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
Solnce55 [7]
3 years ago
7

During December, Far West Services makes a $4,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.

5%. (Note: the sales tax amount is in addition to the credit sale amount.) Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.).
Business
1 answer:
Lina20 [59]3 years ago
5 0

Answer

Debit Accounts receivable   $4,200

Credit Revenue account       $3,870.97

Credit State Sales tax payable        $232.26

Credit local Sales tax payable         $96.77

Explanation:

When revenue is earned but cash is yet to be received and sales tax are to be accounted for at 8.5%, the entries required are;

Debit Accounts receivable   108.5%

Credit Revenue account       100%

Credit Sales tax payable         8.5%

Given that the sales tax amount is in addition to the credit sale amount, let the sales revenue be R

6% * R + 2.5% * R + R = $4,200

1.085R = $4200

R = $3870.97

States tax = 6% * $3870.97

=$232.26

Local tax = 2.5% * $3870.97

= $96.77

You might be interested in
Brad is a sales representative for a Kettle Chips and is preparing for a Super Bowl promotional campaign. He's contacting each o
alexdok [17]

Answer:

point-of-purchase advertising.

Explanation:

In this scenario, Brad is contacting each of his grocery and convenience accounts with an opportunity to install an end-of-aisle display with graphics of the Super Bowl teams and a display of several varieties of chips.

Hence, this is known as point-of-purchase advertising, a type of trade-oriented promotion.

A point of purchase advertising can be defined as a marketing strategy used by retailers, which typically involves the placement of end user goods e.g graphics of the Super Bowl teams strategically placed in a supermarket aisle for retail customers.

7 0
3 years ago
A customer makes a small order, you deliver the goods, and he pays by check. The check clears. He makes another small order, you
Andreyy89
Cheque <span>fraud I believe... </span>
3 0
3 years ago
In a mixed economy who answers the three economic questions
lana66690 [7]
I think it is both A and B I coukd be wrong tho
6 0
3 years ago
A characteristic found only in oligopolies is products that are slightly different. interdependence of firms. break even level o
Delvig [45]

Answer:

The correct answer is the interdependence of firms.  

Explanation:

An oligopoly market is a market structure where there are a few firms. these firms are interdependent. Price and output decisions of a firm affect its rivals. An oligopoly firm faces a downward-sloping demand curve.  

In other market structures like monopolistic or perfect competition, the firms are not interdependent.

7 0
3 years ago
On January 1, 2022, the Sheridan Company ledger shows Equipment $49,700 and Accumulated Depreciation $18,280. The depreciation r
Lisa [10]

Answer:

revised annual depreciation will be : 13710

Explanation:

After revision the remaining life of equipment shrank down to 2 years, so the depreciation working will be worked out to adjusted the impact of decreasing of useful life.

As per existing information the depreciation charges are calculated as :

(Cost-Salvage Value)/Useful life= (49700-4000)/10 = 4570

Accumulated Depreciation indicates that 4 years have past by (18280/4570)

now remaining years are 6 which will be reduced to 2 after revision so the new working will be as follows:

Remaining Cost :31420  (49700 -18280)

Salvage Value : 4000

Revised Remaining Useful Life  : 2

Revised Calculated Depreciation Annual  : (31420-4000)/2 = 13710

It can be further verified through simple math also:

Adding annual depreciation of remaining 2 years : 13710 +13710 =27420

Value available for depreciation after salvage value : 31420 -4000= 27420

3 0
3 years ago
Other questions:
  • Steven Corporation uses the FIFO method in its process costing system. Department A's beginning work in process inventory consis
    7·1 answer
  • Suppose the reserve requirement in the united states is 20% - Suppose the federal reserve wants to increase the money supply by
    7·1 answer
  • What does it mean to say that the confidence interval methods for the mean are robust against departures from​ normality? choose
    7·1 answer
  • _____ offers a variety of programs and support services.
    12·1 answer
  • ​ziff corp., a computer cabinet manufacturer, recently employed a new supply chain management system, which has never been used
    8·1 answer
  • The intrinsic value of CSR sees it as an opportunity that can maximize core competencies and identify new competitive ______.
    10·1 answer
  • Unemployment caused by people voluntarily quitting work in order to seek more attractive employment is called
    10·1 answer
  • Assume that the interest rate on borrowings in Argentina is 3 percent, but the interest rate on deposits in British banks is 9 p
    5·1 answer
  • Rita Company buys merchandise on account from Linus Company for $590. Rita sells the goods to Ellis for $900 cash. Use a tabular
    6·1 answer
  • Which of these statements is not true when you inactivate tasks (available only in Project Professional) in a project?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!