1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
navik [9.2K]
3 years ago
13

Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards i

n various amounts totaling $1,800. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $728 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January.
Required:
a. Record (in summary form) the $2,500 in gift cards sold ( keeping in mind that, in actuality the firm would record each sale of a gift card individually ).
b. Record the $728 in gift cards redeemed, including the 4% sales tax assessed.
c. Determine the balance in the Unearned Revenue account ( remaining liability for gift cards ) Texas Roadhouse will report on the December 31 balance sheet.
Business
1 answer:
Deffense [45]3 years ago
8 0

Answer:

General Journal Debit Credit

1 Cash 2600  

Unearned revenue  2600

(To record gift cards sold)  

2 Unearned revenue 832  

Sales tax payable  32

Sales revenue  800

(To record gift cards redeemed)

You might be interested in
Which of the following is NOT true of sales force compensation? a. Sales managers often offer rewards or incentives to motivate
scoundrel [369]

Answer:

c. Companies and industries with lower levels of compensation have lower turnover rates

Explanation:

Sales force compensation refers to how a company compensates its sales team for its efforts. They are the methods applied to pay sales representatives.  A company may decide to pay, either a fixed salary, salary plus commission, or commissions only.

If sales representatives feel that they are not adequately compensated, they may opt to look for better-paying jobs elsewhere.  Companies that pay lowly will always have a challenge in attracting and retaining the best sale people in the market. Sales incentives serve as a motivating factor to the salespeople.  A business or industry that pays poorly will have high employee turnover, as its workers will be always be seeking greener pastures.

7 0
4 years ago
Ralph, a director at ZincX Inc., has been sued by the company's shareholders for making a poor financial decision that cost the
lara [203]

Answer:

False

Explanation:

In order for an executive to claim protection under the business judgment rule they must prove that their decisions were rational and made in good faith. Business executives and the board of directors are responsible for making decisions and some will good and others may be bad, but they have to make those decision without fear of prosecution.

8 0
3 years ago
One advantage of credit is that it can give you a float time between buying the product and when you need to pay for it.
Sergio039 [100]

Answer: It's True

Explanation:

6 0
4 years ago
Read 2 more answers
Provide 8 factors that impede business ability of Africans
Sloan [31]

The factors that impede business ability of African can be liken to trade barriers experienced in African region.

Many potential entrepreneur have been discouraged from starting their enterprises because of various business impediment.

The factors that impede the business ability includes:

  • Lack of good road route to deliver goods.
  • High tax rate for local produced goods.
  • Very high rate of import duties.
  • Corruptions among officers with key position
  • Lack of support for Small & medium enterprises (SME)
  • Inaccessibility to finance for the business such as loan.
  • Unfavorable government policy or regulation on business corporation

Read more about this here

<em>brainly.com/question/2531460</em>

3 0
3 years ago
On November 1, 2021, Oriole Company purchased Skysong, Inc., 10-year, 10%, bonds with a face value of $710000, for $630000. An a
alekssr [168]
1300000 dollars is the answer I think
3 0
3 years ago
Other questions:
  • Phillips industries runs a small manufacturing operation. for this fiscal year, it expects real net cash flows of $197,000. the
    9·1 answer
  • Archies' antiques, inc., is characterized by separation of management from ownership and by clearly defined lines of authority a
    5·1 answer
  • The president wants the gstcg to provide videos to generate the most possible donations (total revenue). what price is the presi
    11·1 answer
  • Aden finds that, on an average, men have higher starting salaries than women. In order to conclude that the differences in start
    8·1 answer
  • Bryan gave the manager of his convenience store a set of binoculars so she could see the gasoline prices charged by the other co
    7·1 answer
  • Products is considering producing toy action figures and sandbox toys. The products require different specialized​ machines, eac
    10·1 answer
  • From 1980 to 1990, the consumer price index cpl increased from 82.4 to 130.7. if a gallon of apple juice cost $0.95 in 1980 and
    6·2 answers
  • Leander Mfg. has three support departments (human resources, administration, and maintenance) and two revenue-generating departm
    11·1 answer
  • The preferred stock of Federal Logistics is selling for $57.56 per share. The company pays a constant annual dividend and has a
    10·1 answer
  • when an auditor of financial statements has substantial doubt about an entity's ability to continue as a going concern, the audi
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!