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uranmaximum [27]
3 years ago
9

G "Your Company sells goods to customers for $1,200 cash. You also collect sales taxes of $96. The journal entry to record this

transaction is: Group of answer choices
DR Sales Tax Payable $96; CR Cash $96.
DR Cash of 1,296 ; CR Revenue $1200 ; CR Sales Tax Payable $96
DR Cash $1,296; CR Revenue $1,296.
DR Cash of $1,296 ; CR Revenue $1,200 ; CR Sales Tax Expense $96."
Business
1 answer:
Novosadov [1.4K]3 years ago
5 0

Answer: DR Cash of 1,296 ; CR Revenue $1200 ; CR Sales Tax Payable $96

Explanation:

When accounting for taxes paid on revenue, you must account for them separately.

You add the tax to the sales and DEBIT it to Cash then you take just the sales figure without the tax and CREDIT Revenue. The tax is sent to the Sales Tax Payable Account as a CREDIT.

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This year Randy paid $29,050 of interest on his residence. (Randy borrowed $464,000 to buy his residence, and it is currently wo
Luden [163]

Answer:

the last part of the question is missing, so I looked for it:

a. Randy received $2,200 of interest this year and no other investment income or expenses. His AGI is $75,000.

b. Randy had no investment income this year, and his AGI is $75,000.

a) Randy can deduct $31,575:

  • the mortgage interest is deductible
  • the car loan interest is not deductible
  • he can deduct $4,725 - $2,200 = $2,525 as investment interest expense

b) Randy can deduct $29,050

  • the mortgage interest is deductible
  • the car loan interest is not deductible
  • since he had no investment revenue, he cannot deduct any investment interest expense

5 0
3 years ago
In order to obtain leave under the Family and Medical Leave Act, an employee whose need for a leave is foreseeable must advise t
Butoxors [25]

Answer:

<u>30</u>

Explanation:

Under the relevant provisions of the Family Medical Leave Act, an employee whose leave requirements for the future are already known to him or which are predictable, should serve a notice for leave in the same regard at least 30 days prior to the expected date from which the leave shall begin.

If such leaves cannot be anticipated 30 days prior, the employee in such a scenario shall serve the notice for leave as soon as possible i.e the moment the leaves are anticipated. The term associated with above being, "as soon as practicable".

3 0
3 years ago
what does it mean to do a good job of managing human resources in, for instance, a hospital? What activities are involved, and f
Fynjy0 [20]

Answer: When workers are given the best working conditions a company can afford.

Explanation:

A good job is done in Human resource management in an organization when it has ensured that staff are given the best working conditions the company can afford. In a hospital for instance, where the staff population is mainly made up of nurses and doctors, an approach can be done to give the workers quality working conditions such as:

1.) Effective work shift, to avoid overstressing employees.

2.) Workers paid adequately and on time.

3.) Granting workers seasonal leaves for rest.

4 0
3 years ago
ABC had a net income of $8,000, $5,000, $12,000, and $10,000 over the first four years of the company's existence. If the averag
Nezavi [6.7K]

Answer:

B) $23,000.

Explanation:

ABC's accumulated net income (or retained earnings) over the past four years = $8,000 + $5,000 + $12,000 + $10,000 = $35,000

ABC's accumulated dividends paid over the past four years = $3,000 x 4 = $12,000

Since dividends are paid using money that proceeds from retained earnings, the balance of the retained earnings account = accumulated retained earnings - accumulated dividends = $35,000 - $12,000 = $23,000

4 0
3 years ago
An economy is operating at an output level below potential real GDP. If the government wishes to use fiscal policy to bring the
Ganezh [65]

Answer:

The answer is B. increase its spending.

Explanation:

Fiscal policy is a tool used by the government of every nation to control its economy. It uses its spending and revenue (tax) to control it.

When the economy is operating at an output level below potential real GDP, it means there are low activities in the economy i.e reduced households' consumption, reduced business investments and reduced government spending.

Government can stimulate the economy (which will increase real GDP) by increasing its spending in all areas.

Increasing taxes will reduce GDP because households' consumption will reduce due to lower disposable income and business investments too will reduce.

Option A and D are wrong because money supply is a monetary policy.

7 0
3 years ago
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