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nekit [7.7K]
3 years ago
10

Journalizing Sales Transactions Enter the following transactions in a general journal. Use a 6% sales tax rate. May 1 Sold merch

andise on account to J. Adams, $2,000 plus sales tax. Sale No. 488. 4 Sold merchandise on account to B. Clark, $1,800 plus sales tax. Sale No. 489. 8 Sold merchandise on account to A. Duck, $1,500 plus sales tax. Sale No. 490. 11 Sold merchandise on account to E. Hill, $1,950 plus sales tax. Sale No. 491. If an amount box does not require an entry, leave it blank.
Business
1 answer:
jeka943 years ago
6 0

Answer:

See the journal entries below.

Explanation:

The journal entries will look as follows:

<u>Date       Description                                              Debit ($)          (Credit)   </u>

May 1      Accounts receivable - J. Adams               2,120

                 Sales                                                                              2,000

                 Sales tax payable (6% * $2,000)                                     120

<u><em>               (To record Sale No. 488.)                                                                 </em></u>

May 4      Accounts receivable - B. Clark                1,908

                 Sales                                                                              1,800

                 Sales tax payable (6% * $1,800)                                     108

<u><em>               (To record Sale No. 489.)                                                                 </em></u>

May 8      Accounts receivable - A. Duck                1,590

                 Sales                                                                              1,500

                 Sales tax payable (6% * $1,500)                                      90

<u><em>               (To record Sale No. 490.)                                                                 </em></u>

May 11     Accounts receivable - E. Hill                    2,067

                 Sales                                                                              1,950

                 Sales tax payable (6% * $1,950)                                     117

<u><em>               (To record Sale No. 491.)                                                                 </em></u>

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Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (U
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a. 24%

b. 12%

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Marginal tax rate is an incremental tax rate that is paid out of the taxable income of a tax payer. It represents the rate at which the last unit of dollar of the taxable income is taxed. The marginal rate for each income bracket is supplied by the Internal Revenue Service (IRS).

                               Chuck Marginal Tax Rate

a) The marginal tax rate for Chuck if he earns additional $40,000 taxable income will be:

= $75,000 + $40,000

= $115,000

Marginal tax rate for $115,000 is 24% according IRS tax rate schedule.

b) If instead, it is an additional deduction of $40,0000, the marginal tax rate will be:

= $75,000 - $40,000

= $35,000

The marginal tax rate for taxable income of $35,000 is 12% according US tax rate schedule.

Note: the interest is categorized as interest from municipal bond, so it is tax free.

It is also assumed that Chuck is single. Hence, tax rate under single filer applies to him.

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The correct answer is Known vulnerabilities.

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Answer:

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= 150 × 0.3

= 45 million

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