Answer:
Requirement: Prepare the entry to record the sales transactions and related taxes.
1. Date Account Titles and Explanation Debit Credit
Apr. 10 Cash $30,975
Sales Revenue $29,500
Sales Tax Payable $1,475
(To record Cash sales along with sales tax)
2. Date Account Titles and Explanation Debit Credit
Apr. 15 Cash $18,530
Sales Revenue $17,000
Sales Tax Payable $1,530
(To record Cash sales along with sales tax)
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<u>Workings</u>
- Total Sales along with sales tax = $18,530, Sales Tax Rate = 9%. Sales Tax Amount = 18530*(0.09/1.09) = $1,530
- Sales Without Sales Tax = $18,530 - $1,530 = $17,000
Answer:
Employees,Governments,Local communities,customer
Answer:
No
Explanation:
The receipt received from customer is view as expense and expense is not a revenue.
The receipt can be issue after purchase or return of good. so in this particular case its not a revenue. Thank you
Answer:
Option (a) is correct.
Explanation:
EBIT:
= Revenues - Fixed operating costs - (variable cost ratio × revenues)
= $32.2 - $20.8 - (0.30 × 32.2)
= 1.74 million
KH's degree of total leverage:
= (EBIT + Fixed cost) ÷ (EBIT - Interest)
= (1.74 + 20.8) ÷ [(1.74 - (9% × 10)]
= 26.83
Therefore, the KH's degree of total leverage is 26.83.
Answer:
a. $1,510,000
Explanation:
The computation of the total manufacturing costs is shown below:
= Direct material cost + Direct labor cost + manufacturing overhead cost
where,
Direct material cost = Opening inventory + purchase made - ending inventory
= $200,000 + $500,000 - $240,000
= $460,000
And the other items values remain the same
So, the value would be equal to
= $460,000 + $500,000 + $550,000
= $1,510,000
We assume that the data is given 2018 and 2017