Clemson's entries to record the (a) transfer of the building and land, and (b) depreciation expense at the end of the...
need help with the last part Preparing Entries for a Secured Borrowing and Subsequent Collections and Payments A not...
need help with the last part
Preparing Entries for a Secured Borrowing and Subsequent Collections and Payments A note payable was executed by Sterling Inc. to Miami Finance Company. Sterling Inc. used $432,000 of its accounts receivable as collateral for the loan. The contract provided that Miami would advance 85% of the gross amount of the receivables. Sterling Inc. continues to collect payments for the receivables and the cash from customers is then remitted to the finance company. The cash...
Recording a Note Payable Issued for Non-Cash Consideration On January 1, 2020, Jet Air Inc. contracted...
Recording a Note Payable Issued for Non-Cash Consideration On January 1, 2020, Jet Air Inc. contracted with Systems Plus Inc. to manufacture heavy equipment. Jet Air Inc. issued a $22,500 note to Systems Plus Inc. in exchange for the equipment that required 5% interest payments annually over 3 years on December 31 of each year. Although the fair value of the customized heavy equipment was not reasonably determinable, it was determined that 10% was a reasonable rate of interest for...
10. You currently own 10,000 shares of Ink Inc. stock that is worth $500,000. You originally...
10. You currently own 10,000 shares of Ink Inc. stock that is worth $500,000. You originally bought the shares for $45 per share. On September 1, your company announced that it will be issuing all of your Ink Inc. shares as a property dividend payable on October 5. Record for September 1 and October 5. A. The September 1 journal entry will include... a. Dr. retained earnings 500,000 b. Cr. property dividends payable 450,000 c. Cr. cash 500,000 B. The...
Record the entries for the following transactions for Shoppers Inc. Shoppers uses a perpetual inventory system and records sales taxes payable at the point of sale. a. On January 1, 2020, Shoppers Inc. purchased merchandise for resale for $63,000 on credit terms 1/15, n/30. Shoppers Inc. incurred a shipping charge of $324 on the purchase, which was immediately paid. Shoppers Inc. uses the gross method to record purchases. b. Shoppers Inc. sells $25,200 of inventory during the first week of...
Cash sales for Zeviae Inc. in 2020 were $5 million. The majority of sales were subject to a sales tax rate of 6%. Zeviae records sales taxes payable at the point of sale. Required a. Record the sales and sales tax entry for 2020 assuming that $100,000 of sales were not subject to tax. b. Now assume that cash collections for 2020 amounted to $5 million, which included a 6% sales tax along with the sales amount. Of the amount...
cCan someone let me know if this is
correct?
Recording Noninterest-Bearing Note Payable Entries First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $32,000 to be paid one year from today. The equipment could be purchased for $29,091 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end....
BSW Inc. had a weekly payroll of $2,500 for three employees with mandatory withholdings of social security tax (7.65%), federal withholdings of $500, and state withholdings of $100. Voluntary withholdings included retirement plan contributions of $50, and health care savings account contributions of $75. Record BSW Inc.'s weekly payroll entry. Note: Round your answers to the nearest whole dollar. Note: List multiple debits or credits (when applicable) in alphabetical order. Dr. Cr. X 7,500 x 0 X 0 6,201 x...
Recording a Note Payable Issued for Non-Cash Consideration On January 1, 2020, Jet Air Inc. contracted with Systems Plus Inc. to manufacture heavy equipment. Jet Air Inc. issued a $90,000 note to Systems Plus Inc. in exchange for the equipment that required 5% interest payments annually over 3 years on December 31 of each year. Although the fair value of the customized heavy equipment was not reasonably determinable, it was determined that 10% was a reasonable rate of interest for...
Recording Acquisition of Equipment through Donation A shareholder donated a building and the land on which it is located to Clemson Inc. The property was reliably appraised at a value of $256,000 (25% related to the land). Clemson Inc. paid transfer costs of $6,400 cash. The building has an estimated remaining life of 25 years (no residual value). Prepare Clemson's entries to record the (a) transfer of the building and land, and (b) depreciation expense at the end of the...
Recording Acquisition of Equipment through Donation A shareholder donated a building and the land on which it is located to Clemson Inc. The property was reliably appraised at a value of $256,000 (25% related to the land). Clemson Inc. paid transfer costs of $6,400 cash. The building has an estimated remaining life of 25 years (no residual value). Prepare Clemson's entries to record the (a) transfer of the building and land, and (b) depreciation expense at the end of the...
need help with the last part
Preparing Entries for a Secured Borrowing and Subsequent Collections and Payments A note payable was executed by Sterling Inc. to Miami Finance Company. Sterling Inc. used $432,000 of its accounts receivable as collateral for the loan. The contract provided that Miami would advance 85% of the gross amount of the receivables. Sterling Inc. continues to collect payments for the receivables and the cash from customers is then remitted to the finance company. The cash...
Recording a Note Payable Issued for Non-Cash Consideration On January 1, 2020, Jet Air Inc. contracted with Systems Plus Inc. to manufacture heavy equipment. Jet Air Inc. issued a $22,500 note to Systems Plus Inc. in exchange for the equipment that required 5% interest payments annually over 3 years on December 31 of each year. Although the fair value of the customized heavy equipment was not reasonably determinable, it was determined that 10% was a reasonable rate of interest for...
10. You currently own 10,000 shares of Ink Inc. stock that is worth $500,000. You originally bought the shares for $45 per share. On September 1, your company announced that it will be issuing all of your Ink Inc. shares as a property dividend payable on October 5. Record for September 1 and October 5. A. The September 1 journal entry will include... a. Dr. retained earnings 500,000 b. Cr. property dividends payable 450,000 c. Cr. cash 500,000 B. The...
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