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Anna11 [10]
3 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]3 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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The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): pretax
melisa1 [442]

Answer:

correct option is (A) A deferred tax liability of $16 among noncurrent liabilities.

Explanation:

solution

pretax account income = $200

overweight fines=  $5

understate depreciation = 110 - 70 = $40

so total taxable income is = $200 - $5 - $40

total taxable income is = $165

and

income tax is = 40% of $165

income tax = $66

and

income tax expense as per book is = 40 % of ( 200 + 5 )

income tax expense as per book is = $82

so deferred tax liability among non current liability is = $82 - $66 = $16

so correct option is (A) A deferred tax liability of $16 among noncurrent liabilities.

5 0
3 years ago
Define a “core capability.” What are the core capabilities of Amazon, Google, and Walmart? List some new markets to which these
Misha Larkins [42]
1. A company's core capability is defined as the strategic advantages or the principal strengths of that company, including the combination of technical skills and pooled knowledge which allow the company to be competitive in the market place. The core capacities of a company allow it to do better in the market place than its competitors.

2.The core capabilities of Google, Walmart and Amazon include: excellent work culture, buying power, supply chain management, excellent use of information technology to support business, logistical superiority and international growth.

3. There are new market to which these companies could creatively apply their core capabilities. For example, Amazon can start offering assistance to researchers to write their scientific journals and to help them market it. Walmart can carve out a new market for itself by allowing customers to leave a list of what is needed every month. Walmart will then be supplying these to the people on a regular monthly basis. Google can expand its business to remote countries of the world, where internet access is not known yet by facilitating such in those areas. Google can also offer to help people search for what they need for payment.
6 0
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Which of these is an example of a bank’s commitment to pay? a. Fee arbitration agreement b. A warrant c. Letter of credit d. Bil
igor_vitrenko [27]

Answer:

Letter of credit

Explanation:

A letter of credit is a written guarantee from a buyer's bank to the seller, assuring them of payments from the buyer. Should the buyer fail to honor the payments, the bank commits itself to pay. The letter of credit guarantees the seller that upon meeting some pre- defined conditions, the bank would release to them a specified amount, in the stated currency.

Letters of credit are most suited for international trade. The nature of foreign trade is that buyers and sellers do not know each other and operate under different laws. A letter of credit assures each party that the other will fulfill their obligation. The issuing bank will charge for providing the letter of credit services.

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3 years ago
Administrative:
Tema [17]

Answer:

Can you say what is the error

hope that helps you

please mark brainliest

please follow

6 0
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Without _____, leaders can miss important signals that something is going wrong. question 2 options:
lisabon 2012 [21]
<span>Without feedback, leaders can miss important signals that something is going wrong.
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