ASK YOUR TEACHER PRACTICE ANOTHER Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $51,889. The stores are located in a state that has a sales tax of 6–%. (Round your answers to the nearest cent.) (a) As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. %24 (b) As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue. $ 3372.79

ASK YOUR TEACHER PRACTICE ANOTHER Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $51,889. The stores are located in a state that has a sales tax of 6–%. (Round your answers to the nearest cent.) (a) As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. %24 (b) As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue. $ 3372.79

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 6SPA: SALES JOURNAL Futi Ishanyan owns a retail business and made the following sales during the month of...

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Bell Florists sells flowers on a retail basis. Most of the sales are for cash; however, a few steady customers have credit accounts. Bells sales staff fills out a sales slip for each sale. There is a state retail sales tax of 5 percent, which is collected by the retailer and submitted to the state. The balances of the accounts as of March 1 have been recorded in the general ledger in your Working Papers or in CengageNow. The following represent Bell Florists charge sales for March: Mar. 4Sold potted plant on account to C. Morales, sales slip no. 242, 27, plus sales tax of 1.35, total 28.35. 6Sold floral arrangement on account to R. Dixon, sales slip no. 267, 54, plus sales tax of 2.70, total 56.70. 12Sold corsage on account to B. Cox, sales slip no. 279, 16, plus sales tax of 0.80, total 16.80. 16Sold wreath on account to All-Star Legion, sales slip no. 296, 104, plus sales tax of 5.20, total 109.20. 18Sold floral arrangements on account to Tucker Funeral Home, sales slip no. 314, 260, plus sales tax of 13, total 273. 21Tucker Funeral Home complained about a wrinkled ribbon on the floral arrangement. Bell Florists allowed a 30 credit plus sales tax of 1.50, credit memo no. 27. 23Sold flower arrangements on account to Price Savings and Loan Association for its fifth anniversary, sales slip no. 337, 180, plus sales tax of 9, total 189. 24Allowed Price Savings and Loan Association credit, 25, plus sales tax of 1.25, because of a few withered blossoms in floral arrangements, credit memo no. 28. Required 1. Record these transactions in the general journal. 2. Post the amounts from the general journal to the general ledger and accounts receivable ledger: Accounts Receivable 113, Sales Tax Payable 214, Sales 411, Sales Returns and Allowances 412. 3. Prepare a schedule of accounts receivable and compare its total with the balance of the Accounts Receivable controlling account.
Marc Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state income tax of $60, local income tax of $30, FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, health-care insurance premium of $300, donations to a charity of $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of June; dated June 30, 2017. B. Record remittance of the employees salary with cash on July 1.
On December 1, 2019, AwakcAllNight Inc. sells 5,000 super caffeinated candy bars to Campus Grocers. The candy bars sell for 3 per bar. In addition, AwakcAllNight pays Campus Grocers a 900placement fee to ensure that its candy bars are always stocked prominently by the cash register. The 900 is paid at the end of each month based on the results of random inspections of Campus Grocers by AwakcAllNight to ensure that the terms of the contract are being followed. Required: 1. Determine the transaction price for Awake AllNights revenue contract. 2. Prepare AwakeAllNights journal entries to recognize sales revenue and pay Campus Grocers the placement fee.
SALES JOURNAL Futi Ishanyan owns a retail business and made the following sales during the month of August 20--. There is a 6% sales tax on all sales. Aug. 1Sale No. 213 to Jeter Manufacturing Co., 1,300, plus sales tax. 3Sale No. 214 to Hassan Co., 2,600, plus sales tax. 7Sale No. 215 to Habrock, Inc., 1,700, plus sales tax. (Open a new account for this customer. Address is 125 Fishers Dr., Noblesville, IN 478708867.) 11Sale No. 216 to Seth Mowbray, 1,400, plus sales tax. 18Sale No. 217 to Hassan Co., 3,960, plus sales tax. 22Sale No. 218 to Jeter Manufacturing Co., 2,800, plus sales tax. 30Sale No. 219 to Seth Mowbray, 1,900, plus sales tax. Required 1. Record the transactions in the sales journal starting with page 8. Total and verify the column totals and rule the columns. 2. Post from the sales journal to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.
Payroll Taxes Its the Tooth Dental works to provide high quality pediatric dental services in a fun-loving environment for children. During December, Its the Tooth Dental employees earned $90,000 in wages. Social Security applied to $86,000 of these wages, while Medicare applies to all at standard rates. Federal and state income taxes withheld were $1,100 and $500, respectively. Required: Provide the necessary journal entries for Its the Tooth Dental to record this activity.
2.Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $51,889. The stores are located in a state that has a sales tax of 7 1 2 %. (Round your answers to the nearest cent.) (a) As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. $ (b) As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue. $
Last month the sweet tooth candy shop had total sales including sales tax of 61,889. The stores are located in a state that has a sales tax of 6 1/2%. Round your answer to the nearest cent. A- as the accountant for the sweet tooth calculate the amount of sales revenue in dollars for the Shoppes last month? B-as the accountant for the sweet tooth, calculate the amount of sales tax in dollars that must be sent to the state department of revenue?
Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $64,889. The stores are located in a state that has a sales tax of 7 1/2%%. (Round your answers to the nearest cent.) (a) As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. (b)As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue.
Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $54,889. The stores are located in a state that has a sales tax of 7 1/2%. (Round your answers to the nearest cent.) (a)As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. (b)As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue.
A local Starbucks sells gift cards of $10,000 during the year. By the end of the year, customers have redeemed $8,000 of gift cards. What will be the year-end balance in the Deferred Revenue account? a. $0. b. $2,000. c. $8,000. d. $10,000.
PRACTICE PROBLEM Listed below are selected transactions of Scultz Department Store for the current year ending December 31. On December 5, the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax. The store determined it will cost $100,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Schultz’ estimates the fair value of the obligation at December 31 is $84,000. As a result of uninsured accidents during the year, personal injury suits for $350,000 and $60,000 have been filed against the…
Last month the sweet tooth candy shops had total sales including sales tax of $61,889. The stores are located and a state that has a sales tax of six and one half percent round your answer to the nearest cent? A-as the accounting for the sweet tooth, calculate the amount of sales revenue in dollars for the shops last month? (I put 58,111.73 it was wrong) B-as the account for the sweet tooth, calculate the amount of sales tax in dollars that must be sent to the state department of revenue? (I put 3777.27 it was wrong)