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
UNO [17]
3 years ago
10

Sales revenue for a sporting goods store amounted to $528,000 for the current period. All sales are on account and are subject t

o a sales tax of 11?%.
Which of the following would be included in the journal entry to record the sales? transaction?
A. A debit to Accounts Receivable for $ 586,080.
B. A credit to Accounts Receivable for $528,000.
C. A debit to Sales Tax Payable for $58,080.
D. A debit to Sales Revenue for $ 528,000.
Business
1 answer:
weqwewe [10]3 years ago
8 0

Answer:

The answer is A. A debit to Accounts Receivable for $ 586,080

Explanation:

Sales tax is an additional amount of money one pays based on a percentage of the selling price of goods and services that are purchased.

The sales tax amount will be added to sales revenue to form the total bill.

Sales revenue ----------------- $528,00

Sales tax -------------------------- 11%

Sales tax amount

$528,00 x 0.11

= $58,080

Therefore, total bill is:

$528,00 + $58,080

=$586,080.

Debit increases an asset(accounts receivable) while credit decreases an asset(accounts receivable).

Since the accounts receivable will increase, it will be on debit side.

You might be interested in
The best supplier will depend on the type of business. Explain how a business that specializes in supplying plumbers would have
IgorLugansk [536]

Answer:

the $$$ of the different thing will play a big part

7 0
3 years ago
A market-oriented organization believes that the social and economicjustification for an organization's existence is the satisfa
Novay_Z [31]

Answer: True

Explanation: The organizations that are market oriented focus on keeping healthy relationships with their customers and providing them best service for a positive image in the market. The products offered by such organisations are made in such a way that the consumer gets maximum benefit from it and the needs of customers could be satisfied.

Thus, from the above we can conclude that such organisations emphasize on customer satisfaction and needs, therefore, the given statement is true.

8 0
3 years ago
The Endangered Species Act, passed by Congress nearly four decades ago, has spawned a continuous series of debates between those
WINSTONCH [101]

Answer:

anthropocentrists and ecocentrists

Explanation:

Ecocentrism exposes a love towards nature as a total abstract being; It is related to the Gaia hypotheses. Unlike anthropocentrism, that sensocentrism and that biocentrism, ecocentrism is concerned with preserving ecosystems and species, not preserving the lives of specific individuals.

Ecocentrist environmentalism differs from anthropocentric environmentalism in that the former gives priority to the conservation of species and ecosystems over the conservation of individuals - including human beings - with the latter giving priority to the human being over the conservation of species and ecosystems, defending conservation only for the benefit of humans.

8 0
3 years ago
Burton Company uses a normal costing system. The company uses direct labor-hours as the cost-allocation base. The following info
densk [106]

Answer:

the allocated direct manufacturing overhead costs of Job 56 is $25

Explanation:

Overheads in manufacturing process are allocated to jobs or products using cost drivers or surrogates.

<em><u>First Step : Determine the Pre-determined Overhead rate</u></em>

Pre-determined Overhead rate = Budgeted Overheads / Budgeted Activity

                                                    = $2,000 / 800

                                                    = $ 2.50 per labor hour

<em><u>Step 2 : Determined the Amount of Overhead allocated to Job 56 based on labor hours utilised</u></em>

Overhead for Job 56 = Pre-determined Overhead rate × Hours Used

                                     = $ 2.50 × 10

                                     = $25

3 0
3 years ago
An investor is considering investing in a stock they plan to hold for 2 years. The stock is expected to pay dividends of $1.50 p
xz_007 [3.2K]

Answer: $19.82

Explanation:

The price the investor would be willing to pay today would be the present value of the dividends and the selling price at the end of 2 years using the required return as the discount rate.

= 1.50 / (1 + 8%)  + 1.50 / (1 + 8%)²   + 20 / (1 + 8%)²

= 1.3888889 + 1.286 + 17.1467764

= $19.82

3 0
3 years ago
Other questions:
  • The Francis Company is expected to pay a dividend of D1 = $1.25 per share at the end of the year, and that dividend is expected
    6·1 answer
  • Tyson foods, the nation's largest poultry-processing company with profits of $403 million in 2004, was penalized for the deaths
    11·1 answer
  • Bakit mahirap na matamo ang kaganapang pantao​
    10·1 answer
  • Assume you can currently exchange one U.S. dollar for one hundred Japanese yen. Also assume the inflation rate will be 2.5 perce
    14·1 answer
  • Point-of-purchase displays in grocery stores, coupons, premiums, and trial-size packages are most useful when the consumer is ne
    14·1 answer
  • Look at the pic. Help me pls.
    5·1 answer
  • A production process requires a fixed cost of $ 50,000. The variable cost per unit is $ 25 and the revenue per unit is projected
    8·1 answer
  • Find the interest earned on invested for years at ​% interest compounded as follows. a. Annually b. Semiannually​ (twice a​ year
    7·1 answer
  • your company’s marketing manager implements the company’s new marketing strategy and tactics on the market. what types of inform
    9·1 answer
  • Where should a company undergoing reorganization report the gains and losses resulting from the reorganization?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!