Homework Answers
1) b)$654
The total amount of cash received from the customer = sales + tax expense
= $600 + $600*9%
= $600+$54
= $654
2) a) $528.57
Net sales revenue = Cash recieved by company - cash recieved
= $555 - $555*5/105
= $555 - $26.43
= $528.57
3) a) Increase by $32,000
Total paid in capital = Total equity + Additinal paid in capital
= 2000 shares *10per share + 2000 shares*6
= 20,000 + 12,000
= 32,000
4) c) Increase by $16,250
Paid in capital in excess of par = $3,250 shares * $5
= $16,250
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