Dextra Computing sells merchandise for $14,000 cash on September 30 (cost of merchandise is $9,800). Dextra collects 4% sales tax. Record the entry for the $14,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15.

Q: Accounting Tamar Company manufactures a single product in two departments: Forming and Assembly.…

A: The total cost of producing a product, including raw materials and operating costs, is detailed in a…

Q: $100,000 $85,000 $20,711 $5,000 Lessee expected salvage value $8,000 4% Asset FMV Asset Book Value…

A: GIVEN   Brooks Company leases a machine from TCS Company on 1/1/23 Asset FMV $100,000 Asset Book…

Q: John Keeley begins operating his Black Hole Bar and Grill on 1/1/19 with an equity investment of…

A: You have posted multiple-part questions, so as per our policy only the first three sub-parts are…

Q: Given the following information, prepare an annual income statement budget for the Great Student…

A: Gross Profit is the Difference between the Total Sales Revenue and the Cost of Goods Sold. Gross…

Q: Ferrante Company sells 90,000 units at $60 per unit. Variable costs are $42 per unit, and fixed…

A: A corporation's contribution margin is the percentage change in revenue and variable expenses. An…

Q: August $400,000 September $450,000 $550,000 October Clay estimates that it will collect 30% in the…

A: Budgeted cash receipts are the cash amounts you anticipate receiving based on the sales forecast in…

Q: A company issues four-year bonds with a $114,000 par value on January 1, 2021, at a price of…

A: Discount on issue = 114000 -109870 = 4,130 Semi-annual discount amortization = 4130/ 8 = 516.25

Q: S. parent of Surat does not depreciate assets on a component basis, but instead depreciates assets…

A: Depreciation Expense In the accounting period in which a long-term asset is purchased, it should be…

Q: An S corporation shareholder's basis may be affected by some or all business liabilities

A: Because the basis is increased by the amount of debt directly owed by the S Corporation to the…

Q: An employee receives an hourly rate of $22, with time and a half for all hours worked in excess of…

A: The entire amount of fixed earnings earned during a specific time period is referred to as a…

Q: Crane Co. processes jam and sells it to the public. Crane leases equipment used in its production…

A: ANSWER   Definition of Lease: A lease is an agreement whereby the lessor conveys to the lessee in…

Q: Which of the following finance options is given to businesses by their suppliers? O Commercial Paper…

A: Ques1 : Trade Credit Trade credit is a business-to-business (B2B) agreement in which a customer can…

Q: A company manufactures t-shirts. In January, the budgeted direct labor hours are 3,600, and the…

A: Budgeted labor rate = $28,000 / 3,600 = $7,78 Actual labor rate = $28,754 / 3,512 = $8.19

Q: The management of Your Corporation is considering dropping a product. Data from the company's…

A: Increase (decrease) in overall net operating income if product is dropped = Savings in avoidable…

Q: Pizza Inc. reported the following balances: December 31 Inventory 5,200,000 Accounts payable…

A: Cost of goods sold: Cost of goods sold is the direct value of manufacturing the goods which is being…

Q: what are total budgeted costs

A: Budgets are the estimates or forecasts to be made for future period. Budgeted costs means forecasted…

Q: Your sister placed her graduation gifts amounting to ₱25,000 in a special savings account that…

A: The maturity value of the investment will be the aggregate of amount of principal invested and the…

Q: What are the 2 Fundamental Qualities of useful accounting information? Answers: Faithful…

A: Accounting information is concerned with the financial statements produced by bookkeeping and…

Q: Choose the correct answe

A: Building customer loyalty helps in the growth of the business. It can also help in tough times such…

Q: Horizontal analysis is used to understand the relative Importance of each financial statement item.…

A: Financial statements are written papers that summaries the commercial activities and financial…

Q: Yusuf Company sells a product for $220 per unit. The variable cost is $170 per unit, and fixed costs…

A: Break even point in sales units  = Fixed cost/Contribution margin per unit  Contribution margin per…

Q: Oxford company has a materials standard of 2.1 pounds per unit of output each pound has a standard…

A: FORMULA: Direct  Material quantity variance = (Actual quantity used - Standard quantity…

Q: Novartisis one of the largest pharmaceutical firms in the world, and over an extended period in the…

A: ROE (Return on Equity) is also considered as the return on net asset because of the following…

Q: In determining an employee's net pay, which of the following taxes would not be deducted? a.SUTA…

A: Employees net pay = Gross pay - All payroll deductions

Q: The interrelationship of business means that all areas of business (including marketing, finance,…

A: Business normally means buying and selling of goods or providing services. Business includes various…

Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Inventory turnover ratio is a ratio which determines how efficiently and effectively the inventory…

Q: feltri Corporation is working on its direct labor budget for the next two months. Each unit of…

A: October Number of hours budgeted to be consumed in October = 7,100 units X 0.77 direct labor hours…

Q: Develop and diagram at least three different approaches for Axle and Cooke to consider, in executing…

A: Introduction:- A deferred tax asset is a balance-sheet item that reduces a company's future taxable…

Q: Explain the advantage of modified breakeven analysis overthe basic breakeven formula.

A: Break-even analysis is a financial calculation that weighs the new company cost, product, or service…

Q: Basics of Productivity Measurement Holbrook Company gathered the following data for the past two…

A: Productivity profile involves analysis of the resources in order to produce the required output…

Q: Question 24 What Securities Act requires a listed company to file an annual report on Form 10K?…

A: A 10-K is a thorough report on a publicly traded company's financial performance that is required by…

Q: An employee receives an hourly rate of $18, with time and a half for all hours worked in excess of…

A: Introduction:- The following basic information as follows under:- Federal income tax withheld, $144…

Q: Explain the logic underlying each of the adjustments below. a. Why do we start the cash flows with…

A: Operating Activities - Under this activity all the company operation-related activities like sales,…

Q: wing is a summary of Jane’s bank account for the year ended 31 December 2021:…

A: Calculation of Sales Calculation of Purchase Income Statement for the year ending 31 dec, 2021…

Q: Following is the balance sheet of Perez Company for Year 3: PEREZ COMPANY Balance sheet Assets Cash…

A: The question is related to the Ratio Analysis. Ratio is the indicated quotient of two mathematical…

Q: Howard Company, which began operations on January 1, 2020, has elected to use the cash basis…

A: The accrual basis accounting records the revenue and expenses as soon as they are actually earned or…

Q: Which answer is closest to the Estate tax exemption and top tax rate as of December 31, 2020?

A: Estate tax is the tax which is paid on the property of the person and the value is determined by the…

Q: Refer to the following selected financlal Information from Texas Electronics. Compute the company's…

A: Working Capital for Year 2 = Cash + Short Term Investment + Account Receivables + Merchandise…

Q: On the first day of the fiscal year, a company issues a $968,000, 8%, 10-year bond that pays…

A: Working Note: Total premium on Bonds = Issue value - Face value of the bonds = $1,016,400 - 968,000…

Q: Elodie is paid her commissions together with her bi-weekly salary of $1,000.00. This pay period her…

A: Calculation of contributionsTherefore, in 2022, the contribution rate is 12.3% of an employee's…

Q: James & Company had the following balances at December 31, 2019: Cash in checking account…

A: Current Assets: Current assets are those assets which are having the maturity duration of leaser…

Q: In the month of September, Matiock Industries sold 800 units of product. The average sales price was…

A: The contribution margin is calculated as difference between sales and variable costs.

Q: the lowing informa June July $220,000 S260,000 chandise purchases $150,000 S180,000 ney estimates…

A: Budgeted cash disbursements All cash payments made for a specified cause are included in the cash…

Q: b. If the net operating income was PhP2,000,000, how much was the beginning finished good inventory?

A: Finished goods inventory refers to all those inventories of a company which are available for sale…

Q: Thomas Martin receives an hourly wage rate of $16, with time and a half for all hours worked in…

A: Gross pay is the amount of pay which includes the normal pay plus the payment of overtime.  Given,…

Q: Oxnard Industries produces a product that requires 2.6 pounds of materials per unit. The allowance…

A: GIVEN   Oxnard Industries produces a product that requires 2.6 pounds of materials per unit. The…

Q: Journalize the entries to record the January 22, February 14, and August 30 transactions. If an…

A: Journal entries refers to the official book of a company which is used to record the day to day…

Q: H plc owns 80% of the the voting shares of S plc. S plc is a subsidiary of H plc. The most recent…

A: Consolidated Accounting Statements: The accounting statement which are formed by holding and…

Q: A retailer anticipates selling 4,050 units of its product at a uniform rate over the next year. Each…

A: Economic order quantity is the optimal quantity to be ordered to minimize the total cost.

Q: Bullwinkle Company owns a equipment with a cost of $365,300 and accumulated depreciation of $55,400…

A: Formulas that are used:-