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4 years ago

Lyon co. collected $1,200 in sales tax from customers during the month of march. in

Business

1 answer:

slava [35]4 years ago

7 0

Answer:

sales tax payable 1,200 debit

cash 1,200 credit

Explanation:

To record this entry we need to understand the sales tax is not an expense for the company as is charged into the invoice and paid by the customers.

The company is an intermediate agent between the customer and the government. The company's role is to collects the tax and pay to the government. We need to record the payment of 1,200 to the government thus, we write-off the sales tax payable and credit the cash give away to the IRS

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An entrepreneur purchased an existing bicycle shop that had between 13000

Pani-rosa [81]

Answer:

Write the full question a so I can answer?

4 0

3 years ago

Mrs. Patterson is a new enrollee in the HealthBest Medicare Advantage (MA-PD) plan. She is new to this type of coverage and asks

Serggg [28]

Answer:

She should expect either the pharmacy directory in hard copy or a distinct and separate notice (in hard copy) describing where she can find the pharmacy directory online and how to request a hard copy.

Explanation:

Additionally, I will also mention that The main difference between medicare advantage plan and Normal medicare is that normal medicare will include wide coverage provided by the government, but the quality of services provided for the medicare advantage plan will be better on average.

The pharmacy directory mentioned above can be used by Mrs. Patterson to choose the type of Specific health services that she wants, the type of specialists that she prefers and the location of treatment that is the most convenient to her. (this type of benefits wouldn't be found in normal plan)

5 0

3 years ago

Carla Vista Company purchases Sandhill Company for $2470000 cash on January 1, 2021. The book value of Sandhill Company’s net as

Nady [450]

Answer: $214000

Explanation:

The amount of goodwill that should be recognized by Carla Vista Company when recording the purchase of Sandhill Company will go thus:

Book value of net assets = $1923000

Add: Excess fair value of tangible asset = $190500

Add: Excess fair value of intangible assets = $142500

Fair value of net assets = $1923000 + $190500 + $142500 = $2256000

Therefore, Goodwill will be:

=Cash paid for purchase - Fair value of net assets

= $2470000 - $2256000

= $214000

3 0

3 years ago

Given the following information, analyze XYZ Company's liquidity. Year 2013 Total quick assets $30,000 Total current assets $40,

kogti [31]

Answer:

A. They are more liquid than others in their industry.
C. They have sufficient quick assets to pay off short-term debt if needed.

Explanation:

The Acid-test and current ratios are used to measure the liquidity of a company with higher figures meaning more liquidity. XYZ Company has a both a higher acid-test and current ratio so they are more liquid than others in their industry.

The Acid-test and current ratio also enable one to find out if a company is able to pay off its current obligations/ liabilities using current assets. With the acid-test ratio being above one, XYZ is able to pay off short-term debt using quick assets.

6 0

3 years ago

During which phase must project teams address important considerations for managing information (and often end up updating busin

beks73 [17]

Answer:

execution

Explanation:

The phase in which project teams address important considerations for managing information (and often end up updating business processes through improved communications) is execution phase.

Execution phase has a very long process in project management, in this phase information has to be managed,it is in this phase of management that the product and services that the organization render is been delivered to the customers. And most importantly, communication has to been improved between the company and their clients.

6 0

3 years ago