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Last option is correct. Cash will be increased ny $600 with tax payable being $24 and Sales Revenue $576
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Which of the following represents the impact of a taxable cash sale of $600 on the...
Which of the following represents the impact of a taxable cash sale of $650 on the...
Which of the following represents the impact of a taxable cash sale of $650 on the accounting equation if the sales tax rate is 4%? Multiple Choice An increase to cash for $676, an increase to sales tax expense for $26, and an increase to sales revenue for $650. An increase to cash for $650, an increase to sales tax payable for $26, and an increase to sales revenue for $624. An increase to cash for $676, an increase to...
Which of the following represents the impact of a taxable cash sale of $1,080 on the...
Which of the following represents the impact of a taxable cash sale of $1,080 on the accounting equation if the sales tax rate is 5%? An increase to cash for $1,134, an increase to sales tax expense for $54, and an increase to sales revenue for $1,080. An increase to cash for $1,134, an increase to sales tax payable for $54, and an increase to sales revenue for $1,080. None of these answer choices is correct. An increase to cash...
Which of the following is a complete taxable gift? Multiple Choice $20,000 in cash contributed to...
Which of the following is a complete taxable gift? Multiple Choice $20,000 in cash contributed to the committee to reelect Senator BlowHard. $15,000 in cash given directly to Valley Hospital for the care of a neighbor who was in an auto accident. $18,000 in cash given directly to a needy student to pay for college tuition. $55,000 in cash transferred to a former spouse under a written property settlement shortly after a divorce. None of the choices is a complete...
What is the ultimate effect of a credit sale (sale on account) on the accounting equation?...
What is the ultimate effect of a credit sale (sale on account) on the accounting equation? Assets Liabilities Stockholders Equity a) increase no effect increase b) increase no effect decrease c) decrease decrease no effect d) no effect decrease increase Which of the following is not considered to be a liability? a. Accounts Payable b. Unearned Revenue c. Wages Payable d. Cost of Goods Sold What are the effects on the accounting equation if Patchwork received a bill of $578...
Which of the following is reported as an investing activity in the statement of cash flows?...
Which of the following is reported as an investing activity in the statement of cash flows? Multiple Choice The receipt of dividend revenue. The payment of cash dividends. The sale of machinery. The payment of interest on bonds. A firm reported salaries expense of $244,000 for the current year. The beginning and ending balances in salaries payable were $42,000 and $12,000, respectively. What was the amount of cash paid for salaries? Multiple Choice $244,000. $274,000. $298,000. $214,000. Cash flows from...
Which one of the following represents a cash outflow from a corporation? Multiple Choice Ο Payment...
Which one of the following represents a cash outflow from a corporation? Multiple Choice Ο Payment of dividends Ο Initial sale of common stock Ο New loan proceeds Ο Issuance of new securities Ο Receipt of tax refund
Which of the following is MOST LIKELY correct when there are (nonreversing) permanent differences between taxable...
Which of the following is MOST LIKELY correct when there are (nonreversing) permanent differences between taxable and pre-tax income? Group of answer choices A) statutory tax rate ≠ effective tax rate B) tax expense = pre-tax income × statutory rate C) tax expense = taxes payable
1 . Dapper Company received $9,000 cash from the sale of a machine that had an...
1 . Dapper Company received $9,000 cash from the sale of a machine that had an $13,000 book value. If the company is subject to a 30% income tax rate, the net cash flow to use in a discounted-cash-flow analysis would be: Multiple Choice $10,200. $2,700. $6,300. $9,000. $7,800 2 . Omar Industries manufactures two products: Regular and Super. The results of operations for 20x1 follow. Regular Super Total Units 11,000 4,300 15,300 Sales revenue $ 297,000 $ 946,000 $...
Question 1 Complete the following statements. In a period in which a taxable temporary difference reverses,...
Question 1 Complete the following statements. In a period in which a taxable temporary difference reverses, the reversal will cause taxable income to be In a period in which a deductible temporary difference reverses, the reversal will cause taxable income to be accounting income. accounting income. 3@@ @ @ If a $56,000 balance in the Deferred Tax Asset account were calculated using a 25% rate, the underlying temporary difference would amount to $ Deferred taxes L recorded to account for...
• Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for...
• Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for services yet to be provided totaled $95,000. • A $20,000 loss from the sale of property and equipment occurred. • Interest income was $9,300. • Interest expense was $19,500. • Supplies expense was $420,000. • Rent expense for the store was $34.000. • Wages expense was $55,000. • Other operating expenses totaled $85,000. • Unearned revenue was $4.900. What is the amount of Lant's...
What is the ultimate effect of a credit sale (sale on account) on the accounting equation? Assets Liabilities Stockholders Equity a) increase no effect increase b) increase no effect decrease c) decrease decrease no effect d) no effect decrease increase Which of the following is not considered to be a liability? a. Accounts Payable b. Unearned Revenue c. Wages Payable d. Cost of Goods Sold What are the effects on the accounting equation if Patchwork received a bill of $578...
Which one of the following represents a cash outflow from a corporation? Multiple Choice Ο Payment of dividends Ο Initial sale of common stock Ο New loan proceeds Ο Issuance of new securities Ο Receipt of tax refund
Question 1 Complete the following statements. In a period in which a taxable temporary difference reverses, the reversal will cause taxable income to be In a period in which a deductible temporary difference reverses, the reversal will cause taxable income to be accounting income. accounting income. 3@@ @ @ If a $56,000 balance in the Deferred Tax Asset account were calculated using a 25% rate, the underlying temporary difference would amount to $ Deferred taxes L recorded to account for...
• Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for services yet to be provided totaled $95,000. • A $20,000 loss from the sale of property and equipment occurred. • Interest income was $9,300. • Interest expense was $19,500. • Supplies expense was $420,000. • Rent expense for the store was $34.000. • Wages expense was $55,000. • Other operating expenses totaled $85,000. • Unearned revenue was $4.900. What is the amount of Lant's...
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