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BartSMP [9]
3 years ago
14

Journalize the entries to record the following selected transactions:

Business
1 answer:
juin [17]3 years ago
6 0

Answer:

   General Ledger                   Dr.          Cr.

1.   Cash                                 $65,940

    Sales Tax Payable                           $3,140

    Sales                                                 $62,800

2.  Cost of Goods Sold        $37,500

    Merchandise Inventory                    $37,500

3.  Sales Tax Payable          $39,650

    Cash                                                  $39,650

Explanation:

Sales tax is subject to 5% which is

Sales Tax  = $62,800 x 5% = $3,140

Total Cash received = $62,800 + $3,140 = $65,940

Cost of the merchandise sold is recorded in the cost of goods sold account.

Tax is paid in cash and Tax payable liability is reduced by a debit entry.

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"A forklift will last for only 2 more years. It costs $5,000 a year to maintain. For $20,000 you can buy a new lift that can las
BabaBlast [244]

Answer:

a. $2,465.82

b. $3,539.68

c. Yes, we should

Explanation:

Annual cost to maintain old forklift is $5,000

Equivalent Annual Cost (EAC) of new forklift = (Asset price x discount rate)/(1-(1+discount rate)-n), in which n is the number of year for usage of this forklift?

If discount rate is 4% per year, the EAC of new forklift is $2,465.82  

= ($20,000x4%)/(1-(1+4%)-10)

If discount rate is 12% per year, the EAC of new forklift is $3,539.68  

= ($20,000x12%)/(1-(1+12%)-10)

We should replace because with such above discount rate, the old forklift is more costly than the new one

5 0
3 years ago
Xavier is using a query that includes a LIKE comparison operator with the value of A[a-n]*. Which option would match this operat
Lera25 [3.4K]

Answer:

Aaron

Explanation:

3 0
3 years ago
Read 2 more answers
Typical cash flows from investing activities include each of the following except: Group of answer choices Proceeds from collect
Alinara [238K]

Answer:

Proceeds from collecting the principal amount of accounts receivable arising from customer sales.

Explanation:

Cash flow can be defined as the net amount of cash and cash- equivalents that is flowing into (received) and out (given) of a business. There are three components of the cash flow;

1. Operating cash flow: all cash generated from the business activities of an organization.

2. Financing cash flow: all payments made by an organization and profits from issuance of debts and equity.

3. Investing cash flow: costs associated with purchasing of capital assets and investments of cash resources in other businesses.

This ultimately implies that, cash flow statement, also known as the statement of cash flows, contains financial information about operating, financial and investing activities.

Generally, investing activities comprises of purchasing physical assets, investing in securities and the sale of assets or securities associated with the company.

Hence, typical cash flows from investing activities include each of the following;

I. Payments to purchase property, plant and equipment or other productive assets (excluding inventory).

II. Payments to acquire held-to maturity securities of other entities, except cash equivalents.

III. Proceeds from the sale of equipment.

IV. Payments to buy intangible assets.

4 0
2 years ago
Nueva Company reported the following pretax data for its first year of operations. Net sales 7,400 Cost of goods available for s
Ludmilka [50]

Answer:

Net Income $574

Explanation:

Calculation of Nueva's net income if it elects FIFO will be :

Net sales$7,400

Less Cost of goods sold ($4,806)

($5,610 − $804)

Gross profit 2,594

Operating expenses (1,638)

Income before taxes 956

(2,594-1,638)

Income tax 382.4

(40%×956)

Net income $574

(956-382.4)

Therefore the Nueva's net income if it elects FIFO would be $574

8 0
3 years ago
What is the document that the marketing researcher pledges to deliver as a result of the marketing research process?
dezoksy [38]

Answer: Marketing research proposal

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3 0
3 years ago
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