We have to calculate the amount of the sales taxes owed to a taxing agency.
The tax rate is 5% ( 0.05 ) and the balance in the sales revenue account amounted to $294,000.
$294,000 * 0.05 = $14,700
Answer:
Amount of the sales taxes is B ) $14,700.
Answer:
12.88%
Explanation:
Angela's disposable income $2,368
monthly expenses including recreational expenses ($2,127)
net cash flow $241
after expenses are reduced by $64, her net cash flow will increase to $305
Angela's monthly savings rate = (net cash flow / disposable income) x 100 = $305 / $2,368 = 12.88%
A person's savings rate is how much money they save (do not spend) compared to their total disposable income.
Answer:
See explanation section
Explanation:
To record the journal entry to write off the uncollectible account according to the direct write-off method, we have to use bad dad expanse instead of an allowance account.
December 31 Bad Debt Expense Debit $1,200
Account receivable - Acme, Inc. Credit $1,200
Note: As the company did not get the money from the Acme, Inc., They treated the expense as irrecoverable.
Answer:
Overhead absorption rate
= <u>Budgeted overhead </u> x 100
Budgeted direct labour cost
= <u>$400,000 </u> x 100
$2,000,000
= 20% of direct labour cost
Overhead applied
= 20% x $1,800,000
= $360,000
The balance in the factory overhead account is $360,000 debit
The correct answer is B
Explanation:
In this case, we need to calculate the overhead application rate, which is the ratio of budgeted overhead to budgeted direct labour cost multiplied by 100. Overhead applied is calculated as overhead application rate multiplied by actual direct labour cost.
