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
kupik [55]
3 years ago
14

Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900). Dextra collects 5% sales tax

. Record the entry for the $6,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15.
Business
1 answer:
oee [108]3 years ago
6 0

Answer:

    Date                     General Ledger                   Dr.          Cr.

1.   September 30     Cash                                 $6,300

                                  Sales Tax Payable                           $300

                                  Sales                                                 $6,000

2.  September 30     Cost of Goods Sold        $3,900

                                  Merchandise Inventory                    $3,900

3.  October 15           Sales Tax Payable          $300

                                  Cash                                                  $300

Explanation:

Sales Tax is subject to the price of merchandise. Sales tax is collected by the business on the taxable supplies on the behalf of government and paid to the government.

Sales tax amount = 6,000 x 5% = $300

Cost of Merchandise is recorded as cost of goods sold and deducted from the merchandise inventory.

You might be interested in
Payback period was the earliest -Select- selection criterion. The -Select- is a "break-even" calculation in the sense that if a
soldier1979 [14.2K]

Answer: 1. Capital Budgeting

2. Payback Period

3. Number of Years Prior to Full Recovery + (Unrecovered Cost at Start of Year / Cash flow during the year)

Explanation:

Payback period was the earliest <u>Capital Budgeting</u> selection criterion. The <u>Payback Period</u> is a "break-even" calculation in the sense...

The Payback period is one of the most simple methods in Capital Budgeting and the earliest as well. It simply checked how long it would take to pay back an investment which made it very alluring to investors who wanted to know how long it would be till they started getting a profit.

It therefore essentially checked when the project would Break-Even.

The formula is,

Number of Years Prior to Full Recovery + (Unrecovered Cost at Start of Year / Cash flow during the year)

This means that to calculate the Payback Period, for example, say the investment was $500 and the project brought in $120 for 5 years.

That would mean that in year 4 it would have brought it $480. Year 4 is the <em>Number of Years prior to Full recovery</em>.

The $20 left is the <em>Unrecovered cost at the start of the year</em> and the <em>Cashflow for the year is $120</em>. The Payback is therefore,

= 4 + (20/120)

= 4.17

5 0
3 years ago
Janes Company provided the following information on intangible assets: A patent was purchased from the Lou Company for $1,100,00
juin [17]

Answer:

Please find attached Balance sheet.

Explanation:

4 0
3 years ago
When creditors, managers, and investors look at expenses as a percentage of revenue, they are __________.
sineoko [7]

Answer:

Doing a financial statement analysis.

Explanation:

Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.

Financial statement analysis can be defined as the process of analyzing, estimating and reviewing the financial statements of a business firm or organization in order to make better economic decisions and profits in the future.

Hence, when creditors, managers, and investors look at expenses as a percentage of revenue, they are doing a financial statement analysis.

7 0
3 years ago
The most desirable bundle of rights in time-sharing gives the buyer privileges to rent or sell the interest in the property. the
ratelena [41]

These rights are known as property rights. Property rights allow a person to do what they want with their property, within regulation. These are included in the bundle of rights a time-share buyer has because they are allowed to use, sell, or rent their time-share.

5 0
3 years ago
To encourage compliance with its labor standards, the ILO relies on all of the following except:A) PublicityB) DiplomacyC) Techn
anygoal [31]

Answer: Option (D)

Explanation:

<em>ILO</em> is abbreviated as <em>International Labour Organization</em> is known as the UN body whose decree is to provide advancement in the social justice and thus also promote the respectable and appropriate work thereby setting and developing the international labour specifications. It is considered as the first specialised body of the United Nations.

ILO does not uses Lawsuits in order to encourage compliance with the labour standards.

8 0
3 years ago
Other questions:
  • Candlewood LLC started business on September 1, and it adopted a calendar tax year. During the year, Candlewood incurred $6,500
    6·1 answer
  • What are some consideration that must taken into account to evaluating economics model
    7·1 answer
  • If you had $1,000 to invest into the following funds, which one would have the highest value (not including any fees) at the end
    10·1 answer
  • If real gdp per capita in the united states is $8,000, what will real gdp per capita in the united states be after 5 years if re
    11·2 answers
  • SuperOil has a debt-to-value ratio of 15%. Its revenue is 100,000 per year and cost is 70,000 per year forever. Its cost of debt
    7·1 answer
  • At December 31, 2017 Sheridan Company had 294000 shares of common stock and 9500 shares of 6%, $100 par value cumulative preferr
    11·2 answers
  • List the steps of the basic problem-solving procedure
    5·1 answer
  • What's one disadvantage of a certificate of deposit (CD) as compared to a passbook savings account?
    8·2 answers
  • Matcha green tea is primarily cultivated by Japanese farmers. Suppose that Matcha green tea grows in popularity as its health be
    12·1 answer
  • Tim and Tammy are updating their financial plan and are concerned that they might not have enough life insurance coverage for th
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!