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
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)

You might be interested in
Lorek company acquires land for $160,000 cash. additional costs are as follows: removal of shed, $500; filling and grading, $2,0
hoa [83]
$160,000 + $6,000 + $1,000 = $167,000. I don’t believe that the removal of the shed, filling and grading, or paving the parking lot would be considered part of the acquisition itself, so those values are there just to throw you off from the correct answer.
8 0
3 years ago
A.J. is the vice president for Keane Products, a marketing consulting firm. On a business trip to New York City in 2019, he meet
Ede4ka [16]

Answer:

$312

Explanation:

Business Travel expenses are costs incurred when you are away from home on businesses. Accordingly, in this case, AJ is allowed to deduct 50% of his entertainment costs (that is, meal and theater tickets) since it follows a substantial business discussion. The cost of transportation, that is the cab fare is fully covered under the business expenses as it is not subject to the 50% rule of deduction for entertainment and the likes.

Thus,

Total money AJ can deduct as business expenses.

= (50% of 350) + (50% of 190) + 42

= 175 + 95 + 42

= $312

7 0
4 years ago
To make sure that a manufacturing process meets the acceptable standards and procedures is quality
Harlamova29_29 [7]

Answer:

ASSURANCE should go in the blank.

8 0
3 years ago
Delta Corporation has a bond issue outstanding with an annual coupon rate of 7% and 20 years remaining until maturity. The par v
denpristay [2]

Answer:

Current yield is 10.3%

Explanation:

Coupon payment = 1000 x 7% = $70 annually

Number of periods = n = 20 years

Yield to maturity = 11% annually

Price of bond is the present value of future cash flows, to calculate Price of the bond use following formula

Price of the Bond = C x [ ( 1 - ( 1 + r )^-n ) / r ] + [ F / ( 1 + r )^n ]

Price of the Bond = $70 x [ ( 1 - ( 1 + 11% )^-20 ) / 11% ] + [ $1,000 / ( 1 + 11% )^20 ]

Price of the Bond = $557.43 + $124.03 = $681.46

Current yield is the ration of coupon payment to the price of the bond.

Current Yield = Coupon Payment / Price of Bond = $70 / 681.46 = 0.1027 = 10.3%

5 0
3 years ago
Feedback is important in improving your performance, and we should solicit feedback, and not just wait until someone provides us
Serhud [2]

Answer:

The given statement is "True".

Explanation:

  • Feedback would be a significant aspect in improving the accomplishment or organization's success.
  • Requesting or waiting for such feedback might contribute to less and less input, although the organization must request for input, this same person might communicate with the organization by requesting comments.

Thus the above is the correct answer.

8 0
3 years ago
Other questions:
  • Suppose a company currently pays an annual dividend of $6.00 on its common stock in a single annual installment and management p
    14·2 answers
  • Sales discounts: A)Refer to merchandise that customers return to the seller after the sale. B)Refer to reductions in the selling
    11·1 answer
  • Risk identification is determining which risks may adversely affect the development of the project work breakdown structure and
    12·1 answer
  • An _________________ is calculated by subtracting the firm's costs from its total revenues, _______________________. *
    7·1 answer
  • _________ is based on the worst credible outcome when analyzing risk. A ) Assessment B ) Severity C ) Cause D ) Probability
    6·1 answer
  • The following information relates to a companyâs accounts receivable: gross accounts receivable balance at the beginning of the
    13·1 answer
  • Values related to pease are
    8·1 answer
  • Which of the following is an advantage of a centralized purchasing department? a. Less bureaucracy b. Specialization c. Closer c
    5·1 answer
  • YO Easy question made for kids
    9·1 answer
  • A ________ is considered a planned activity to achieve a specific business objective.
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!