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meriva
4 years ago
8

Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $6,500 of cash sales that are

subject to an 9% sales tax, what is the journal entry to record the cash sales?
Business
1 answer:
Mademuasel [1]4 years ago
8 0

Answer:

Journal Entry

General Ledger                   Dr.          Cr.

Cash                                 $7,085

Sales Tax Payable                           $585

Sales                                                 $6,500

Explanation:

Sales tax is the amount of tax collected by the business on the taxable sales from customers on behalf of government and pay it to government after that. Sales tax will be included in the cash received from the customer and recorded as the payable for the business.

Sales Value = $6,500

Sales Tax = 9%

Sales inclusive of Sales tax = $6,500 x 109% = $6,500 x 1.09 = $7,085

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andriy [413]

Answer:

A).  x + 4 + x = 20

<u>Multiple-choices</u>

A).  x + 4 + x = 20

B).  4 + x + 4 = 20

C).  x = 20 + 4 + 4

D).  4 = 20 + x + x

Explanation:

The mirror will be in the middle of a wall which is 20 feet wide.

If the mirror is 4 feet, then 4 will be in the middle.

X will be on either side of the 4feet mirror.

Therefore:

x + 4 + x =20

6 0
3 years ago
Soccer to the Masses is interested in global expansion but does not want to make a large financial commitment. Therefore, it dec
Mumz [18]

Answer:

B. Strategic alliance

Explanation:

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It is an agreement for cooperation among two or more independent firms to work together to achieve a common goal which is usually profit making. The example asked in the question is a form of strategic outsourcing relationship where the Soccer to the masses shared their products with the Japanese company in exchange for the Japanese company offering manufacturing and wilder distribution of the products.

All parties involved hopes for a synergy where everyone benefits more from the alliance rather than if they stood alone.

6 0
4 years ago
Read 2 more answers
Countries with more independent central banks have lower inflation rates, but these have come at the expense of greater output f
andrezito [222]

Answer:

False

Explanation:

Countries with more independent central banks have lower inflation rates, but these have come at the expense of greater output fluctuations is a false statement as we know that, an independent Central Bank could have higher credibility. If somebody has a higher conviction in the Central Bank, this accommodates to subdue inflationary expectations. Indeed, this causes inflation more accessible to keep lowering.

4 0
3 years ago
Refers to the work processes associated with shortening the time of delivering a product or service
NARA [144]
The term that is being described above is EXPEDITING. From the term itself, expedite means to a process of making something happen sooner or immediately. When it comes to business, expediting is a term that refers to the management of purchases wherein the products are being delivered and arrived in a timely fashion while maintaining its quality.
7 0
3 years ago
On December 31, 2017, Extreme Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doub
Anastaziya [24]

Answer:

Accounts receivable is $745,000

Explanation:

The company would report as net receivable, the total amount on accounts receivable minus total amount on the Allowance for uncollectible Accounts, which implies that the balance represent the amount of credit that will not be possible to collect again hence, the value represent balance on net accounts receivable.

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= $800,000 - $55,000

= $745,000

6 0
3 years ago
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