Answer:
A.) Payroll tax: money deducted from a person's salary that is sent to the government by the employer.
Explanation:
Payroll tax refers to the mandatory tax deductions imposed by the government on employees. The employer acts as the tax agent and withholds the taxes on every paycheck. The taxes are remitted to the government after collection.
The term payroll tax is used because the tax is based on the amount earned by employees. Sales tax is the tax imposed on the sale of goods and services. Income tax is imposed on income earned.
if a merchandiser records a debit to accounts receivable and a credit to sales revenue, they have most likely Credit sales recorded.
We have accounts receivable as an asset account and the sales have already been made. Sales revenue has been generated and will be credited to accounts receivable. Sales revenue is a source of income, and accounts receivable are sources of assets.
Some credit sales have clauses, such as interest income clauses, that state that if a payment is not made, an amount will be received after a certain amount of time has passed.
Credit sales are transactions in which the outstanding balance will be paid at a later time. In other words, credit sales refer to transactions in which customers make purchases but do not pay in full, in cash, at the time of the transaction.
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Answer:
Debit : Dividend $8,000
Credit : Shareholders for dividends $8,000
Explanation:
We recognize equity item - dividend and a liability - shareholders for dividend on declaration date.
Dividend = 80000 shares x $10 x 10% = $8,000
Answer:
Cash + Supplies = Accounts Payable + common stock - dividends + sales commission - Rent expense.
$20,000 + 2,520 = $2,520 - $1,590 + 25,700 - $5,040 - $8,000 - $2,420 - $1,160 - $3,030 - $850
Explanation:
The effect of transaction is listed above. The effect will be on the balance sheet. These transaction have impacts on various accounts assets side is impacted and liability side is impacted. Equity is affected when there is payment of dividends and stock capital issuance.
