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nikitadnepr [17]
3 years ago
15

During the month of June, Whispering Boutique recorded cash sales of $302,810 and credit sales of $130,219, both of which includ

e the 7% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements.
Business
1 answer:
irina [24]3 years ago
7 0

Answer and Explanation:

The Journal entry is shown below:-

1. Sales revenue Dr, $28,656      ($121,700 + $287,673) × 7%

                To Sales tax payable $28,656

(Being sales tax payable is recorded)

Here we debited the sales revenue as it decreased the revenue while we credited the sales tax payable as  it increased the liabilities so that the proper posting could be done

Working note

Credit sales = $130,219 × 100 ÷ 107

= $121,700

Cash sales = $302,810 × 100 ÷ 107

= $287,673

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Complete Question:

The project represented by this resource load chart (see attached) has a maximum limit of 6 units of resource activity in any day. The first activities that are strong candidates for shifting are:

A) Activity A

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Answer:

The first activities that are strong candidates for shifting are:

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A resource load chart displays the total amount of resources required as a function of time in any given project.  It is the best method for establishing the existence of some resource conflicts across project activities, especially when compared to Gantt Charts, Network Diagrams, and Pareto Diagrams.

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Answer:

A.Economic integration

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<u>A. According to the constant dividend growth​ model, the value of the firm depends on the current dividend​ level, divided by the equity cost of capital plus the grow rate.</u>

This is the false statement.

<u>Explanation</u>:

The fair value of stock can be calculated using the dividend growth model. While calculating the value of the stock, the growth of the dividends should be considered either in a stable rate or at a different rate during the period at hand.

The dividend growth model is also known as a <u>valuation model</u> as it is used to achieve the value of the stock.

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