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Luden [163]
3 years ago
13

In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Metl

ock, Inc. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $34,500 and sales taxes $1,725. 2. Carla Vista Co. does not segregate sales and sales taxes. Its register total for April 15 is $24,804, which includes a 6% sales tax. Prepare the entries to record the sales transactions and related taxes for Metlock, Inc. and Carla Vista Co..
Business
1 answer:
luda_lava [24]3 years ago
4 0

Answer:

1. Metlock, Inc.

Dr Cash $36,225

Cr Sales revenue $34,500

Cr Sales Tax Payable $1,725

2. Carla Vista Co

Dr Cash $24,804

Cr Sales revenue $24,082

Cr Sales Tax Payable $722

Explanation:

Preparation of the entries to record the sales transactions and related taxes for Metlock, Inc. and Carla Vista Co..

1. Metlock, Inc.

Dr Cash $36,225

($34,500+$1,725)

Cr Sales revenue $34,500

Cr Sales Tax Payable $1,725

2. Carla Vista Co

Dr Cash $24,804

Cr Sales revenue $24,082

($24,804/1.06)

Cr Sales Tax Payable $722

($24,804-$24,082)

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The value of the subject land is $84,000.

Given,

75,000 / 250,000 = 0.30

280,000 * 0.30 = 84,000

Land value is the measure of the way lots a plot of land is worth, now not counting any buildings but including improvements inclusive of better drainage. when a landowner can pay taxes on her actual property, a part of what is taxed is the fee of the land, in addition to whatever structures sit down atop it.

To measure the price of land use the traditional value approach: Use RS means statistics on prices to calculate the fee of the belongings as though it has been new. Subtract depreciation. The result is an estimate of the fee of the modern structure. Subtract from sale fee to get land cost.

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<em>Your question is incomplete. Please read below to find the missing content.</em>

The subject property has a total value of $280,000 by the sales comparison approach. A competitive neighborhood nearby has home sales with a median value of $250,000, and recent lot sales at $75,000. By allocation, what would be the value of the subject land?

$68,000

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5 0
2 years ago
Omar invested his savings in two investment funds. The $6000 that he invested in Fund A returned a 3% profit. The amount that he
photoshop1234 [79]

Answer:

Investment in fund b = $15,000

Explanation:

Let us assume  funds invested in fund b = x while the sum total of funds invested in fund a & b = Y .ie Y = $6000 + x

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Fund B returned = x & 10/100 = x/10

8%y(total returns) = funds a returns + fund b returns

8%y = $180 + (x/10)

let is replace y with 6000 + x

(6000 +x) * 8% = 180 + (x/10)

480+ 8x/100 = 180 + (x/10)

480 - 180 = (x/10) - (8x/100)

300 =        (10x - 8x )/100

300 = 2x/100

300*100 = 2x

30,000 = 2x

x = 15, 000

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3 years ago
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<span>According to the most recent data available, there are approximately two million noncustodial mothers in the united states.
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The major parts of the Stockholders' Equity section of the balance sheet are
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The correct answer is choice D.

The Stockholders’ Equity section of the balance sheet includes stock, paid-iin capital and retained earnings.

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The number of births in a population in a certain amount of time is the
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The number of births in a population in a certain amount of time is the birth rate
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