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
Prime Company began operations in January, 2019, by issuing 5,700 shares of 9%, cumulative, $65 par value preferred stock and 25
8090 [49]

Answer:

Preference dividend = 9% x $65 x 5,700 shares

                                = $33,345

Dividend paid to ordinary shareholders = $50,000 - $33,345

                                                                 = $16,655

Explanation:

The dividend paid to preferred stockholders is 9% of the par value multiplied by number of preferred stock outstanding. The dividend paid to common stockholders is the difference between total dividend paid and dividend paid to preferred stock holders.

6 0
3 years ago
Three primary parts of a business plan​
jok3333 [9.3K]

Answer:

1. Executive summary

2. Business description and structure

3. Market research and strategies

5 0
3 years ago
You recently sold 100 shares of Microsoft stock to your brother at a family reunion. At the reunion your brother gave you a chec
Hoochie [10]

Answer:

Option E                  

Explanation:

A direct transfer refers to the shift of funds from certain form or section of a tax deferred retirement savings plan to another. Direct payments are not deemed to be statutory dividends, and are therefore not taxed as profits or susceptible to premature payment charges. Now normally this form of transition happens digitally.

In simple terms, cash loans exist when a company sells its shares in return for money specifically to the savers. There is no financial institution involved in this procedure. Small firms typically use direct transfers, so very less money is generated during this phase.

6 0
4 years ago
George just got a huge promotion at his workplace and wanted to learn about the tax implications and investment opportunities re
Anton [14]

Answer:

its B

Explanation:

plato user

5 0
3 years ago
Read 2 more answers
What strategy did businesses use to decrease cost and increase profits?
nalin [4]
Business used mass production to decrease prices and increase profits because since there was many of one product the prices had to decrease so people could afford the products and if more people buy the products then the businesses will gain more profits from it ( from mass production) .
5 0
4 years ago
Other questions:
  • Knowledge about challenges specific to the operations function can help marketing personnel to judge how _____________ new produ
    13·1 answer
  • Negative feedback received during the final evaluation of the decision indicates:______A. the decision was a bad one. B. impleme
    7·2 answers
  • Presented below is the stockholders' equity section of Oaks Corporation at December 31, 2012:
    8·1 answer
  • Timothy is planning the pricing strategy for his company’s products. He is directed by the management to add a premium (amount a
    12·1 answer
  • Which button in the Print Preview tab allows users to set specific margins on the page of a report?
    12·1 answer
  • Red Raider Company uses a plantwide overhead rate with direct labor hours as the allocation base. Next year, 560,000 units are e
    5·1 answer
  • The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation.
    14·1 answer
  • 1. What's the main reason our culture has normalized credit cards over the past 60 years? What can we do to change the normaliza
    15·1 answer
  • Each marketing function occurs _____ a product or service is developed and sold.
    15·1 answer
  • Research indicates that investors who closely monitor their portfolios and trade quickly in response to minor fluctuations in pr
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!