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andrey2020 [161]
1 year ago
8

merchandise is sold for cash. the selling price of the merchandise is $2,600, and the sale is subject to a 6% state sales tax. t

he journal entry for the sale would include a credit to
Business
1 answer:
love history [14]1 year ago
8 0

The journal entry for the sale would include a credit to sales tax payable for $156 if the selling price of the merchandise is $2600.

The government levies a consumption tax known as a sales tax on the purchase of goods and services. At the point of sale, a standard sales tax is imposed, collected by the retailer, and paid to the government. Companies must first apply for a sales tax permit from their state's department of taxation in order to be able to collect sales tax from customers. Every time a customer makes a purchase, businesses collect sales tax, which they subsequently monthly or quarterly send to the state.

As the selling price of the merchandise is $2,600 and the state sales tax is 6%, this means that 6% of $2,600 has to be paid to the state governing body.

Sales tax = 6% of 2600

Sales tax = 6/100 × 2600

Sales tax = 0.06 × 2600

Sales tax = $156

Therefore; the entry to journalize the sale would include a credit to sales tax payable for $156 if the selling price of the merchandise is $2600.

To know more about  sales tax refer:

brainly.com/question/1811849

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Harold works as a new business manager for a manufacturer of marine lubricants. He often talks to several different people befor
brilliants [131]

Answer:

Decider.

Explanation:

Harold being a new business manager for a manufacturer of marine lubricants. Most times, he has to talk to several different people before he's able to find someone who can give him a purchase order or a refusal.

Hence, in terms of the buying center, he has the most trouble identifying the decider for his services.

In Business management, the buying center comprises of a group of people or department within a specific organization that make business purchase decisions. These group of people are found in different parts of the organization, such as accounting, finance, procurement, and senior management. The buying center is made up of five (5) key groups, these are the buyers, gatekeepers, users, influencers, and deciders.

The decider in a buying center are generally responsible for choosing the right products to be purchased and have the final say (decision) with regards to a purchase order or a refusal.

4 0
3 years ago
5. Consider the supply chain involved when a customer orders a book from Amazon. Identify the
emmainna [20.7K]

Answer:

1. At pull stage Customers request for books. A pull system by Amazon was made through the use of ingram book group. They support booksellers in supply and demand of book buyers

2. The push strategy is made through the development of several warehouses. Procurement of inventory is done and peoples orders are sent out by utilizing pull strategy.

Processes in pull strategy:

1. Shipping

2. Order fulfilment

Processes in push strategy:

1. Stock replenishment

2. Production

6 0
3 years ago
A company can sell all the units it can produce of either Product A or Product B but not both. Product A has a unit contribution
Mashutka [201]

Answer:

Income = $30,000

Explanation

<em>Whenever a company is faced with a limiting factor i.e a resource in short supply, the company should allocate the resource to the product </em><u><em>with he highest contribution per unit of the scare resource</em></u>

Product       Cont/unit          machine hr /unit    cont/hr    Ranking

A                    $8                    2 hrs                      $4/hr             2nd  

B                    $18                  3 hrs                       $6/hr            1st

<em>Hence the company should allocate the resource to the product B</em>

<em>Hence the total contribution</em>

= 5000 hrs × $6 per hr.

= $30,000

Income = $30,000

6 0
3 years ago
What is an outstanding check?
Solnce55 [7]

<span>An outstanding check is a check issued by the payor and released to the payee that remains to be undeposited or uncashed check at a certain financial period. When reconciling the bank statements with company books, an outstanding check is deducted from the unadjusted bank balance to arrive at the adjusted bank balance.  </span>

3 0
3 years ago
Consider luxury weekend hotel packages in las vegas. When the price is $250, the quantity demanded is 2,000 packages per week. W
Aleonysh [2.5K]

Answer: Elasticity of luxury weekend hotel packages in las vegas is -1.432.

Explanation:

Price elasticity of demand measures the responsiveness of quantity demanded to a change in the price of the good.

Mid point method-

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e=\frac{-300}{1850} } * \frac{265}{30}

e= -0.16216*8.8333

e= -1.432

Elasticity of luxury weekend hotel packages in las vegas is -1.432.



5 0
3 years ago
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