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xz_007 [3.2K]
3 years ago
7

Dextra Computing sells merchandise for $17,000 cash on September 30 (cost of merchandise is $11,900). The sales tax law requires

Dextra to collect 3% sales tax on every dollar of merchandise sold. Record the entry for the $17,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 3% tax on this sale to the state government on October 15.
Business
1 answer:
grigory [225]3 years ago
7 0

Answer:

Journal entries

Explanation:

1.  Cash $17,510

       To Sales revenue $17,000

       To Sales tax payable $510    ($17,000 × 3%)

(Being the sale is recorded)

2. Cost of goods sold $11,900

          To Merchandise inventory $11,900

(Being the cost of merchandise is recorded)

3. Sales tax payable $510

          To Cash $510

(Being the payment is recorded)

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You have a good friend from india who has done very well as after college. his work in telecommunications has landed him a job t
JulsSmile [24]
Your friend is in the category of people considered to have HIGH INCOME.

Friend's salary is more than $1 million and he lives off a credit card. He has high income but net worth can't be determined.

5 0
3 years ago
The information content of a regular dividend increase generally signals that:Multiple Choicefuture dividends will be lower.the
Natali5045456 [20]

Answer:

management believes the future earnings of the firm will be strong

Explanation:

The information content with respect to the regular dividend would be increase when the company would have a greater amount of earnings in near future and they try to give the greater amount of dividend to the shareholders. This represent the management would trust that the earnings of the future of the firm would be strong

Hence, the last option is correct

5 0
2 years ago
You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current mo
Maslowich

Answer:

<u>Mortgage liaiblity today: </u>424.092,31‬

Explanation:

We need to solve for mortage principal then;

how much do we amortize during four years and eight months old.

Last, decrease from the principal to know the current mortgage liability:

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C 3,120

time 360 (30 years x 12 months per year)

rate 0.00625

3120 \times \frac{1-(1+0.00625)^{-360} }{0.00625} = PV\\

PV $446,214.9972

Interest at first period:

446,215 x 0.00625 = 2.788,84

<u>Amortization at first period:</u>

3120 - 2,788.84 = 331.16

<u>Total Amount amortized:</u> will be the future value of the annuity of this first depreication during the life of the mortgage

C \times \frac{(1+r)^{time} -1}{rate} = FV\\

C 331

time 56

rate 0.00625

331.16 \times \frac{(1+0.00625)^{56} -1}{0.00625} = FV\\

Total Amortized: $22,122.6919

<u>Mortgage liaiblity today:</u>

446,215 - 22,122.69 = 424.092,31‬

4 0
2 years ago
On January 1, 2018, Green Corporation purchased 30% of the outstanding voting common stock of Gold Company for $300,850. The boo
tatuchka [14]

Answer:

Investment on Gold Company 305,565

Goodwill                                      20,360

Carrying value                          325,925

Explanation:

<em>Because our current control, we have to use the equity valuation</em>

<em>the net income increased our investment and the cash dividends decreased.</em>

beginning book value 275,400

+ 30% net income

30% of 125,600 = 37,680

-30% cash dividends

30% of 25,050 = (7,515)

ending I<u>nvestment on Gold Company 305,565</u>

<u />

<em>The goodwill will be amortized over 5 years using straight-line method</em>

<u>Goodwill</u>

300,850 - 275,400 = 25,450

life 5 years

25,450/5 = 5,090

amortization                (5,090)

<u>Total                            20,360</u>

7 0
2 years ago
Which of the following accounts are classified as shareholders' equity?
vazorg [7]

The following accounts which are classified as shareholders' equity are Additional paid-in capital, Common stock ,Retained earnings.

Option A, B, C is correct.

<h3>Shareholder Equity:</h3>

Shareholder Equity is the amount invested in the business by the owner of the business. This includes the money they have invested directly and the accumulation of earnings earned by the company that has been reinvested since its inception.

<h3>Is equity a liability or an asset?</h3>

Equity is the company's total assets minus total liabilities. It can be defined as the total amount of dollars that a company would be left with if it liquidated all its assets and paid off all its liabilities. This is then distributed to shareholders.

Learn more about shareholder equity:

brainly.com/question/14032844

#SPJ1

5 0
1 year ago
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