1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
tester [92]
3 years ago
7

uring December, Rainey Equipment made a $676,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5

%. Prepare the appropriate journal entry
Business
1 answer:
ExtremeBDS [4]3 years ago
7 0

Answer:

Please refer to the below for the appropriate journal entry

Explanation:

Accounts receivable Dr $726,700

($676,000 + $50,700)

Sales revenue account Cr $676,000

Sale taxes payable account Cr $50,700

{(6% + 1.5%) × $676,000

You might be interested in
Offering regular customers discounts on products is know as a
Alexxx [7]

Answer:

External customer incentives

Explanation:

External customer incentives are similar to customer incentives. The phrase external distinguishes between internal customers or company employees and other customers who chose to buy the company's products.

Customer incentives are offers given to customers by a company to attract and retain them. Businesses use incentives to convert potential customers into paying clients. Discounts are an example of external customer incentives.  They are used when a business faces competition from similar products by other companies. Business also offer end of the year, anniversary, and other seasonal discounts.

7 0
3 years ago
Shirley was laid off by her employer. What benefit is she entitled to receive?
belka [17]

She would receive unemployment

7 0
3 years ago
You are valuing a common stock that just paid a dividend of $1.25 per share. You are expecting the stock to grow at the rate of
Agata [3.3K]

Answer:

Price of stock- $26

Explanation:

<em>Using te dividend valuation model, the price of a stock is the present value of the future cash flows expected from the stock discounted at the required rate of return.</em>

Where a stock is expected  to pay dividend growing at a specific rate, the price of the stock can be dertermined as follows:

Price = D(1+g)/(ke-g)

D -dividend payable now,

Ke-required rate of return,

g - growth rate in dividend

So we can work out the price as follows:

Price = 1.25( 1+0.04)/(0.09-0.04)

      = $26

Price =$26

4 0
4 years ago
In the quantity discount model, the optimum quantity will always be found on the lowest total cost curve.
Leno4ka [110]

In the quantity discount model, the optimum quantity is not always be found on the lowest total cost curve. Therefore, it's false.

<h3>What is optimum quantity?</h3>

It should be noted that optimum quantity simply means the economic quantity that is purchased.

In this case, in quantity discount model, the optimum quantity is not always be found on the lowest total cost curve. Therefore, it's false.

Learn more about optimum quantity on:

brainly.com/question/17192219

4 0
2 years ago
Delta Corporation has a bond issue outstanding with an annual coupon rate of 7% and 20 years remaining until maturity. The par v
denpristay [2]

Answer:

Current yield is 10.3%

Explanation:

Coupon payment = 1000 x 7% = $70 annually

Number of periods = n = 20 years

Yield to maturity = 11% annually

Price of bond is the present value of future cash flows, to calculate Price of the bond use following formula

Price of the Bond = C x [ ( 1 - ( 1 + r )^-n ) / r ] + [ F / ( 1 + r )^n ]

Price of the Bond = $70 x [ ( 1 - ( 1 + 11% )^-20 ) / 11% ] + [ $1,000 / ( 1 + 11% )^20 ]

Price of the Bond = $557.43 + $124.03 = $681.46

Current yield is the ration of coupon payment to the price of the bond.

Current Yield = Coupon Payment / Price of Bond = $70 / 681.46 = 0.1027 = 10.3%

5 0
3 years ago
Other questions:
  • Registered nurses:
    11·1 answer
  • Jose wants to upgrade his look before a job interview. A friend tells him about a men's clothing line that allows potential cust
    12·1 answer
  • Benjamin is an engineer with the Lego Group in Bellund, Denmark, manufacturers of Lego toy construction blocks. He is responsibl
    11·1 answer
  • Allen and Lewis are friends who each recently purchased real estate. Allen purchased a patio home in a small town an hour from t
    12·1 answer
  • _________ is a portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful produ
    15·1 answer
  • This chapter states that most economists would probably maintain that new technologies are the single most important source of p
    9·1 answer
  • Self esteem is the part of self concept that involves evaluations of ?
    8·1 answer
  • Janice is spending the summer working as an intern writing copy for a local firm. Today Janice's senior editor sent back some of
    12·1 answer
  • The income of consumers has decreased. You know that canned meat is an inferior good. What will happen to the equilibrium price
    14·1 answer
  • When marginal cost is greater than marginal benefit at the current activity level, the decision maker can increase net benefit b
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!