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3 years ago

Calhoun Crockery sold merchandise; the total proceeds collected, including a 7% sales tax, amounted to $74,900.

Business

1 answer:

Gala2k [10]3 years ago

4 0

Answer:

Option (b) is correct.

Explanation:

Sale value of the merchandise = $74,900

Sales tax liability = $74,900 × (7% ÷ 107%)

= $4,900

Sale value prior to sales tax = $74,900 - $4,900

= $70,000

Sales tax @7% on $70,000 = $4,900

Hope the above calculation will clear the concept since the question clearly mention that

Calhoun Crockery sold merchandise; the total proceeds collected, including a 7% sales tax, amounted to $74,900.

This $74,900 includes 7% tax also it means that the collected proceed is 100% + 7% = 107%

which includes 7% tax liability.

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Which of these is not a benefit of working as a team? a. Improved morale b. Increased productivity c. Improved communication d.

babymother [125]

The option that is correct about not the benefit of team working is to increased personal workload.

<h3>What are the benefits of teamwork?</h3>

Teamwork is the process of doing the work with more than one person or employee in the organization. It is mainly used in large organizations to reduce the workload of the employees.

The benefits of teamwork are as follows:

Teamwork increases the productivity of the management.

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3 years ago

A local government has the following transactions during the current fiscal period. Prepare journal entries without dollar amoun

Arada [10]

Answer:

<h3>Journal Entries:</h3>

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b. Debit Cash Account $

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To record the issue of bonds to fund construction of a new municipal building.

g. Debit Motor Pool $

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2. Government-wide Financial Statements:

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d. Debit Computer( Equipment) $

Credit Suppliers Payable $

To record the receipt of a computer.

e. Debit Suppliers Payable $

Credit Cash Account $

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Credit General Fund $

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h. Debit Property Taxes Receivable $

Credit Property Taxes $

To record the levying of property taxes.

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Credit State Grants $

To record the collection of grants.

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3 years ago

Jada Company uses the allowance method to account for uncollectible receivables. On June 2, Jada wrote off a $15,000 account rec

goblinko [34]

Answer:

Allowance for uncollectible accounts 15,000 debit

Acounts Receivables 15,000 credit

Allowance for uncollectible accounts 15,000 credit

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3 years ago

Holly farms has sales of $509,600, costs of $448,150, depreciation expense of $36,100, and interest paid of $12,400. the tax rat

agasfer [191]

Sales = 509,600

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3 years ago

A country's current national savings and investment identity is expressed in algebraic terms as I – S – (T – G) = (M – X). Assum

pentagon [3]

Answer:

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4 years ago