Q: Enter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule…
A: Cash is an asset for the business so any increase in cash will be debited to cash account, similarly…
Q: The regular price for a dishwasher is 699. Best Buy is having a sale for 25% off all dishwashers.…
A: The amount to be paid for a product is calculated by considering the discount availed and taxes…
Q: A small retailer buys goods from a vendor with an invoice amount of $9,300. The terms of the sale…
A: The term indicates that if the buyer paid his dues within stipulated time then he is eligible for…
Q: The regular price for a dishwasher is 499. Best Buy is having a sale for 22.5% off all dishwashers.…
A: Given information : Regular price = $499 Discount = 22.5% Coupon = $50 Sales tax = 8.2%
Q: Determine the best order size of shirts.
A:
Q: 3. Annabelje McCloney purchases denim jeans for $14.95 and a velour top for $16.39. The sales tax…
A: The purchase price is the price paid to purchase the goods and service. It is the amount paid by the…
Q: As the manager of Speedy Supermarket, answer the following questions. (Round dollars to the nearest…
A: Markup = Markup is the Difference between a Product price and cost as a percentage of the Cost.…
Q: Stork Enterprises delivers care packages for special occasions. They charge $50 for a small package,…
A: The sales tax is a type of indirect tax. The seller…
Q: 8. Wu Chen purchased four tires at $48.98 each, two sheepskin seatcovers at $49.88 each, a battery…
A: The purchase price is the price paid to purchase the goods and service. It is the amount paid by the…
Q: Joel, a florist, buys and sells flowers at his store. He purchases roses at $3.00 each, h operating…
A:
Q: F) A manufacturer printed the price of his goods as RO 360 per article. He allowed a discount of 30%…
A: VAT stands for Value added tax, which is a kind of indirect tax levied or charged on the goods and…
Q: The regular price for a dishwasher is 499. Best Buy is having a sale for 17.5% off all dishwashers.…
A: The amount paid for an item for the purpose of acquiring or purchasing it includes taxes such as…
Q: A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15,…
A: Invoice Price = $19,700 Terms of Sale , If paid in 15 days 5% discount on the amount
Q: 6. Robin Lantz purchases two packages of paper plates at 75¢ each, four packages of napkins at $1.00…
A: The purchase price is the price paid to purchase the goods and services. It is the amount paid by…
Q: Neal's Photographic Supplied sells a Pentax camera for 440.98. The markup is 86% of cost. How much…
A: Selling Price = 440.98 Markup = 86% of Cost How much store pay for this camera = Cost Price = ?…
Q: esther has a small store. last month, she purchased merchandise costing p75,000.00, for which she…
A: The gross profit is calculated as excess of sales revenue over cost of goods sold.
Q: e's Paint Store has marked nases three gallons of paint which regularly sell for $14.50 a gallon and…
A: Given, Mark down % = 40% Quantity of paint = 3 gallons Price of paint = $14.50 per gallon Quantity…
Q: Stork Enterprises delivers care packages for special occasions. They charge $45 for a small package,…
A: Dear student, as per Bartleby answering guidelines we can answer only three sub-parts if a question…
Q: D) Ahmed, the retailer, purchased 300 units of a stationary item from the wholesaler, costing RO 6…
A: D. Purchase price for Ahmed = RO 6VAT = 20%NO OF UNITS PURCHASED = 300VAT PAID BY AHMED =purchase…
Q: Tamara Company began the year with three items in beginning inventory, each costing $4. During the…
A: Total sales = no. of units sold x sales price per unit = 7 units x $9 per unit = $63
Q: 5. Chris's Photographic Supplies sells a Minolta camera for $551.83. The markup is 72% of cost. a)…
A: As per Bartleby honor code, when multiple questions are asked, the expert is required only to solve…
Q: JYP Store purchases shirts printed with GOT7 name and logo from a vendor. The vendor sells the…
A: Optimum quantity is the quantity which is to be produced in such a way that it incurs minimum cost…
Q: Stork Enterprises delivers care packages for special occasions. They charge $45 for a small package,…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: D. The following selected account balances were taken from the records of J. Gucela Company, for the…
A: Q1. Computation of Input Tax: given, VAT @ 12% Particulars Amount Purchase 100000…
Q: sand Venus Corp. sold goods, with a selling price of $16,221, for cash. The state sales tax rate is…
A: Sale tax is amount of tax payable on the sale made. It is a source of revenue to the government of a…
Q: The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Enter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule…
A: Journal entry is the process of recording the business transactions in the books of accounts for the…
Q: The retailer buys an article from the wholesaler at OMR 1,980 and the wholesaler charges a sales tax…
A: Sale tax means the tax levied on sale of goods . Sale tax is added to the price charged from…
Q: The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of…
A: SOLUTION- SALES TAX - IT IS IMPOSED ON THE PRICE OF SOME GOODS AND SERVICES . IT CHARGED AS A…
Q: A consumer buys an article for a listed price of 380 OMR from a shopkeeper and pays 10% sales tax.…
A: Tax collected from consumer = listed price of article x sales tax rate = 380 x 10% = 38 OMR
Q: PA2. Stork Enterprises delivers care packages for special occasions. They charge $45 for a small…
A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…
Q: Chopper Co. distributes backpacks to retail stores at a price of P1,600 each and extends credit…
A: The net method of recording sales assumes that every customer will make the payment within time and…
Q: The regular price for a dishwasher is 399. Best Buy is having a sale for 20% off all dishwashers.…
A: Cash Discount: Cash Discount is the discount provided by the sellers to encourage buyers to make…
Q: As a sales person for Fresh Flowers, Carlos is paid an incremental commission based on the table…
A: Sales commission is paid by fresh flowers based on slab rates. Up to 5700 sales limit, 6.5%…
Q: Enter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule…
A: Cash receipts journal: This journal is used for recording cash transactions of a business which…
Q: Vanessa company purchases merchandise with a list price of P25,000. The company receives a 35% trade…
A: Trade discount = List price x trade discount rate = P25000 x 35% = P8,750
Q: Use the following transactions to answer the questions. Use a 6% sales tax rate. Total ar rule the…
A: SOLUTION- SALES…
Q: Use the following transactions to answer the questions. Use a 7% sales tax rate. Total and rule the…
A: Sales Journal preparation Sales Journal page 1 Date Sale No To Whom Sold Post Ref.…
Q: Buttons and Bows received a shipment with a list price of $2,600. The store received a trade…
A: Trade discount: A trade discount is offered on the list price of goods. It is not shown in the books…
Q: ssence of Skunk Fragrances, Ltd., sells 6,900 units of its perfume collection each year at a price…
A: Accounts receivable is the term which define the amount due on customers while making credit sales…
Q: Stork Enterprises delivers care packages for special occasions. They charge $45 for a small package,…
A: Sale tax is the tax levied on sale of goods. Sale tax paid on purchases can be booked as receivable…
Q: Alexis Company has total credit sales proceeds of $4,515 in the check-out till. If the proceeds…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: On Deck Sports Memorabilia store sells a Babe Ruth rookie card for $3,100 on account. If the sales…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Tom went to the store and bought two shirts for $50 each, socks for $10 and pants for $30. If the…
A: in this we have to calculate total purchase and than calculate sales tax and than final purchase.
Q: Mke purchases a bicycle costing S178.70. State taxes are 5% and local sales taxes are 3%. The store…
A: While calculating total purchase price we have to sum up cost of bicycle, all taxes and any extra…
Q: Stork Enterprises delivers care packages for special occasions. They charge $35 for a small package,…
A: Stork Enterprises delivers care packages for special occasions. They charge $35 for a small package,…
Q: 1.On June 1, P8,000 of goods are sold with credit terms of 1/10, n/30. On June 3 the customer…
A: When goods are sold on discount with credit terms of 1/10, n/30, the discount allowed will be 1% of…
Step by step
Solved in 3 steps
- Stork Enterprises delivers care packages for special occasions. They charge $45 for a small package, and $80 for a large package. The sales tax rate is 6%. During the month of May, Stork delivers 38 small packages and 22 large packages. A. What is the total tax charged to the customer per small package? What is the overall charge per small package? B. What is the total tax charged to the customer per large package? What is the overall charge per large package? C. How much sales tax liability does Stork Enterprises have for the month of May? D. What accounts are used to recognize this tax situation for the month of May? E. When Stork remits payment to the sales tax governing body, what happens to the sales tax liability?Kathy's Corner Store has total cash sales for the month of $34,000 excluding sales taxes. If the sales tax rate is 5%, which journal entry is needed? (Ignore Cost of Goods Sold.) A. debit Cash $35,700, credit Sales Revenue $35,700 B. debit Cash $32,300, debit Sales Tax Receivable for $1,700 and credit Sales Revenue for $34,000 C. debit Cash $34,000 and credit Sales Revenue $34,000 D. debit Cash $35,700, credit Sales Revenue $34,000 and credit Sales Tax Payable $1,700Calculate the actual sales since the sales and sales tax were rung up together. Assume sales tax of 6% and total sales of $23,000 Note: Round your answer to the nearest cent.
- Julie's Boutique has total receipts for the month of $30,660 including sales taxes. If the sales tax rate is 5%, what are Julie's sales for the month? Question 29 options: $29,200 $29,127 $32,193 It cannot be determined.Stork Enterprises delivers care packages for special occasions. They charge $50 for a small package, and $95 for a large package. The sales tax rate is 5%. During the month of May, Stork delivers 43 small packages and 33 large packages. A. What is the total tax charged to the customer per small package? What is the overall charge per small package? If required, round your answers to two decimal places. Total tax charged $fill in the blank 1 per small package Overall charge $fill in the blank 2 per small package B. What is the total tax charged to the customer per large package? What is the overall charge per large package? If required, round your answers to two decimal places. Total tax charged $fill in the blank 3 per large package Overall charge $fill in the blank 4 per large package C. How much sales tax liability does Stork Enterprises have for the month of May? If required, round your answers to two decimal places. $fill in the blank 5 D. What account is used to…A consumer buys an article for a listed price of 380 OMR from a shopkeeper and pays 10% sales tax. The shopkeeper pays a VAT of OMR 3. Find the price inclusive of tax at which the shopkeeper bought from the wholesaler. a. 35O OMR b. 418 OMR c. 315 OMR d. 385 OMR
- A) Write short note with one word or one sentence for the following – Markup, Selling price, Value added tax, Find the selling price of an item that costs RO 156, if the markup is 40% on the cost?A retailer sells a product at a price of 120 OMR. He purchased the same product from a wholesaler at 95 OMR. The sales tax is 6%. Calculate the VAT paid by the retailer.Stork Enterprises delivers care packages for special occasions. They charge $45 for a small package, and $80 for a large package. The sales tax rate is 6%. During the month of May, Stork delivers 38 small packages and 22 large packages. PLEASE NOTE: All dollar amounts will be rounded to two decimal places using "$" with commas as needed (i.e. $12,345). What is the total tax charged to the customer per small package? $2.70 What is the overall charge per small package? $47.70 What is the total tax charged to the customer per large package? $4.80 What is the overall charge per large package? __________ How much sales tax liability does Stork Enterprises have for the month of May? __________
- Stork Enterprises delivers care packages for special occasions. They charge $35 for a small package, and $95 for a large package. The sales tax rate is 7%. During the month of May, Stork delivers 28 small packages and 41 large packages. A. What is the total tax charged to the customer per small package? What is the overall charge per small package? If required, round your answers to two decimal places. Total tax charged $_________ per small package Overall charge $_________ per small package B. What is the total tax charged to the customer per large package? What is the overall charge per large package? If required, round your answers to two decimal places. Total tax charged $__________ per large package Overall charge $__________ per large package C. How much sales tax liability does Stork Enterprises have for the month of May? If required, round your answers to two decimal places. $__________ D. What account is used to recognize this tax situation for the month of…The regular price for a dishwasher is 699. Best Buy is having a sale for 25% off all dishwashers. You also have a coupon which can be used for $20 off any purchase over $200 or $50 off any purchase over $400. Sales tax is 7.8%. Determine the total amount paid for the dishwasher, including any discounts and taxes paid. Total Paid = $The regular price for a dishwasher is 499. Best Buy is having a sale for 17.5% off all dishwashers. You also have a coupon which can be used for $20 off any purchase over $200 or $50 off any purchase over $400. Sales tax is 6.1%. Determine the total amount paid for the dishwasher, including any discounts and taxes paid.
