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Anna11 [10]
2 years ago
14

During the month of June, Rowling Boutique had cash sales of$233,200 and credit sales of $153,700, both of which include the 6%s

ales tax that must be remitted to the state by July 15.
Instructions

Prepare the adjusting entry that should be recorded to fairlypresent the June 30 financial statements.
Business
1 answer:
Kitty [74]2 years ago
5 0

Answer:

Cash sales = $233,200 × (100 ÷ 106)

                  = $220,000

Credit sales = $153,700 × (100 ÷ 106)

                  = $145,000

Sales tax revenue = ($220,000 + $145,000) × 6%

                              = $21,900

Therefore, the Journal is as follows:

Sales tax revenue A/c Dr. $21,900

To sales tax payable                       $21,900

(To record the sales tax payable)

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Brown Co. pays weekly salaries of $10,500 on Friday for a five-day workweek ending on that day. Assuming the end of the accounti
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Answer:

c.credit to Wages Payable for $6,300.

Explanation:

The journal entry to record the wages expense is shown below;

Wages expense dr ($10,500 × 3 ÷ 5) $6,300

      To Wages payable $6,300

(being the wages expense is recorded)

Here the wages expense is debited as it increased the expense and credited the wages payable as it increased the liabilities

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3 years ago
How should an organization design its structure and culture to obtain a core competence in manufacturing and in research and dev
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Answer and Explanation:

core competency of an organization comprise it's multiple resource, capabilities and skills that gives it a competitive advantage in the market. It was originated in management theory by C. K. Prahalad and Gary Hamel.

For an organization to have core competencies in manufacturing and also research and development putting it's organizational structure and culture to use, it has to:

create a flexible and somewhat independent structure for it's research and development department such that innovation is easy. Control must be decentralized and the team must come first

For the manufacturing department, an organic and participative approach should be encouraged. This would allow inclusive management such that workers are included in decision making processes. Managers should also be given more independence while workers should increasingly be empowered

the organization should also take stringent measures in employing the right people for the research and development as well as the manufacturing department such that these individuals are qualified and possess the needed expertise for their areas. Staff should equally be empowered through constant education and new skill acquisitions and be allowed to impart this knowledge on other staff by encouraging transfers in global expansion.

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3 years ago
The next dividend payment by Hoffman, Inc., will be $2.65 per share. The dividends are anticipated to maintain a growth rate of
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Answer:

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4 0
2 years ago
Would you prefer a fully taxable investment earning 8.1 percent or a tax-exempt investment earning 6.1 percent? (assume a 28 per
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7 0
3 years ago
Steven's Battery Company has two service departments, Maintenance and Personnel. Maintenance Department costs of $320,000 are al
inna [77]

Answer:

From maintenance to department B will be allocated 85,333 dollars

Explanation:

We distribute maintenance over personnel and operating and then,

we distributed the accumulated in personnel over the operating department:

\left[\begin{array}{cccccc}&Maintenance&Personnel&Dep A&Deb B\\$maintenance-hours&&800&960&640\\$employes&&&160&480\\$Direct \: Cost&320,000&80,000&160,000&240,000\\$Allocate A&-320,000&106,667&128,000&85,333\\$Subtotal&&186,667&288,000&325,333\\$Allocate J&&-186,667&46,667&140,000\\$Total&&&334,667&465,333\\\end{array}\right]

<em><u>For the given question it would be:</u></em>

total maintenance-hours: 800  + 960 + 640 = 2,400

<u>allocation of maintenance:</u>

320,000 x   640/2400 = 85,333

4 0
3 years ago
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