All categories

3 years ago

A company receives $348, of which $28 is for sales tax. The journal entry to record the sale would include a

Business

1 answer:

Anit [1.1K]3 years ago

6 0

Answer:

3) debit to Cash for $348.

Explanation:

The complete journal entries should be:

Dr Cash account 348

Cr Sales Revenue account 320

Cr Sales Taxes Payable account 28

Cash is an asset account and it increases, so it should be debited.

Sales revenue is a revenue account and it increases, so it should be credited.

Sales taxes payable is a liability and it increases, so it should be credited.

You might be interested in

Choosing between the direct and indirect approaches in a routine request depends primarily on

Alecsey [184]

The audience, and how willing they will be to comply with what is being asked. If they are not likely to be receptive, it would be better to use an indirect approach to warm them up to the idea first.

7 0

3 years ago

Green Company expected to incur $ 10 comma 500 in manufacturing overhead costs and use 5 comma 000 machine hours for the year. A

Yuri [45]

Answer:

Estimated manufacturing overhead rate= 10,500/5,000= $2.1 per machine hour

Allocated MOH= $11,130

Explanation:

Giving the following information:

Estimated overhead costs= $10,500

Estimated machine-hours= 5,000

Actual machine-hours= 5,300 machine hours.

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 10,500/5,000= $2.1 per machine hour

Now, we can allocate overhead based on actual machine-hours:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 2.1*5,300= $11,130

8 0

3 years ago

In a lump-sum purchase of assets, the cost must be allocated to the individual assets because:______

vlada-n [284]

In a lump-sum purchase of assets, the cost must be allocated to the individual assets because every individual asset has a different useful life and different depreciation rate. Depreciation is the methodical distribution of an asset's depreciable value over the course of its useful life.

The cost of an asset, or another quantity substituted for cost, less its residual value, is its depreciable amount. Depreciation can take many different forms, including the accelerated and the straight-line depreciation.

An accountant records depreciation for all the capitalized assets that have not yet been fully depreciated at the conclusion of an accounting period.

To learn more about depreciation, click here

brainly.com/question/15085226

#SPJ4

4 0

2 years ago

An investment pays $400 in one year, X amount of dollars in two years, and $500 in three years. The total present value of all t

k0ka [10]

Answer:

X = 789.70

Explanation:

we solve for X considerign each deposit is discounted at the given rate using the lump sum formula:

$\frac{Maturity}{(1 + rate)^{time} } = PV$

$\frac{400}{1.06}+\frac{X}{1.06^2} +\frac{500}{1.06^3} = 1,500\\X= (1,500 - \frac{400}{1.06} - \frac{500}{1.06^3}) \times 1.06^2$

X = 789.7018868

6 0

3 years ago

Three possibilities are equally likely and have payoffs of $3, $6, and $9. the expected value is:_________

4vir4ik [10]

When three possibilities are equally likely and have payoffs of $3, $6, and $9. Then the expected value will be $6.

<u>What is Expected Value? </u>

Expected value refers to when you play the game it will tell you the probability or winning chance and amount to win.

Hence, in the above questions, there are equally likely possibilities.

So, in this case, the probability for each possibility is 1/3.

We can calculate the expected value (EV) as:

EV=((1/3) x $3) + ((1/3) x $6) + ((1/3) x $9)

=1 + 2 + 3

=$6

Therefore, the expected value will be $6 when three possibilities are equally likely and have payoffs of $3, $6, and $9.

You can learn more about expected value at brainly.com/question/24305645

#SPJ4

4 0

2 years ago