The Company sold goods for which it received total cash payments of $427,800. A 9% excise...
The Company sold goods for which it received total cash payments of $427,800. A 9% excise tax and a 6% sales tax were included in the total cash payments. Sales revenue recorded should be
Select one:
a. $372,000
b. $363630
c. $389,298
d. $400,632
Homework Answers
Option 'A' is correct
Let 'X' is the sales excluding taxes
X + (9% * X) + (6% * X) = $427,800
X + 0.09 X + 0.06 X = $427,800
1.15 X = $427,800
X = $427,800 / 1.15
X = $372,000
Sales revenue = $372,000
Add Answer to:
The Company sold goods for which it received total cash payments of $427,800. A 9% excise...
Suppose your company sells goods for $300, of which $200 is received in cash and $100...
Suppose your company sells goods for $300, of which $200 is
received in cash and $100 is on account. The goods cost your
company $125 and were paid for in a previous period. Your company
also recorded salaries and wages of $70, of which only $30 has been
paid in cash.
Journal Entry:
2)
Calculate the amount that should be reported as net cash flow
from operating activities.
3) Calculate the amount that should be reported
as net income.
4)...
Julie Convenience Store sold merchandise for cash to a customer, and recorded a debit to Cash...
Julie Convenience Store sold merchandise for cash to a customer, and recorded a debit to Cash for $371, which included a 6% Sales tax. In the same transaction, they must also: A) credit Sales Revenue for 300 B) credit Sales Tax Payable for $22.26 C) credit Sales Tax Payable for $21 D) credit Sales Revenue for $371 E) credit Sales Revenue for $393.26
Nalan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check....
Nalan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2017, its Cash account shows a $29,833 debit balance. Nolan's June 30 bank statement shows $30,002 on deposit in the bank. a. Outstanding checks as of June 30 total $2,426. b. The June 30 bank statement included a $28 debit memorandum for bank services; the company has not yet recorded the...
Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general...
Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. May 1 c. Li, the owner, contributed $9,800 cash to the company. 7 The company purchased $5,800 of merchandise on credit from Gomez, terms n/30. 9 The company sold merchandise costing $600 on credit to E. James for $700, terms n/10. 15 The company borrowed $3,000 cash by signing a...
A company that uses the perpetual inventory system sold goods to a customer for cash for...
A company that uses the perpetual inventory system sold goods to a customer for cash for $4.500 The cost of the goods sold was $1.000 Which of the wong journal entre correctly records this transaction? 4.600 4600 4.600 4.600 1,000 OA Merchandise Inventory Sales Revenue OB Accounts Receivable Cash Cost of Goods Sold Merchandise Inventory O c. Cash Sales Revenue Cost of Goods Sold Merchandise Inventory OD. Cost of Goods Sold Sales Revenue 1,000 4,600 1,000 4,600 1,000 4,600
Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check.
Exercise 6-12 Bank reconciliation LO P3 Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, its Cash account shows a $27,500 debit balance. The company's May 31 bank statement shows $25,800 on deposit in the bank. a. The May 31 bank statement lists $100 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as...
Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general...
Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. June 5 Purchased $3,000 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $945 to R. Allen for $1,575, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $570 to J. Meyer for $950 cash, Invoice No. 2081. 19 Received $1,575 cash from R. Allen to pay for the...
cash receipts on the day when they are received and it makes all cash payments by...
cash receipts on the day when they are received and it makes all cash payments by check At the close of business on June 30, 2017, its Cash account shows a $20,059 debit balance. Nolan's June 30 bank statement shows $19,742 on deposit in the bank 10 pors Outstanding checks as of June 30 total $2,595 included a $30 debit memorendum for bank services, the company has not yet recorded the cost of these services In reviewing the bank statement,...
Nolan Company deposits all cash receipts on the day when they are received and it makes...
Nolan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2017, its Cash account shows a $24.767 debit balance. Nolan's June 30 bank statement shows $24,845 on deposit in the bank a. Outstanding checks as of June 30 total $2.468 b. The June 30 bank statement included a $27 debit memorandum for bank services, the company has not yet recorded the...
1. A company delivered $10,000 of goods to a customer that agreed to pay cash within...
1. A company delivered $10,000 of goods to a customer that agreed to pay cash within 30 days. The goods had cost $8,000 to manufacture. Which of the following items would be increased by this sales transaction? (check all that apply) Total Assets Revenue Inventory Total Liabilities Accounts Receivable 2. A company took delivery of $50,000 of new inventory and agreed to pay cash to the supplier within 30 days. Which of the following items would be increased by this...
Suppose your company sells goods for $300, of which $200 is
received in cash and $100 is on account. The goods cost your
company $125 and were paid for in a previous period. Your company
also recorded salaries and wages of $70, of which only $30 has been
paid in cash.
Journal Entry:
2)
Calculate the amount that should be reported as net cash flow
from operating activities.
3) Calculate the amount that should be reported
as net income.
4)...
Nalan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2017, its Cash account shows a $29,833 debit balance. Nolan's June 30 bank statement shows $30,002 on deposit in the bank. a. Outstanding checks as of June 30 total $2,426. b. The June 30 bank statement included a $28 debit memorandum for bank services; the company has not yet recorded the...
Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. May 1 c. Li, the owner, contributed $9,800 cash to the company. 7 The company purchased $5,800 of merchandise on credit from Gomez, terms n/30. 9 The company sold merchandise costing $600 on credit to E. James for $700, terms n/10. 15 The company borrowed $3,000 cash by signing a...
A company that uses the perpetual inventory system sold goods to a customer for cash for $4.500 The cost of the goods sold was $1.000 Which of the wong journal entre correctly records this transaction? 4.600 4600 4.600 4.600 1,000 OA Merchandise Inventory Sales Revenue OB Accounts Receivable Cash Cost of Goods Sold Merchandise Inventory O c. Cash Sales Revenue Cost of Goods Sold Merchandise Inventory OD. Cost of Goods Sold Sales Revenue 1,000 4,600 1,000 4,600 1,000 4,600
Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. June 5 Purchased $3,000 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $945 to R. Allen for $1,575, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $570 to J. Meyer for $950 cash, Invoice No. 2081. 19 Received $1,575 cash from R. Allen to pay for the...
cash receipts on the day when they are received and it makes all cash payments by check At the close of business on June 30, 2017, its Cash account shows a $20,059 debit balance. Nolan's June 30 bank statement shows $19,742 on deposit in the bank 10 pors Outstanding checks as of June 30 total $2,595 included a $30 debit memorendum for bank services, the company has not yet recorded the cost of these services In reviewing the bank statement,...
Nolan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2017, its Cash account shows a $24.767 debit balance. Nolan's June 30 bank statement shows $24,845 on deposit in the bank a. Outstanding checks as of June 30 total $2.468 b. The June 30 bank statement included a $27 debit memorandum for bank services, the company has not yet recorded the...
1. A company delivered $10,000 of goods to a customer that agreed to pay cash within 30 days. The goods had cost $8,000 to manufacture. Which of the following items would be increased by this sales transaction? (check all that apply) Total Assets Revenue Inventory Total Liabilities Accounts Receivable 2. A company took delivery of $50,000 of new inventory and agreed to pay cash to the supplier within 30 days. Which of the following items would be increased by this...
Most questions answered within 3 hours.
-
A junction box contains two trade size 2 raceways on the left
side, and two trade...
asked 24 minutes ago -
Atmospheric Mass
Venus and Earth have about the same mass and radius, but the
atmospheric pressure...
asked 1 hour ago -
5. Discuss the use of fault tree analysis (FTA) for risk
assessment (maximum one paragraph).
asked 2 hours ago -
Given that a sample of aluminium oxide has a Young's modulus of
393 GPa and a...
asked 3 hours ago -
At a certain temperature, the equilibrium constant, Kc, for this
reaction is 53.3.
H2(g)+I2(g)−⇀↽−2HI(g)Kc=53.3
At this...
asked 4 hours ago -
Question1 ) The STL provides similiar classes called stack and
queue, both of which gave functions...
asked 5 hours ago -
For Questions 1-4, assume you have 5 bits available:
1. For (positive) integers: What is the...
asked 5 hours ago -
convert grams into vloume with the density of water being at
.997514 g/cm^3 at 23.1 Celsuis...
asked 8 hours ago -
Foreman company obtained a $20,000, 6% loan on May 1, 2018.
Principal and interest will be...
asked 8 hours ago -
5. Problem 11.05 (Discounted Payback)
eBook
Project L costs $60,000, its expected cash inflows are $14,000
per...
asked 8 hours ago -
1. Which of the following is true about politics and health
organizations?
A. Health organizations are...
asked 9 hours ago -
A space vehicle is coasting at a constant velocity of 18.1 m/s
in the +y direction...
asked 10 hours ago