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
mash [69]
3 years ago
6

During December, Far West Services makes a $3,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.

5%. (Note: the sales tax amount is in addition to the credit sale amount.) Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
Dima020 [189]3 years ago
8 0

Answer:

Dr Accounts receivable 3,472

Cr Sales 3,20

Cr Sales tax payable 272

Explanation:

Since $3,200 is the credit sale and the state sales tax rate is 6% while the local sales tax rate is 2.5% which means we have to calculate for 6% of 3,200 as well as 2.5% of 3,200 which is: Sales tax payable

6%×3,200=192

2.5%×3,200=80

192+80= 272

The last step is to Debit Accounts receivable with 3,472 (3,200+272) , Credit Sales 3,200 and Credit Sales tax payable with 272

Far West Services Journal entry

Dr Accounts receivable 3,472

(3,200+272)

Cr Sales 3,200

Cr Sales tax payable 272

You might be interested in
A. Al Manara Company sells its single product for $ 30 per unit . The contribution margin ratio is 45%; and fixed costs are $ 10
Korolek [52]

Answer:

Al Manara Company sells its single product for $ 30 per unit. The contribution margin ratio is 45%; and fixed costs are $ 10,000 per month Required If Al 

Explanation:

8 0
2 years ago
To complete a job application thoroughly, you should know the following information for each previous employer:
Nonamiya [84]

Answer:

company's telephone number o your

Explanation:

6 0
3 years ago
Is your company is a good, average, or weak competitive position compared to rival companies? How do you know?
dolphi86 [110]

Answer: How to Tell If a Company Is the Right Fit

Ask questions about culture, but be strategic about it.  

Repeat: Do ask questions during the interview process.  

Do a visual scan of the office or ask for a tour.  

Mine your network.  

At the final stages of the interview process, ask for a peer interview.

Explanation:

8 0
3 years ago
If you cause a car accident, which type of insurance will require you to pay the least out of pocket?
sergij07 [2.7K]
Liability, is the answer
3 0
3 years ago
Read 2 more answers
Nick’s Novelties, Inc., is considering the purchase of new electronic games to place in its amusement houses. The games would co
ASHA 777 [7]

Answer:

     a. 5 years

     b. Yes they will because the payback period is 5 years.

Explanation:

a. Payback period

First calculate the annual cash inflow:

= Net income + Depreciation

= 66,500 + 28,500

= $95,000

The investment cost was $475,000

Payback period = Investment cost / Annual cash inflow

= 475,000 / 95,000

= 5 years

b. The company will purchase the games because they have a payback period of 5 years.

5 0
2 years ago
Other questions:
  • Transactions for the Swifty Company, which provides welding services, for the month of June are presented below. June 1Swifty in
    9·1 answer
  • Jasmine is the director of marketing for a chain of clothing stores. She has been given a set budget and needs to drive as many
    6·1 answer
  • ValiantCorp is a C corporation that earned$ 3.90 per share before it paid any taxes. ValiantCorp retained​ $1 of after tax earni
    9·2 answers
  • Life, Inc. experienced the following events in Year 1, its first year of operation: Performed counseling services for $31,600 ca
    15·1 answer
  • A company's current LIFO inventory consists of 5,000 units purchased at $6 per unit. Replacement cost has now fallen to $5 per u
    6·2 answers
  • Light Me Up Lamps has variable expenses of 50​% of sales and monthly fixed expenses of $ 200 comma 000. The monthly target opera
    13·1 answer
  • A manufacturer makes and sells 2 products, P and Q. The revenue from the sale of each unit of P is $20.00 and the revenue from t
    5·1 answer
  • Is haccp a state code
    7·1 answer
  • Zwick Company bought 21,500 shares of the voting common stock of Handy Corporation in January 2021. In December, Handy announced
    10·1 answer
  • An example of a country's businesses spending on capital when calculating the GDP using the expenditures approach is _____.
    10·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!