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
If you have a team that is low on conscientiousness, which of the following would you recommend?
IceJOKER [234]

Answer: E) They need to define the task and maintenance.

Explanation:

Conscientiousness means being thorough and careful in one's task performance. A team that is low on Conscientiousness need to define task and maintenance.

6 0
3 years ago
Read 2 more answers
How do you find tax liability from taxable income?
ycow [4]

Answer:

How to calculate tax liability from taxable income

Explanation:

Your taxable income minus your tax deductions equals your gross tax liability. Gross tax liability minus any tax credits you're eligible for equals your total income tax liability. hope this helps you :)

7 0
3 years ago
Your company incurs a cost for factory rentfactory rent​, ​which, in the short​ run, is fixed. What happens to this cost in the
mixas84 [53]

Answer:

A. becomes a variable cost

Explanation:

Fixed costs are the expenses that remain constant in a period. During the period under review, fixed costs do not change regardless of the level of output. Fixed costs are mostly made up of overheads such as rent , depreciation, and administrative salaries.

Fixed cost remains constant in a particular financial year. In the long run,  business budgets and projections tend to change, resulting in changes to the fixed cost. In other words, in the long run, fixed costs will change. Therefore, in the long run, all costs are variable expenses.

5 0
3 years ago
A bond with a face value of $1,000 that sells for $1,000 in the market is called a _____ bond.
sleet_krkn [62]
Have any answers to the question
6 0
3 years ago
Read 2 more answers
PLEASE HELP
bonufazy [111]

Answer:

The type of savings you should make is a fixed term deposit

Explanation:

When we have unused capital and want to make it grow, it is a good alternative to earn money because, when we leave our money in a bank for a certain time, we will receive it together with an additional sum due to profitability, Our reward for leaving the money to the bank and not using it.

6 0
3 years ago
Other questions:
  • Why did the industrial revolution start in great britain??
    11·1 answer
  • What is 51/2x21/3 select the best answer
    6·2 answers
  • Cola Inc. Soda Co. Fiscal Year Ended: 2015 2014 2013 2015 2014 2013 Net Sales $ 39,819 $ 35,690 $ 36,444 $ 62,438 $ 47,932 $ 47,
    12·1 answer
  • Sheffield Corp. uses the composite method and its composite rate is 7.5% per year, what entry should it make when plant assets t
    6·1 answer
  • The ecoist manufactures handbags out of excess packaging that would otherwise end up in landfills. this is an example of​ values
    10·2 answers
  • Jacques has been asked to calculate the cost of goods manufactured for Sully Enterprises for fiscal year 2015. He has accumulate
    6·1 answer
  • The Balance Sheet for Renuvation LLC shows assets totaling $107,000 and liabilities totaling $75,000. Which of the following sta
    14·1 answer
  • Velco purchased a delivery truck at the beginning of Year 1 at a cost of $60,000. The truck is estimated to have a useful life t
    10·1 answer
  • What motivates U.S. companies to tailor their policies and practices to address
    15·1 answer
  • When faced with the option of beginning a new venture you should always select the time that results in the:______.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!