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Dmitry [639]
3 years ago
10

The following selected transactions relate to liabilities of Chicago Glass Corporation for 2016. Chicago's fiscal year ends on D

ecember 31.
1.
On January 15, Chicago received $7,600 from Henry Construction toward the purchase of $72,000 of plate glass to be delivered on February 6.

2.
On February 3, Chicago received $7,300 of refundable deposits relating to containers used to transport glass components.

3.
On February 6, Chicago delivered the plate glass to Henry Construction and received the balance of the purchase price.

4.
First quarter credit sales totaled $760,000. The state sales tax rate is 4% and the local sales tax rate is 2%.

Required:
Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
melisa1 [442]3 years ago
5 0

Answer:

cash   7,600

   nearned revenue   7,600

cash    7,300

   refundable deposist 7,300

cash                           57,100

refundable deposist   7,300

unearned revenue      7,600

      service revenue              76,000

sales tax expense 45,600

     state tax payable    30,400

     local tax payable    15,200

Explanation:

(1) as the services are not yet perform, this is a liability for Chicago Glass Corportation. It assumes to obligation of do this services.

(2)This will be refund once the job are complete and the containers returned in good form

(3) 72,000 - 7,600 = 64,400 - 7,300 = 57,100

Chicago deduct rom the invoince the previous payment and the refundable deposits once the transaction is finished.

(4)

760,000 x 4% = 30,400

760,000 x 2% = 15,200

30,400 + 15,200 = 45,600

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at the end of 2018, river plate builders had two jobs still in process with a total balance of $132,200. what overhead rate is r
Ksju [112]

Answer: d. 80% of direct material cost

Explanation:

Overhead cost = Total costs - Direct material - Direct labor

= 132,200 - 25,000 - 32,000 - 12,500 - 17,100

= $45,600

Direct materials cost = 32,000 + 25,000

= $57,000

Percentage of Direct materials = Overhead/ Direct materials

= 45,600/57,000

= 80%

8 0
2 years ago
Ban Co purchased 50, 5% Waylan Company bonds on January 1, 2016 for $50,500 cash Interest is payable annually on January 1 the J
I am Lyosha [343]

Answer:

a. debit to Interest Revenue for $2,500

Explanation:

Based on the information given we were told that Ban Company made a purchased of 50, 5% Waylan Company bonds for the amount of $50,500 which is a cash Interest that is payable annually which means that the annual interest payment would include a: DEBIT to Interest Revenue for $2,500 calculated as :

Interest Revenue=[(50 x $1,000)×5%]

Interest Revenue=$50,000×0.05

Interest Revenue =$2,500

5 0
3 years ago
A firm has sales of $68,400, costs of $42,900, interest paid of $2,100, and depreciation of $6,500. The tax rate is 34 percent.
tankabanditka [31]

Answer:

9.04

Explanation:

TIE ratio = profit excluding interest/interest

expense

Putting value in above equation;

TIE ratio = 68400-42900-6500/2100

TIE ratio = 9.04

7 0
3 years ago
Which of the following is a tool used by organizations to measure the benefits of their sustainability​ efforts? A. Transparency
LekaFEV [45]

Answer:

b.  Green customer consumption

Explanation:

6 0
3 years ago
Consider the following items:
mrs_skeptik [129]

Answer:

land, Accounts Receivable

Notes Payable , Buildings

,Equiment

Explanation:

land will last very long if u take care if it

Notes payable are long-term assets because it says ' due in three years ' nad from what i know 3 years is alot

buildings are also very long-term asest if you build them strong and powerful

Notes Payable are long-term assets because it says " due in six months " . From whay i know 6 months is half year , and that is a lot

last but not least equiment . If you take care if your equiment it will stay good for al long time

P.S , hope it is right

PEACE

7 0
3 years ago
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