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ra1l [238]
3 years ago
6

sale of merchandise on account for $36,000 is subject to an 8% sales tax. a. Should the sales tax be recorded at the time of sal

e or when payment is received? b. What is the amount recorded as sales? $ c. What is the amount debited to Accounts Receivable? $ d. What is the title of the account to which the $2,880 ($36,000 × 8%) is credited?
Business
1 answer:
aleksandr82 [10.1K]3 years ago
6 0

Answer:

a.Sales tax to be recorded at the time of sales.

b.36000

c.38880

d.Sales tax payable

Explanation:

a.Because sales tax is subjected to sales so it is liability of seller to charge sales tax to customer.

b. Sales = $36000

c.Account receivable = [36000+(36000*8%)]=36000+2880=38880

       Entry: Dr  Account receivable  38880

                                                      Sales                  36000

                                                   Sales tax payable  2880

d. Sales tax payable, it is liability for a seller to refund to government treasury.

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Answer:

The option which is not a task of the bankruptcy trustee is;

Represent the debtor when meeting with creditors

Explanation:

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1) Converts the collected company assets to money

2) Assess the creditors (owed by the debtor) proof of claims

3) Allocate monetary refunds to the creditors

4)  Upholds or refuse claimants to specific debts

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AnnZ [28]

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A.bargained-for exchange of value to the parties

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Explanation:D A C B 1.consideration

D A C B 2.mutal Acceptance

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What is the consumer credit act
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_____ is not a primary concern when writing menu copy.
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3 years ago
For the most recent year, Camargo, Inc., had sales of $546,000, cost of goods sold of $244,410, depreciation expense of $61,900,
Dovator [93]

Answer:

Explanation:

As we know that time interest earned ratio = Income before interest and taxes / interest expense.

Sales                                                                                           = 546000

less: cost of goods sold                                                            =  (<u>244410</u>)

            Gross profit                                                                       301590

Less: <u>expenses</u>

          Depreciation expense                                                      =( <u>61900   </u>)    

         Profit before interest and taxes                                         239690

Less: tax

      (239690 * 23%)                                                                =   (<u>55128</u>)            

                         Profit                                                                   184562

Profit - Retained earning Addition  = Interest

      184562 - 74300 = 110262.

Interest earned ratio = 239690 / 110262 = 2.17 times  

7 0
3 years ago
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