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OleMash [197]
3 years ago
7

Dextra Computing sells merchandise for $20,000 cash on September 30 (cost of merchandise is $12,000). The sales tax law requires

Dextra to collect 9% sales tax on every dollar of merchandise sold. Record the entry for the $20,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 9% tax on this sale to the state government on October 15.
Business
1 answer:
grigory [225]3 years ago
3 0

Answer and Explanation:

According to the scenario,journal entry of the given data are as follow:-

Journal Entry

30 Sept    Cash A/c Dr. $21,800

                To Sales A/c  $20,000

  To Sales tax payable A/c $1,800          (20,000 × 9%)

                 ( Being cash sales is recorded)

30 Sept  Cost of goods sold A/c Dr. $12,000

  To Inventory A/c $12,000

               ( Being September 30th sale cost is recorded)

15 Oct  Sales tax payable A/c Dr. $1,800

     To Cash A/c  $1,800

         ( Being payment of tax is recorded)

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Which method of project selection gives consideration to the time value of money in a capital budgeting decision?
alexandr1967 [171]

Answer:

D. Discounted cash flows method.

Explanation:

The discounted cash flow method is the method in which it discounted all the cash flows to their their present value

Also it provides the consideration with respect to the times value of money while taking decision related to capital budgeting

hence, the correct option is D

And all the other options are incorrect

7 0
3 years ago
Retained earnings represents: Multiple Choice Amount of cash available for paying dividends. Total assets minus total liabilitie
kotegsom [21]

Answer:

All net income, less all dividends, since the company began operations.

Explanation:

Retained Earnings are the retained profits that the company keeps with itself, for meeting any case of emergency or for growing company and thus, meeting the growing expenses.

Each year when company earns profits and then, it distributes its profits in the form of dividends, the balance remaining after paying the dividends is added to retained earnings.

Thus, the entire balance of these kind of profits not paid anywhere else and also not utilized is called retained earnings.

4 0
3 years ago
If you receive a ticket to a concert at no charge, what, if anything, is your opportunity cost of attending the concert?
spin [16.1K]

Answer:

The opportunity cost of attending the concert=$0

Explanation:

An opportunity cost is the total monetary loss that one has when they choose a given option. It can also be defined as the gain that one misses when the individual or business chooses one alternative over the other. Opportunity costs are not heavily considered in financial reports, however individuals or businesses who have the opportunity to choose from many alternatives at the same time need to consider the opportunity cost to make a more valuable decision in the long-run. Opportunity costs helps individuals and businesses to make better decisions on the options they have at their disposal.

The opportunity cost can be Determined using the following expression;

OC=FO-CO

where;

OC=opportunity cost

FO=return on best forgone option

CO=return on chosen option

Since in our case, the forgone option was not attending the concert, the cost would be=0

Also since the chosen option was the ticket at no charge, the cost would be=0

In our case;

OC=unknown

FO=0

CO=0

replacing;

OC=0-0=0

The opportunity cost of attending the concert=$0

7 0
3 years ago
g If you require an annual rate of return of 12 percent, what should be the estimate of the amount of the annual dividend which
choli [55]

Answer:

Its very simple, the required return would be 12% of the amount invested today. And this can be explained by the use of DVM (Dividend valuation Model), which is as under:

For ordinary shares  r = (Dividend after one year / Share price now)

Dividend after one year =  Required return * Share Price Now

Assuming no growth in the dividends, we can say that the required return would be 12% of the amount invested now which is the share price of the ordinary shares.

6 0
3 years ago
What are the approximate dimensions of a township in the rectangular survey system.
Tcecarenko [31]

Answer:

Six miles by six miles

Explanation:

Survey township, seldom known as Congressional township, essentially been utilized by the US Public Land Survey System, which is nominally by the U.S. review it was been approximately estimated that it is "six miles by six miles" aside. The precincts are referenced by a valuation method that determines the township in association to a chief meridian (north-south) furthermore, the baseline (east-west). The estimated dimensions of a township in the rectangular review system are six miles by six miles.

7 0
3 years ago
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