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frutty [35]
2 years ago
9

On July 15, Piper Co. sold $24,000 of merchandise (costing $12,000) for cash. The sales tax rate is 4%. On August 1, Piper sent

the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions. On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $720 cash. On November 20, the Bucks played the first game of the six game pack (this represented one-sixth of the advance ticket sales). Record the entries for the November 3 and November 20 transactions.
Business
1 answer:
Nataly_w [17]2 years ago
6 0

Answer:

July 15

Dr Cash $24,960

Cr Sales $24,000

Cr Sales Taxes Payable $960

Dr Cost of Goods Sold $12,000

Cr Merchandise Inventory $12,000

On August 1

Dr Sales Taxes Payable $960

Cr Cash $960

On November 3

Dr Cash $720

Cr Unearned Ticket Revenue $720

On November 20

Dr Unearned Ticket Revenue $120

Cr Ticket Revenue $120

Explanation:

Preparation of the journal entries

July 15

Dr Cash $24,960

($24,000+$960)

Cr Sales $24,000

Cr Sales Taxes Payable $960

($24,000*4%)

Dr Cost of Goods Sold $12,000

Cr Merchandise Inventory $12,000

On August 1

Dr Sales Taxes Payable $960

Cr Cash $960

($24,000*4%)

On November 3

Dr Cash $720

Cr Unearned Ticket Revenue $720

On November 20

Dr Unearned Ticket Revenue $120

Cr Ticket Revenue $120

(1/6*$720)

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IRINA_888 [86]

Answer:

The correct answer is E

Explanation:

SWOT analysis stands for Strength, Opportunities, Threats and Weaknesses analysis, is defined or described as the framework which is used for analyzing as well as identifying the factors of the external and the internal, which have an impact on the product, person or product viability.

So, the SWOT is the one which is a classic management tool or technique which incorporates the elements of the scanning.

4 0
3 years ago
Assume the following information from a schedule of cost of goods manufactured:
Evgesh-ka [11]

Answer:

The manufacturing overhead applied to work in process is:

D. $79,000

Explanation:

a) Data and Calculations:

Beginning work in process inventory          30,000

Direct materials used in production            50,000

Direct labor                                                   60,000

Total manufacturing costs to account for 219,000

Manufacturing overhead applied to WIP   79,000 (219,000 - 140,000)

Ending work in process inventory              72,000

b) The manufacturing overhead applied to Work in Process is the difference between the total manufacturing costs to account for and the costs of beginning work in process, direct materials, and direct labor for the period.  When the ending work in process is deducted from the total manufacturing costs, the resulting figure represents the cost of goods transferred to finished goods inventory.

3 0
2 years ago
4. Which of the following statements is true about debits?
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Answer:

I believe the answer is d

5 0
2 years ago
Producers often use ________ as a primary basis for setting prices on the goods and services they offer the public. tariffs cost
valina [46]

Answer: cost

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It is the total outflow of resources,therefore , the producers often use it for setting prices so that they can generate the amount of profit they are targeting for.

Hence we can conclude that the correct answer is cost.  

5 0
3 years ago
On November 1, 20X1, a company signed a $200,000, 12%, six-month note payable with the amount borrowed plus accrued interest due
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Answer:

$8,000

Explanation:

The computation of the interest expense is shown below:

= Note payable × interest rate × number of months ÷ total number of months -  Note payable × interest rate × number of months ÷ total number of months

= $200,000 × 12% × 6 months ÷ 12 months - $200,000 × 12% × 2 months ÷ 12 months

= $12,000 - $4,000

= $8,000

The 6 months is calculated from November 1, 20X1 to May 1, 20X2

And, the 2 months is calculated from On November 1, 20X1 to December 31,20X1

We assume the accounts are closed on December 31

Or we can do one thing also

Take the 4 months from Jan 1, 20X2 to May 1, 20X2

=  $200,000 × 12% × 4 months ÷ 12 months

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6 0
3 years ago
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