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Fed [463]
3 years ago
11

The Saturn Company records all collections from customers (including 5% sales tax) in the Sales Revenue Account. The account bal

ance for 2025 is $100,000. Saturn's 12/31/25 Sales Tax Payable will be:
Business
1 answer:
iris [78.8K]3 years ago
8 0

Answer:

$5,000

Explanation:

Calculation for what the Sales Tax Payable will be:

Sales Tax Payable=5% sales tax*Account balance $100,000

Sales Tax Payable=$5,000

Therefore the Sales Tax Payable will be: $5,000

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Campbell Corp. exchanged delivery trucks with Highway, Inc. Campbell's truck originally cost $23,000, its accumulated depreciati
iragen [17]

Answer:

equipment    3,700

Explanation:

First we calcualte the values of the machine given up:

<u>traded-out assets</u>

purchased  23000

depreciation <u>20,000 </u>

book value   3,000

fair value   5,000

gain on disposal   2,000

This gain would be recognzie if there was commercial substance. In this case we don't have commercial substance. So it is deffered.

Value given up forthe new equipment:

cash                   700

traded-out        <u>5,000 </u>

total value         5,700

We subtract the deffered gain on disposal to get the accounting value for the new equipment:

deferred gain       (2,000)

accounting value 3,700

The machine will enter the accounting with 3,700

journal entry

equipment    3,700

acc del        20,000

   equipment            23,000

  cash                             700

3 0
3 years ago
During the summer months, the local drug store displays everything needed to make s'mores at the front of the store in a campfir
monitta

Answer:

D: Loss leading

Explanation:

Loss leading or the loss leaders is the concept where we decree the price of certain well known and popular products to such a level that customers are amazed. We even start selling that product below its cost as well. The basic logic behind loss leaders is to increase the store traffic and therefore increasing the sales. For example, if everyone is selling eggs at $2 per dozen, and you get it at $1.5 from the whole seller then you can either sell it at the same amount on which you purchasing it from the whole seller, at $1.5 or even below than this at £1.3. People knows that eggs are usually sols at $1.5 but your concept of loss leading will attract them towards your store, and besides purchasing eggs at $1.3, they will also but many other high profit margins products as well.

4 0
3 years ago
Choose a real or made up example of a company, and describe at least three variable costs the company has.
Eduardwww [97]

Answer:

yoooo

Explanation:

4 0
3 years ago
Read 2 more answers
A firm can produce steel with or without a filter on its smokestack. If it produces without a filter, the external costs on the
Licemer1 [7]

Answer:  B. The firm would install the filter at a cost of $ 300,000.

Explanation:

If the community owns the property rights, they would be able to demand that the firm pay the external cost of $500,000 per year.

If on the other hand the company installed a filter, it would cost them $300,000 but then they would not have to pay the community the $500,000.

The lower cost option would be to install the filter for $300,000 which is what the firm would do.

6 0
3 years ago
On April 1, 2019, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What
emmainna [20.7K]

Answer:

The insurance expense on the annual income statement for the year ended December 31, 2019 will be D. $337.50

Explanation:

The company paid the $1,350 premium on a three-year insurance policy.

The insurance expense per year = $1,350/3 = $450

From April 1, 2019 to December 31, 2019, the company had bought the insurance for 9 months.

The insurance expense on the annual income statement for the year ended December 31, 2019 = $450/12x9 = $337.5

6 0
2 years ago
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