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Charra [1.4K]
3 years ago
6

During the month of June, Indigo Boutique recorded cash sales of $274,990 and credit sales of $165,636, both of which include th

e 7% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 3
Business
1 answer:
julsineya [31]3 years ago
4 0

Answer and Explanation:

The journal entry is shown below

Sales tax (($257,000 + $154,800) ×7%) $28,826

      To sales tax payable $28,826

(Being the sales tax expense is recorded)

Here the sales tax is debited as it increased the expense and credited the sales tax payable as it also increased the liability

The calculation is as follows;

= $27,4990 ×100 ÷ 107

= $257,000

And,

= $165,636 × 100 ÷ 107

= $154,800

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A one-month European call option on a non-dividend-paying stock is currently selling for $1. The stock price is $47, the strike
REY [17]

Answer:

The price of the put-option on the same stock with the same strike price is $3.75.

Explanation:

To find the price of the put option on an underlying asset given the price on the call option's price for the same underlying asset with the same strike price is given, we apply put-call parity model.

Put call parity model: p = K x e^(-rT) + c - St .

in which: p: put option's price;

               K: underlying asset's strike price;

               r: risk-free rate;

              T: time to maturity denominated in year;

               c= call option's price;

              St = spot price of underlying asset .

So, p = 50 x e^(-0.06 x 1/12) + 1 - 47 = $3.75 .

4 0
3 years ago
In thinking about target markets for nonprofit organizations, which of the following is true?
TEA [102]

Answer: Customers in a nonprofit's target market may be reluctant or strongly opposed to receiving their services.

Explanation: A non profit organization is an organization formed to meet some needs in the society without demanding for payments or trying to make profit.

Most times individuals in the society, tends not to value the services rendered by non profit organizations thereby making them reluctant to going to receive the services rendered. Some individuals may based on their personal beliefs strongly stand against some non profit services offered to them also.

3 0
3 years ago
Which of the following represents a disadvantage resulting from the efficiencies that food processors need to implement in order
bulgar [2K]

Answer:

B. Automation results in fewer jobs for people.

Explanation:

The only disadvantage among the listed items is the one referring to the <u>potential loss of job for people in the food industry</u>. With the progress and evolution of food processors, more operations and processes that were once done exclusively manually can be replaced with machines. Thus, people that were in charge of this processes can lose their job.

8 0
4 years ago
The Walton family got a great deal on their new home. They bought it for $101,295, and it appraised at $187,000 in a region wher
Vesna [10]

The assessed value of their new home is $46,750.

<h3>Assessed value</h3>

Using this formula

Assessed value=Appraisal amount× Assessment ratio

Where:

Appraisal amount=-$187,000

Assessment ratio=25%

Let plug in the formula

Assessed value=$187,000 × 0.25

Assessed value = $46,750

Learn more about Assessed value here:brainly.com/question/5428406

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7 0
2 years ago
In year 1, Lawrence Corp. purchased equipment for $100,000. Lawrence uses straight-line depreciation over a 10-year useful life
UkoKoshka [18]

Answer:

$90,000 and $86,000

Explanation:

In year 1, Lawrence Corp. purchased equipment for $100,000. Lawrence uses straight-line depreciation over a 10-year useful life with no residual value for financial reporting purposes.

In year 1, tax depreciation was $14,000. At the end of year 1, the carrying value for accounting purposes is $90,000, and the tax basis is $86,000.

Carrying value = Cost - Depreciation to date = 100,000 - (100.000 cost / 10 years) = $90,000

While tax basis = Cost - Tax depreciation = $100,000 - $14,000 = $86,000

6 0
4 years ago
Read 2 more answers
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