Answer:
General Ledger Dr. Cr.
1. Cash $65,940
Sales Tax Payable $3,140
Sales $62,800
2. Cost of Goods Sold $37,500
Merchandise Inventory $37,500
3. Sales Tax Payable $39,650
Cash $39,650
Explanation:
Sales tax is subject to 5% which is
Sales Tax = $62,800 x 5% = $3,140
Total Cash received = $62,800 + $3,140 = $65,940
Cost of the merchandise sold is recorded in the cost of goods sold account.
Tax is paid in cash and Tax payable liability is reduced by a debit entry.
What are the options to choose from?
Answer: $490
Explanation:
Economic value added is the estimate of the economic profit of a firm. The economic value added(EVA) is also gotten when the capital charge for the raise of the firm's capital is deducted from the net profit.
Based on the above information, the economic value added will be:
= Net profit - (Total Operating capital × Weighted average cost of capital)
= $700 - ($2,100×10%)
= $700 - $210
= $490
Phil owns 150 acres in fee simple absolute. These 150 acres are known as his ownership
<h3>What is
ownership?</h3>
Ownership is the legal possession and control of property, which can be any tangible or intangible asset. Ownership can involve multiple rights, referred to collectively as title, that can be separated and held by different parties.
The legal right of an individual, group, corporation, or government to possess a thing is referred to as ownership. Material and immaterial things are the two types of subjects of ownership. Material ownership refers to tangible items such as property, land, a car, a book, and so on.
The legal right to use, possess, and give away something is defined as ownership. Ownership can be of tangible things like personal property and land, or of intangible things like intellectual property rights.
To know more about ownership follow the link:
brainly.com/question/523607
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Answer:
New laws making accounting records transparent and punishing the wrongdoers may help restore trust.
Explanation:
- Those who violate the law need to be punished accordingly. New laws that make accounting laws more transparent (easier to read and understand) and more accountable to entrepreneurs and others will help restore confidence in the free-market system.
- But laws do not make people honest, confident or honest and Making businesses more accountable for company actions can help restore trust in free-market systems and leaders in general.
