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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

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2 years ago
In a CVP income statement, cost of goods sold is generally:
Nadya [2.5K]

Answer:

d) partly a variable cost and partly a fixed cost.

Explanation:

CVP income statement is also known as cost volume profit income statement, it is generally a product of CVP analysis and it include five elements:

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  • Mix of product sold.

CVP analysis are conducted to know how changes in cost and volume would impact company´s operating income and net income. It require all the cost of company should be segregated into variable and fixed cost. It also calculate contribution margin, which help to identify the profit of company before deducting fixed cost.

3 0
3 years ago
A $5 million deposit outflow from a bank has the immediate effect of
yuradex [85]

Answer:

C. Reducing deposits and reserves by $5 million.

4 0
3 years ago
Q 6.29: Accurate Auditing is conducting an inventory count for Blake Industries. Blake intermingles empty boxes with full boxes
Rasek [7]

Answer:

The asset would have been overestimated

Explanation:

An inventory account deals with assigning values to all the items or goods that are involved in the production process ranging from raw goods, processed goods to market-ready goods.

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3 0
3 years ago
. Qiang, an Asian employee, working at Rapid Fire Inc., is terminated on the grounds that he is homosexual. He wants to file a d
erica [24]

Answer:

he was discriminated solely based on his sexual orientation.

Explanation:

The Title VII of the Civil Rights Act of 1964 stated that all employers in united states are prohibited to discriminate their employees based on race, religion, gender, national origin, and sexual orientation.

You do not need to be married for your sexual orientation to be acknowledged by the The Title VII of the Civil Rights Act of 1964  . You just need to proof that any of the factors above are the reason why you're discriminated against.

In Qiang case, he could tried to find witness by talking to other employees or find a recorded email/messages that indicates his boss mistreatment toward him. If there are enough employees who came out as witnesses, he could build a strong enough case to gain support in the court.

5 0
3 years ago
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