TO: All Employees SUBJECT: New Accounting Supervisor at KBL Toys, Starting August 4

merchandise is sold for cash. the selling price of the merchandise is $2,600, and the sale is subject to a 6% state sales tax. t

love history [14]

The journal entry for the sale would include a credit to sales tax payable for $156 if the selling price of the merchandise is $2600.

The government levies a consumption tax known as a sales tax on the purchase of goods and services. At the point of sale, a standard sales tax is imposed, collected by the retailer, and paid to the government. Companies must first apply for a sales tax permit from their state's department of taxation in order to be able to collect sales tax from customers. Every time a customer makes a purchase, businesses collect sales tax, which they subsequently monthly or quarterly send to the state.

As the selling price of the merchandise is $2,600 and the state sales tax is 6%, this means that 6% of $2,600 has to be paid to the state governing body.

Sales tax = 6% of 2600

Sales tax = 6/100 × 2600

Sales tax = 0.06 × 2600

Sales tax = $156

Therefore; the entry to journalize the sale would include a credit to sales tax payable for $156 if the selling price of the merchandise is $2600.

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8 0

1 year ago

The Blueberry Designs ads show a lifestyle that is sophisticated and timeless. They recently launched a sportswear line with the

kap26 [50]

Answer:

A reference group

Explanation:

Reference groups are are set of people who are used as a standard for how to comply with social norms thereby influencing our ideas, values, behaviour, and appearance.

For example a reference group can be a set of people that have achieved a certain level of importance in a field by following a standard.

In the given scenario Blueberry Designs ads show a lifestyle that is sophisticated and timeless.

Those that follow the standards set by Blueberry designs can be said to be a reference group

3 0

3 years ago

Question 17

katovenus [111]

Answer:

B. List Operational Costs

Explanation:

3 0

3 years ago

If a country has a working-age population of 200 million, 135 million people with jobs, 10 million people who were looking for a

spayn [35]

Answer:

The labor force is 140 million.

Explanation:

The working-age population refers to the portion of the population that is of the working age. It does not include children and old people.

People who have a job or business are considered employed.

The workers who do not have a job and are actively looking for one are considered unemployed.

Those workers who do not have a job and are not actively looking for one are called discouraged workers.

Working-age population = 200 million

Number of people employed = 135 million

Number of discouraged workers = 10 million

Number of people unemployed = 5 million

Labor force = Number of people employed + Number of people unemployed

Labor force = 135 million + 5 million

Labor force = 140 million

6 0

3 years ago

Introduction: In the greater Seattle-Tacoma area, an arms race continues between hospitals to gather the most modern technology

Dmitry [639]

Answer:

The da Vinci Surgical Equipment

1. 1. The annual rate of interest being charged to the hospital for this da Vinci surgical equipment is computed as 18.055%.

The computed total interest that the hospital will pay over the 36 months' period = $574,715.60.

2. This rate of interest is too high. The hospital could borrow the sum of $1,900,000 from other sources without paying as high an interest rate. Therefore, it is not a good deal for the lessee hospital.

3. The hospital should care if the lease were either an operating or capital lease. An operating lease means that the hospital can only use the equipment for a determined number of years, which is usually less than the useful life of the equipment. But if it were a capital lease, the hospital is sure that the equipment becomes its own property.

Explanation:

a) Data and Calculations:

Cost of equipment = $1,900,000

Monthly lease payment = $68,742.10

Lease period = 36 months

Using an online financial calculator:

Interest Rate = 18.055%

Total of 36 Monthly Payments = $2,474,715.60

Total Interest Paid = $574,715.60

3 0

3 years ago