Answer
Sales tax Payable = $780
Entry to record transaction is:
Dr: Cash $16,380
Cr: Sales Tax Payale $ 780
Cr: Sales $ 15,600
Explanation:
Coghlan Auto Supply sales are inclusive of tax so at first step it is necessary to segregate sales tax from the total sales of $16,380.
In order to calculate sales tax in Coghlan total sale divide the total sales figure with 1+the sales tax rate i.e (1+5%=1.05)
So the sales exclusive of tax will be: $ 16,380/1.05 = $15,600
Tax can be calculated now by subtracting Net sales by gross sales i.e $16,380-$15,600 = $780.
Answer:
no they are balance sheet items
Explanation:
Answer:
Net operating income $15,000
Explanation:
Flagger Company
Income statement for the year ended , 31 December
Fee earned
165,000
Less : Operating expenses
Salaries and wages 40,000
Rent expense. 51,000
(91,000)
Gross profit.
74,000
Less: Selling expense.
(44,000)
Profit before interest and tax.
30,000
Less interest expense.
(18,000)
12,000
Add: Interest income.
3,000
Net operating income.
15,000
Answer:This violates no federal law
Explanation:
Federal laws are bills that have passed both houses of Congress, been signed by the president, passed over the president's veto, or allowed to become law without the president's signature. Individual laws, also called acts, are arranged by subject in the United States Code.
Answer: C. 150-250 basis points
Explanation:
Banks now charge between 150 to 250 basis points above the London Interbank Official Rate (LIBOR). This means that they charge a premium of between 1.5% to 2.5% over LIBOR for construction projects.
Like earlier mentioned, risks of construction lending may be less in a number of respects than those associated with land acquisition but however there are still risks. Risks such as low Tenancy when built, the potential Environmental problems and location.
This is why it is necessary to charge such a premium which is actually a very competitive rate amongst Banks.
If you need any clarification do comment.
