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estion 20 ons has total proceeds from sales of $49,850, which includes sales taxes. If the sales tax is 11%, the am...
uestion 20 Qudion Inter Corportions has total proceeds from sales of $49,950, which Includes sales taxes....
uestion 20 Qudion Inter Corportions has total proceeds from sales of $49,950, which Includes sales taxes. If the sales tax is 11% , the amount to be debit to the account Sales PevueE A $55,444 B.$49,950. C. $4,950. D. $45,000.
If you pay for $25.00 for purchase which includes 11% sales tax. How much is the...
If you pay for $25.00 for purchase which includes 11% sales tax. How much is the sales tax? A) $2.48 B) $2.75 C) $3.00 D) $2.55 The correct answer is A, but why is it A?
Kathy's Corner Store has total cash sales for the month of $32,000 excluding sales taxes. If...
Kathy's Corner Store has total cash sales for the month of $32,000 excluding sales taxes. If the sales tax rate is 5%, which journal entry is needed? (Ignore Cost of Goods Sold.) O A. debit Cash $30,400, debit Sales Tax Receivable for $1,600 and credit Sales Revenue for $32,000 O B. debit Cash $32,000 and credit Sales Revenue $32,000 O C. debit Cash $33,600, credit Sales Revenue $32,000 and credit Sales Tax Payable $1,600 O D. debit Cash $33,600, credit...
2. If you pay for $25.00 for purchase which includes 11% sales tax. How much is the sales tax? A) $2.48 B) $2.75 C) $3....
2. If you pay for $25.00 for purchase which includes 11% sales tax. How much is the sales tax? A) $2.48 B) $2.75 C) $3.00 D) $2.55
Which of the following is not a current liability? Sales tax payable; Payroll taxes payable; c....
Which of the following is not a current liability? Sales tax payable; Payroll taxes payable; c. Unearned revenues; D. Allowance for doubtful accounts. B. Which of the following is not a current liability? Discount on Bonds Payable due in 7 years; Wages Payable; Estimated Warranty Payable for items sold with a one year warranty: Out of court litigation settlement liability due to be paid next month. B. Page 2 of 6 Which of the following is not a payroll tax...
61. Jim has foreign income. He earns $26,000 from Country A which taxes the income at...
61. Jim has foreign income. He earns $26,000 from Country A which taxes the income at a 20 percent rate. He also has income from Country B of $18,000. Country B taxes the $18,000 at a 10 percent rate. His US taxable income is $90,000, which includes the foreign income. His US income tax on all sources of income before credits is $19,000. What is his foreign tax credit? a. $6,500 b. $7,000 C. $9,289 d. $19,000 e. Jim does...
1. Which of the following statement is not true regarding sales tax: a)Sales tax is a...
1. Which of the following statement is not true regarding sales tax: a)Sales tax is a consumption tax b)Sales tax applies to the sale of certain goods and services c) Sales tax is levied at the point of sale d)Sales tax is collected by the retailer and passed on to the government e)Consumers pay sales tax directly to the state f) If a business fails to collect sales tax from a consumer, they are still responsible for paying the uncollected...
23) Zorn Inc. makes a sale for $450. The company is required to collect sales taxes...
23) Zorn Inc. makes a sale for $450. The company is required to collect sales taxes amounting to 10%. When recording this sale, Zorn will A) debit Cash for $450. B) debit Sales Tax Payable for $45. C) debit Sales Tax Expense for $45. D) credit Sales Revenue for $495 E) credit Sales Revenue for $450. 24) On August 1, 2019, Paige's Dance Company borrows $45,000 from Adirondack Bank on a 9-month, 6% note. The adjusting journal entry to accrue...
1. There are both Primary and Secondary Tax Law Sources Which of the following is a...
1. There are both Primary and Secondary Tax Law Sources Which of the following is a Primary Source? A. General Counsel Memorandum B. U.S. Circuit Court of Appeals Decision C. Technical Advice Memorandum D. Harvard Law Review article 2. Which of the following is a false statement? A. Taxation is an important and exciting topic due to constant change by the three branches of our Federal government. B. All states tax the sale of gasoline and...
I need help with a few accounting questions Kathy's Corner Store has total cash sales for...
I need help with a few accounting questions
Kathy's Corner Store has total cash sales for the month of $37,000 excluding sales taxes. If the sales tax rate is 3%, which journal entry is needed? (Ignore Cost of Goods Sold.) O A. debit Cash $38,110, credit Sales Revenue $38,110 O B. debit Cash $38,110, credit Sales Revenue $37,000 and credit Sales Tax Payable $1,110 C. debit Cash $35,890, debit Sales Tax Receivable for $1,110 and credit Sales Revenue for $37,000...
uestion 20 Qudion Inter Corportions has total proceeds from sales of $49,950, which Includes sales taxes. If the sales tax is 11% , the amount to be debit to the account Sales PevueE A $55,444 B.$49,950. C. $4,950. D. $45,000.
Kathy's Corner Store has total cash sales for the month of $32,000 excluding sales taxes. If the sales tax rate is 5%, which journal entry is needed? (Ignore Cost of Goods Sold.) O A. debit Cash $30,400, debit Sales Tax Receivable for $1,600 and credit Sales Revenue for $32,000 O B. debit Cash $32,000 and credit Sales Revenue $32,000 O C. debit Cash $33,600, credit Sales Revenue $32,000 and credit Sales Tax Payable $1,600 O D. debit Cash $33,600, credit...
2. If you pay for $25.00 for purchase which includes 11% sales tax. How much is the sales tax? A) $2.48 B) $2.75 C) $3.00 D) $2.55
Which of the following is not a current liability? Sales tax payable; Payroll taxes payable; c. Unearned revenues; D. Allowance for doubtful accounts. B. Which of the following is not a current liability? Discount on Bonds Payable due in 7 years; Wages Payable; Estimated Warranty Payable for items sold with a one year warranty: Out of court litigation settlement liability due to be paid next month. B. Page 2 of 6 Which of the following is not a payroll tax...
61. Jim has foreign income. He earns $26,000 from Country A which taxes the income at a 20 percent rate. He also has income from Country B of $18,000. Country B taxes the $18,000 at a 10 percent rate. His US taxable income is $90,000, which includes the foreign income. His US income tax on all sources of income before credits is $19,000. What is his foreign tax credit? a. $6,500 b. $7,000 C. $9,289 d. $19,000 e. Jim does...
23) Zorn Inc. makes a sale for $450. The company is required to collect sales taxes amounting to 10%. When recording this sale, Zorn will A) debit Cash for $450. B) debit Sales Tax Payable for $45. C) debit Sales Tax Expense for $45. D) credit Sales Revenue for $495 E) credit Sales Revenue for $450. 24) On August 1, 2019, Paige's Dance Company borrows $45,000 from Adirondack Bank on a 9-month, 6% note. The adjusting journal entry to accrue...
I need help with a few accounting questions
Kathy's Corner Store has total cash sales for the month of $37,000 excluding sales taxes. If the sales tax rate is 3%, which journal entry is needed? (Ignore Cost of Goods Sold.) O A. debit Cash $38,110, credit Sales Revenue $38,110 O B. debit Cash $38,110, credit Sales Revenue $37,000 and credit Sales Tax Payable $1,110 C. debit Cash $35,890, debit Sales Tax Receivable for $1,110 and credit Sales Revenue for $37,000...
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