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
kherson [118]
3 years ago
14

A retail store's Sales Account totals $223,000 which includes both the sales revenue and the sales tax on the sales. If the sale

s tax rate is 5%, what is the amount of the sales taxes owed to the taxing agency?
Business
1 answer:
ella [17]3 years ago
3 0

Answer:

$10,619.05

Explanation:

When sales is made at a tax rate of 5%, the entries to be posted in the proportion of the transaction amount

Dr Cash/ Accounts receivable 105%

Cr Sales revenue 100%

Cr Sales tax 5%

As such, if Sales Account totals $223,000 which includes both the sales revenue and the sales tax on the sales, it means that the accounts contains 105%, as such, the sales tax which is the amount owed the taxing agency

= 5/105 * $223,000

= $10,619.05

You might be interested in
Value:
Simora [160]

It is to be noted that the following question below is about a Trial Balance. This is a type of reconciliation book in Financial Accounting.

<h3>What is a Trial Balance?</h3>

Please, note that the original worksheet is not attached, hence the general answer.

This, in financial accounting, refers to the statements or records of all credits and debits in a double-entry accounting book which includes all errors or disagreements between figures and accounts.

Usually, all debit and credit columns sums must and should be equal to show that the account has been balanced.

See the link below about Trial Balance:

brainly.com/question/24914390

6 0
3 years ago
Have opened up new horizons for proactive and reactive investigations of consumer fraud because an investigator can begin develo
Elden [556K]
I believe the answer is <span>. Decoy appliances/vehicles      
The majority of this fraud is targeted the people who do not really pay attention to the specs of the product they use.
For example, many repairment targets older people by giving them advice to fix parts of their computer that's working fine.</span>
3 0
3 years ago
Read 2 more answers
Out of a list of the values 12, 7, 3, 5, 8, and 2, which result would the MIN function return?
sertanlavr [38]

Answer:

2

Explanation:

It’s just right, trust

3 0
3 years ago
Read 2 more answers
Laguna Print makes advertising hangers that are placed on doorknobs. It charges $0.04 and estimates its variable cost to be $0.0
tankabanditka [31]

Answer:

Break-even point= 150,000 hangers

Explanation:

Giving the following information:

It charges $0.04 and estimates its variable cost to be $0.01 per hanger. Laguna’s total fixed cost is $4,500 per month.

To calculate the number of hangers we need to use the following formula:

Break-even point= fixed costs/ contribution margin

Break-even point= 4,500 / (0.04 - 0.01)= 150,000 hangers

3 0
3 years ago
Shackleford corporation net income this year is $800,000. The company generally retains 35% of net income for reinvestment. the
ZanzabumX [31]

Answer:

A. $22.61

Explanation:

First,

find the growth rate(g);

g = ROE *retention  rate

retention  rate = 35%

ROE = Net income/value of equity

ROE = 800,000/5,000,000 = 0.16

Therefore, g = 0.16*0.35

g =0.056 or 5.6%

Price = \frac{D0(1+g)}{(r-g)}

D0 = Recently paid dividend

g = growth rate

r = required return

Price = \frac{1.37(1.056)}{0.12-0.056} \\ \\ =\frac{1.44672}{0.064} \\ \\ =22.605

Therefore, the value of this stock is $22.61

4 0
3 years ago
Other questions:
  • You are driving to a project status report meeting with your client. You encoun- tered a significant technical problem on the pr
    10·1 answer
  • Samarium is a "rare-earth" element that is used to produce magnets with permanent magnetization, drugs for chemotherapy, control
    8·1 answer
  • Which of the following statements concerning direct and indirect costs is NOT true? Multiple Choice Whether a particular cost is
    15·1 answer
  • Nolivia is a small and poor nation, but its current president has a genuine desire to create more wealth for Nolivia citizens. T
    8·1 answer
  • A marketing research project might involve analyzing ______ collected from grocery store scanners in order to produce ______ tha
    10·1 answer
  • You have sought permission from a hospital to place brochures for your product in their gift shop and cafeteria. The hospital ad
    6·2 answers
  • On December 1, Flint Electronics has three DVD players left in stock. All are identical, all are priced to sell at $77. One of t
    8·1 answer
  • *WILL GIVE BRAINLY*
    14·1 answer
  • On January 1, Year 7, Colorado Corp. purchased a machine having an estimated useful life of 8 years and no salvage value. The ma
    9·1 answer
  • Question #3
    11·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!