Homework Answers
Answer
- Sales tax = 8%
- Amount of $ 378,000 includes the amount of Sales Tax
- This means that $ 378000 = 108%
- Sales WITHOUT sales Tax = $ 378000 / 108%
= $ 350,000 - Sales Tax Liability
= $ 350000 sales x 8%
= $ 28,000 - Correct Answer = Option ‘C’ $ 28,000
Add Answer to:
correct answer is C.$28000 but how come？
9 Sales during July 2015 for the Magnum Corporation,...
9. Sales during July 2015 for the Magnum Corporation, operating in Los Angeles, were $378,000, of...
9. Sales during July 2015 for the Magnum Corporation, operating in Los Angeles, were $378,000, of which $150,000 were on account. The sales figures given include the sales tax charged to retail customers. (Assume a sales tax rate on all sales of 8%. The CORRECT sales tax liability for July 2015 should be shown as A. $3,024 B. $18,240 C. $28,000 D. $30,240
Bryant Corporation was incorporated on December 1, 2015, and began operations one week later. Before closing...
Bryant Corporation was incorporated on December 1, 2015, and
began operations one week later. Before closing the books for the
fiscal year ended November 30, 2016, Bryant’s controller prepared
the following financial statements:
BRYANT CORPORATION
Balance Sheet
November 30, 2016
1
Assets
2
Current Assets:
3
Cash
$180,000.00
4
Accounts receivable
480,000.00
5
Less: Allowance for doubtful accounts
(59,000.00)
6
Inventories
430,000.00
7
Prepaid insurance
15,000.00
8
Total current assets
$1,046,000.00
9
Property, plant, and equipment
426,000.00
10
Less: Accumulated...
Quich Books tAss M MULTIPLE CHOICE (2 PTS EACH) CHOOS THE BEST ANSWER 1. The Banking...
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please answer both questions
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It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate....
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate. (28) in the current year, Acom, Inc., had the following items of income and expense! Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acom owns 30%. In Acom's current yoar income tax rotum, what amount should be reported as income before special deductions? A. $525.000 B. $508,750 C. $275,000 D. $250.000 The correct answer...
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TOTALS ARE CORRECT) TIA!!!
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Adjusted Trial Balance
Income Statement
Statement of Retained Earnings
Balance Sheet
Closing Entries
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Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2016. Given on the first two tabs are ABC's 12/31/16 Unadjusted Trial Balance and a list of needed adjustments. 1. Make all 12 adjustments on the...
Please read the article and answer about questions. You and the Law Business and law are...
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1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. A) True B) False 2) 2) An advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and does a better job of matching current costs with revenues on the income statement. A) True B) False 3) 3) Errors in the period-end inventory balance only affect the current period's records and financial statements. A) True...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
9. Sales during July 2015 for the Magnum Corporation, operating in Los Angeles, were $378,000, of which $150,000 were on account. The sales figures given include the sales tax charged to retail customers. (Assume a sales tax rate on all sales of 8%. The CORRECT sales tax liability for July 2015 should be shown as A. $3,024 B. $18,240 C. $28,000 D. $30,240
Bryant Corporation was incorporated on December 1, 2015, and
began operations one week later. Before closing the books for the
fiscal year ended November 30, 2016, Bryant’s controller prepared
the following financial statements:
BRYANT CORPORATION
Balance Sheet
November 30, 2016
1
Assets
2
Current Assets:
3
Cash
$180,000.00
4
Accounts receivable
480,000.00
5
Less: Allowance for doubtful accounts
(59,000.00)
6
Inventories
430,000.00
7
Prepaid insurance
15,000.00
8
Total current assets
$1,046,000.00
9
Property, plant, and equipment
426,000.00
10
Less: Accumulated...
Quich Books tAss M MULTIPLE CHOICE (2 PTS EACH) CHOOS THE BEST ANSWER 1. The Banking section of the Home Page includes which flow chart? A. Payroll flowchart B. Bank Reconciliation flowchart C. Bill Pay flow chart D. None of these 2. Which financial statement below summarizes the financial position of a company? A. Statement of Cash Flows B. Profit &Loss Statement C. Balance Sheet D. Income Statement Which financial statement below summarizes a company's earnings? A. Statement of Cash...
please answer both questions
Problem 1. Selected accounts from the ledger of Hughes Company appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations: Revenue - R Asset - A Liability - L Expense - E Capital/Equity- In the second column, indicate the increase side of each account by inserting Dr. or Cr. (b) Increase Side Type of Account Account Supplies (2) Notes Receivable...
EXAn Fat the bej and a $5 mm urke ing rate I. Select the best answer (60 points) The conversion of bonds is most commonly recorded by the 1 gslain the mit entries eries: C fair v a. incremental method b. proportional method. c. market value method. d. book value method If a company offers additional considerations to convertible bondholders In order to encourage 2. conversion, it is called a(an): of end mont nsid mobi a. forced conversion. b. sweetener...
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate. (28) in the current year, Acom, Inc., had the following items of income and expense! Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acom owns 30%. In Acom's current yoar income tax rotum, what amount should be reported as income before special deductions? A. $525.000 B. $508,750 C. $275,000 D. $250.000 The correct answer...
Need help with comprehensive project (PLEASE MAKE SURE CHECK
TOTALS ARE CORRECT) TIA!!!
T- Accounts
Adjusted Trial Balance
Income Statement
Statement of Retained Earnings
Balance Sheet
Closing Entries
Post-closing trial balance
Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2016. Given on the first two tabs are ABC's 12/31/16 Unadjusted Trial Balance and a list of needed adjustments. 1. Make all 12 adjustments on the...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. A) True B) False 2) 2) An advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and does a better job of matching current costs with revenues on the income statement. A) True B) False 3) 3) Errors in the period-end inventory balance only affect the current period's records and financial statements. A) True...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
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