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Reptile [31]
3 years ago
12

Julie Convenience Store sold merchandise for cash to a customer, and recorded a debit to Cash for $371, which included a 6% Sale

s tax. In the same transaction, they must also: A) credit Sales Revenue for 300 B) credit Sales Tax Payable for $22.26 C) credit Sales Tax Payable for $21 D) credit Sales Revenue for $371 E) credit Sales Revenue for $393.26
Business
1 answer:
nlexa [21]3 years ago
3 0

Answer:

C) credit Sales Tax Payable for $21

Explanation:

Based on the information given In the same transaction, they must also CREDIT SALES TAX PAYABLE FOR $21 Calculated as:

First step is to calculate the sales tax element

Sales tax element = $371*6/106

Sales tax element= $21

Now let calculate what the Price exclusive of sales tax would be

Price exclusive of sales tax=$371-$21

Price exclusive of sales tax= $350

The correct journal entry should be:

Dr Cash $371

Cr Sales revenue $350

($371-$21)

Cr Sales tax payable $21

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If plant assets of a manufacturing company are sold at a gain of $1,000,000 less related taxes of $350,000, and the gain is not
alekssr [168]

Answer:

D. a gain of $1,000,000 and an increase in income tax expense of $350,000.

Explanation:

Given that

The gain is $1,000,000

And, the taxes is $350,000

So here the income statement that disclose the impact is that

There is a gain of $1,000,000 and also at the same time the income tax expense is rise by $350,000

Therefore the option d is correct

hence, the same would be considered

5 0
3 years ago
​​Lakeside, Inc. estimated manufacturing overhead costs for the year at $371,000​, based on 180,000 estimated direct labor hours
Anna71 [15]

Answer:

D.$400 over allocated

Explanation:

For computing the over-allocated or under-allocated amount, first, we have to determine the predetermined overhead rate which is shown below:

Predetermined overhead rate = (Total estimated manufacturing overhead) ÷ (estimated direct labor-hours)

= $371,000 ÷ 180,000 hours

= $2.06

Now we have to find the actual overhead which equals to

= Actual direct labor-hours × predetermined overhead rate

= 190,000 hours × $2.06

= $391,400

So, the ending overhead equals to

= Actual manufacturing overhead - actual overhead

= $391,000 - $391,400

= $400 over - applied

7 0
3 years ago
Cuáles son los procesos que le dan formación  los relieves? Explicar cada uno y dar dos ejemplos​
VikaD [51]

Answer:

Los procesos que intervienen en la formación del relieve son los procesos endógenos y Exógenos. Los procesos endógenos son los procesos que se dan en el interior de la cortesa terrestre, como son el movimiento de las placas tectónicas, los desplazamientos continentales, entre otros.

7 0
2 years ago
List of marketing collateral needed for new territory
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5 0
3 years ago
Robert has a monthly income of $1,650.00. His monthly mortgage payment is $675.00. What percentage of his income does Robert spe
makkiz [27]

Answer:B.40.9%

Explanation:

If $675 spend on mortgage and his monthly income is $1650

So the percentage will be:

$675 / $1650 × 100

= 0.409 ×100

= 40.9%

6 0
3 years ago
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