The journal entry for the sale would include a credit to sales tax payable for $156 if the selling price of the merchandise is $2600.
The government levies a consumption tax known as a sales tax on the purchase of goods and services. At the point of sale, a standard sales tax is imposed, collected by the retailer, and paid to the government. Companies must first apply for a sales tax permit from their state's department of taxation in order to be able to collect sales tax from customers. Every time a customer makes a purchase, businesses collect sales tax, which they subsequently monthly or quarterly send to the state.
As the selling price of the merchandise is $2,600 and the state sales tax is 6%, this means that 6% of $2,600 has to be paid to the state governing body.
Sales tax = 6% of 2600
Sales tax = 6/100 × 2600
Sales tax = 0.06 × 2600
Sales tax = $156
Therefore; the entry to journalize the sale would include a credit to sales tax payable for $156 if the selling price of the merchandise is $2600.
To know more about sales tax refer:
brainly.com/question/1811849
#SPJ4
Answer:
Corinne Company
Investing Activities Section of the Statement of Cash Flows:
Equipment sales $12
Equipment bought ($58)
Net cash used ($46)
Explanation:
a) Data and Calculations:
Balance Sheet of Corinne company at the end of 2025 and 2024:
2025 2024
Cash $50 $70
Accounts receivable (net) 320 270
Buildings and equipment 200 150
Accumulated depreciation
- buildings and equipment (36) (16)
Land 180 80
Totals $714 $554
Accounts payable $180 $146
Notes payable- bank long term 0 80
Mortgage payable 60 0
Common stock, $10 par 418 318
Retained earnings 56 10
Totals $714 $554
b) other information:
Land and Common Stock exchange
Equipment sold for $12 (cost $10 and book value $8)
Cash dividends $20
c) Equipment account
Beginning balance 150
Equipment sold -8
Balance 142
Closing balance 200
Purchase of new 58 (200 - 142)
<span>This is an example of reverse logistics. This takes in the entire shipping chain from the recipient of the parcel back to the original sender, and is just as important to customer relations as the original chain from the retailer through the customer. Having an easy reversal chain can make it much simpler to process customer requests for returns and exchanges with a minimum of downtime and resources expended.</span>
Answer:
use socratic its in the app store
Explanation:
Answer:
net cash flow from creditors of $1.42 million
Explanation:
The movement in the long term debt account between 2008 and 2009 is as a result of the interest owed on the debt and the cash payment for the period.
Let the cash outflow to the creditor be H
$2.25 million + 0.33 million - H = $4 million
H = $2.25 million + 0.33 million - $4 million
H = ($1.42 million)
This means that the firm had a net cash flow from creditors of $1.42 million in 2019.
