Montana Company sold merchandise with a retail price of $30,000 for cash. Montana Company is required to collect 4% state sales tax. The total cash received from customers was: Select one: A. $1200. B. $28,800. C. $30,000. D. $31,200.

Q: Sales tax transactions Journalize the entries to record the following selected transactions:A. Sold…

A: All the transactions of the company that are happened during the year will be recorded first in the…

Q: Please help

A: Total cash received = Sales tax + Sales Total cash received = $150 + $3,000 Total cash received =…

Q: 1) Machinary is purchased for 196.000 TL + %10 VAT , Check is issued . Transportation and…

A: Journal is the recording of financial transactions in the serial order by following the dual entity…

Q: On June 1, Meadow Company sold merchandise with a list price of $40,000. For each of the sales terms…

A:

Q: Venus Corp. sold goods, with a selling price of $18,421, for cash. The state sales tax rate is 8%.…

A:

Q: Like all retailers, Hollister is required to collect sales tax to be remitted to state and local…

A: Sales tax is levied on all retail transactions. Sales tax is collected by the merchant from the…

Q: In performing accounting services for small businesses, you encounter the following situations…

A: In the 2nd point, $19,080 is inclusive of 6% sales tax. So Sales = $19,080 / 106% = $18,000 Sales…

Q: On June 1, Forest Company sold merchandise with a list price of $29,000. For each of the sales terms…

A: Credit terms at the time of purchase of products are the payment terms specified on the invoice. It…

Q: 1) Machinary is purchased for 196.000 TL + %10 VAT , Check is issued . Transportation and…

A: Journal entries : 1. Machinery is purchased Cost of machinery = 196000 TL Vat = 10% Transportation…

Q: Martinez Corporation shipped $21,900 of merchandise on consignment to Gooch Company. Martinez paid…

A: Cost of goods sold = $21900+ 2100)×(65-10%) = $24,000×55% =$13200

Q: Oswego Clay Pipe Company sold $45,40o0 of pipe to Southeast Water District #45 on April 12 of the…

A: Sales discount = Net sales x discount rate = $45400 x 3% = $1362

Q: Merchandise is sold for cash. The selling price of the merchandise is $3,000 and the sale is subject…

A: We have the following information: Merchandise is sold for cash The selling price of the…

Q: Merchandise is sold for cash. The selling price of the merchandise is $1,100 and the sale is subject…

A: When we do sales,we need pay sales tax on sales made at a percentage given.That sales tax is…

Q: Merchandise is sold for cash. The selling price of the merchandise is $3,800 and the sale is subject…

A: Given: Selling price - $3,800 State sales tax-8%

Q: On July 15, Piper Co. sold $10,000 of merchandise (costing $5,000) for cash. The sales tax rate is…

A: Sales Tax Payable: Sales Tax  is levied on the sales made. It is collected by the seller from the…

Q: Waterway Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may…

A: Sales tax is a form of taxation imposed on the sale of goods and services. The tax is imposed by the…

Q: In performing accounting services for small businesses, you encounter the following situations…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject…

A: Given: Selling price - $3,700 State sales tax-8%

Q: Manuel Company had cash sales of $86,800 (including taxes) for the month of June. Sales are subject…

A: Solution: Amount of sales without tax = $86,800 * 100 / 108.50% = $80,000 Amount of sales tax =…

Q: Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep…

A: Sales tax is a form of taxation imposed on the sale of goods and services. The tax is imposed by…

Q: July Received from Henry Sy cash investment of P250,000 and merchandise worth P60,000. Sales invoice…

A: Journal entry: It is also called as book of original entry. All financial transactions happened in a…

Q: Merchandise is sold for cash. The selling price is the merchandise is $5,000 and the sale is subject…

A: Sales tax payable = 5,000 x 5% = $250

Q: 16.Merchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is…

A: Journal entries refer to the recording of transaction in an appropriate way. With the help of…

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: In performing accounting services for small businesses, you encounter the following situations…

A: Sales taxes payable is a liability. Increase in liabilities should be credited. Increases in…

Q: Sales Tax Transactions Journalize the entries to record the following selected transactions.…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: For items 9 and 10. An SME sell goods in exchange for a P340,000 note receivable in two years’ time.…

A: The company's income statement is prepared for arriving at the profits generated by the company…

Q: In performing accounting services for small businesses, you encounter the following situations…

A: Assume sales = $100 Sales tax  = 100*8% = $8 Total sales including tax = $100 +$8 = $108   For…

Q: I: Record the entry for cash sales and its sales taxes. Note: Enter debits before credits.…

A: Journal Entry: Business Transactions  are recorded through Journal.

Q: Merchandise is sold for cash. The selling price of the merchandise is $2,000 and the sale is subject…

A: When merchandise is sold for cash and sales tax is applicable, then for recording the journal entry…

Q: Chris Company sold merchandise for cash to Shadi Company for $103,000 including 3% sales taxes.

A: Sale is defined as the transaction among two or more than two parties, under which the buyer gets…

Q: Merchandise is sold for cash. The selling price of the merchandise is $2,000 and the sale is subject…

A: Solution: Sales will be credited by = $2,000 Sales tax payable will be credited by = 2000*7% = $140…

Q: Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900).…

A: Journal Entry:-Way of recording any transaction of a company with debit and credit side. It works on…

Q: Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900).…

A: Sales Tax - Sales Tax is the tax collected on the sales made by the company from the customer. It is…

Q: Sold 64,400 of merchandise on account , subject to a sales tax of 4%. The cost of the goods sold was…

A: Sales tax payable = Sales  x Sales tax rate = $64,400 x 4% = $2,576

Q: Urban Star Sporting Goods must charge 8 percent sales tax on all sales. DATE TRANSACTIONS 20x1 Feb.…

A: Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…

Q: Sales sales revenue for a sporting good store amounted to $539,000 for the correct. All sales are on…

A: Journal entry: It is prepared to record the financial and non financial transaction of the business…

Q: 1. During the year, Fall Company purchased merchandise having a gross invoice cost of P1,000,000.…

A: The question is related with Perpetual Inventory method and Net Method for recording Inventory…

Q: State the accounting entries required if a business made sales on credit of $10,000, on which it…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Merchandise is sold for cash. The selling price of the merchandise is $5,100 and the sale is subject…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Balance of Payments

BOP is categorized into the following three components: