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Lena [83]
3 years ago
9

Bonita Corporation made credit sales of $26,400 which are subject to 5% sales tax. The corporation also made cash sales which to

taled $27,195 including the 5% sales tax.
Required:
a. Prepare the entry to record Dillons’ credit sales.
b. Prepare the entry to record Dillons’ cash sales.
Business
1 answer:
lozanna [386]3 years ago
6 0

Answer:

a Debit Accounts receivables    $27,720

  Credit Sales revenue               $26,400

  Credit Sales tax                         $1,320

Being entries to record credit sales

b. Debit Cash account                $27,195

  Credit Sales revenue               $25,900

  Credit Sales tax                         $1,295

Being entries to record cash sales

Explanation:

The sales made by an entity may involve the immediate or later payment of tax. Either way, both are usually subject to sales tax. Tax on sales is known as output tax. To account for this,

Debit Account receivables/Cash 105%

Credit Sales 100%

Credit Sales tax 5%

For the credit sale, the sales tax applicable

= 5% × $26,400

= $1,320

Total receivable = $26,400 + $1,320

=$27,720

For the cash sales, the sale tax is

= 5/105 × $27,195

= $1,295

Actual sale = $27,195 - $1,295

= $25,900

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Orlov [11]

Answer:

The answer is <u>"a. 8.13%".</u>

Explanation:

Given that;

d0 = $1.75

p0 = $40.00

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By using the formula;

Price of the stock = (Dividend this year)(1+g) ÷ (r - g)  

By putting the values;

40 = (1.75)(1+0.036) ÷ (r - 0.036)

r - 0.036 = (1.75)(1.036) ÷ 40

r - 0.036 = 1.813 ÷ 40

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4 0
3 years ago
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mrs_skeptik [129]

He formal decision-making process used when considering the economic feasibility of implementing information security controls and safeguards is called a CBA

WHAT IS A CBA ?

CBA stands for cost benefit analysis .

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The cost-benefit analyst adds up the potential benefits anticipated from a circumstance or course of action before deducting the overall expenses related to that course of action.

It has the following benefits -

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6 0
1 year ago
The Edward City Council approved and adopted the budget for its general fund for the fiscal year beginning on January 1, Year 2.
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Answer:

A.No entry is required

B.No entry is required

C.No entry is required

D.No entry is required

Explanation:

The Edward City Council

1. Record the journal entries for November 1, Year 1, if any.

No Entry Required

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No Entry Required

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4 0
3 years ago
Which is most true of an annual rate of 4% compounded quarterly? A) It is equivalent to 4.4% paid annually. B) It is equivalent
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Answer:

D) It is equivalent to 4.06% paid annually

Explanation:

Since it is not talking about annuity and simple compound interest, therefore assuming investment value = $100 then interest will be as follows:

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But this 1% will be paid on the compounded value

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Now net return annually = $4.060401/$100 = 4.06%

Final Answer

D) It is equivalent to 4.06% paid annually

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CHECK THE COMPLETE QUESTION BELOW;

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