(Sales price is $100, sales tax is $7.25 and the item sold has a cost of...
(Sales price is $100, sales tax is $7.25 and the item sold has a cost of $75 what would be the journal entry for this transaction.
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(Sales price is $100, sales tax is $7.25 and the item sold has a cost of...
Calculator Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the...
Calculator Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include credit to Ca. Cash for $3,700 b. Sales Tax Payable for $259 c. Sales for $3.959 d. Sales for $3,700 The inventory data for an item for November are: Nov. 1 Inventory 24 units at $20 4 Sold 9 units 10 Purchased 35 units at $22...
Buttery Ice-Cream had sales of $7.25 million in 2020. Its cost of goods sold was $4.5...
Buttery Ice-Cream had sales of $7.25 million in 2020. Its cost of goods sold was $4.5 million, and it had $1.2 million in selling, general, and administrative expenses. It paid interest of $21000 and dividends to its shareholders of $16000. For simplicity, assume a flat tax rate of 31%. The firmʹs operating profit in 2020 was $1,039,010 $1,529,000 $1,055,010 $1,550,000
Part of the journal entry to record the cost of an item for $30 that sold...
Part of the journal entry to record the cost of an item for $30 that sold for $40 cash under the perpetual inventory system is: O A. debit Cost of Goods Sold $30; credit Inventory, $30. OB. debit Cost of Goods Sold, $40; sales, $40. O C. debit Cash, 540; credit Inventory $40. OD. debit Sales, $40; credit Cost of Goods Sold, $30; Credit Cash, $10.
Sales Tax Write a program that will compute the sales tax of an item and the...
Sales Tax Write a program that will compute the sales tax of an item and the total cost of the item with the sales tax. Then, print out the tax and the total cost. The input will be the cost of the item. The tax rate is 8%. Use the float registers and float values. The answer will be represented with 8 place values to the right of the decimal point - with an extraneous value in the 8th decimal...
The sales tax in Massachusetts is 6.25%. If the tax on an item is $25.75, what...
The sales tax in Massachusetts is 6.25%. If the tax on an item is $25.75, what is the cost of the item?
During December, Far West Services makes a $5,200 credit sale. The state sales tax rate is 6% and the local sales tax...
During December, Far West Services makes a $5,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale including the sales tax. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal...
Assume that Simple Co had credit sales of $282,000 and cost of goods sold of $166,000...
Assume that Simple Co had credit sales of $282,000 and cost of goods sold of $166,000 for the period. It estimates that percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,900 when it uses the aging method. Before the end of period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $410. 1....
During November, Wireless, Inc., makes a $1,800 credit sale excluding sales tax. The state sales tax...
During November, Wireless, Inc., makes a $1,800 credit sale excluding sales tax. The state sales tax rate is 5 % and the local sales tax rate is 1.50 % Record sales revenue and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest dollar amount.) View transaction list Journal entry worksheet Record sales revenue and sales tax...
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax...
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax Shipment of machine Insur ance on the machine for the first year Installation of machine $58,000 5, 150 830 530 1, 660 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event,...
Creative Computing sells a tablet computer called the Protab. The $620 sales price of a Protab...
Creative Computing sells a tablet computer called the Protab. The $620 sales price of a Protab Package includes the following: One Protab computer. A 6-month limited warranty. This warranty guarantees that Creative will cover any costs that arise due to repairs or replacements associated with defective products for up to six months. A coupon to purchase a Creative Probooke-book reader for $125, a price that represents a 50% discount from the regular Probook price of $250. It is expected that...
Calculator Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include credit to Ca. Cash for $3,700 b. Sales Tax Payable for $259 c. Sales for $3.959 d. Sales for $3,700 The inventory data for an item for November are: Nov. 1 Inventory 24 units at $20 4 Sold 9 units 10 Purchased 35 units at $22...
Part of the journal entry to record the cost of an item for $30 that sold for $40 cash under the perpetual inventory system is: O A. debit Cost of Goods Sold $30; credit Inventory, $30. OB. debit Cost of Goods Sold, $40; sales, $40. O C. debit Cash, 540; credit Inventory $40. OD. debit Sales, $40; credit Cost of Goods Sold, $30; Credit Cash, $10.
During December, Far West Services makes a $5,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale including the sales tax. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal...
Assume that Simple Co had credit sales of $282,000 and cost of goods sold of $166,000 for the period. It estimates that percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,900 when it uses the aging method. Before the end of period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $410. 1....
During November, Wireless, Inc., makes a $1,800 credit sale excluding sales tax. The state sales tax rate is 5 % and the local sales tax rate is 1.50 % Record sales revenue and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest dollar amount.) View transaction list Journal entry worksheet Record sales revenue and sales tax...
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax Shipment of machine Insur ance on the machine for the first year Installation of machine $58,000 5, 150 830 530 1, 660 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event,...
Creative Computing sells a tablet computer called the Protab. The $620 sales price of a Protab Package includes the following: One Protab computer. A 6-month limited warranty. This warranty guarantees that Creative will cover any costs that arise due to repairs or replacements associated with defective products for up to six months. A coupon to purchase a Creative Probooke-book reader for $125, a price that represents a 50% discount from the regular Probook price of $250. It is expected that...
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