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adoni [48]
3 years ago
8

Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $13,000 of cash sales that ar

e subject to an 8% sales tax, what is the journal entry to record the cash sales?
Business
1 answer:
Dafna1 [17]3 years ago
3 0

Answer:  $1040

Explanation:

You would debit the accounts receivable for the entire amount of the sale.

then you would credit the sales account for the sales amount (minus the sales tax amount)

the add a credit to the sales tax liability account for the amount of sales taxes

You might be interested in
Glamour Gal, a popular women's cosmetics company is gaining popularity among younger women. Differentiating itself from the sea
s2008m [1.1K]

Answer:

The correct answer is letter "B": False.

Explanation:

An oligopoly is a market where a few companies collide to take control of the price and supply of the goods or services provided. On the other hand, a monopolistic competitive market is characterized by having many companies competing against each other. The competitive advantage of firms will determine if consumers choose to buy the products of one company or the other.

Thus, <em>Glamour Gal is a monopolistic competitive market.</em>

7 0
3 years ago
Held-to-Maturity Bond Investment On January 1, 2016, Weaver Company purchased as held-to-maturity debt securities $500,000 face
yulyashka [42]

Answer:

b. $461,820

Explanation:

The computation of the amount reported in the balance sheet is shown below:

But before that we need to find out the amortization of discount which is

= Purchased value of bond × interest rate of return - face value of bond × interest rate

= $456,200 × 10% - $500,000 × 8%

= $45,620 - $40,000

= $5,620

Now the amount reported is

= Purchased value + discount amortization

= $456,200 + $5,620

= $461,820

Hence, the option b is correct

8 0
3 years ago
You have just won the lottery and will receive $460,000 in one year. You will receive payments for 27 years, and the payments wi
Zepler [3.9K]

Answer:

The present Value of my winnings = $4,578,716.35

Explanation:

An annuity is a series od annual cash outflows or inflows which payable or receivable for a certain number of periods. If the annual cash flow is expected  to increase by a certain percentage yearly, it is called a growing annuity.

To work out the the present value of a growing annuity,

we the formula:

PV = A/(r-g) ×  (1-  (1+g/1+r)^n)

I will break out the formula into two parts to make the workings very clear to follow. So applying this formula, we can work out the present value of the growing annuity (winnings) as follows.

A/(r-g)

= 460,000/(12%-3%)

= $5,111,111.11

(1-  (1+g/1+r)^n

1 - (1+3%)/(1+12%)^(27)

=0.8958

PV = A/(r-g) ×  (1-  (1+g/1+r)^n)

$5,111,111.11 × $0.8958

= $4,578,716.35

The present Value of my winnings = $4,578,716.35

5 0
3 years ago
Which is an example of something that is inelastic?
Inessa [10]

Explanation:

example of something that is inelastic is a type of cancer medication

6 0
3 years ago
Bob holds a portfolio of 20 stocks from different industries, whereas Sharon holds only one stock in her portfolio. Assuming the
nikdorinn [45]

Answer:

The correct answer is: C. larger decrease in total risk.

Explanation:

The risk of an investment portfolio refers to the possibilities of obtaining the return, profit or profit you expect. Every investment involves a risk, and the more you can earn, the greater the risk. If you put your money on a fixed term, the risk is minimal, but it hardly gives you an interest even less than inflation. If you invest in the forex market, for example, you can earn a lot of money, but also the risk (that you do not achieve and even that you lose what you invested) is much greater. Every investor knows that he must assume some risk, because it is something inherent in the investment.

5 0
3 years ago
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