Savango Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,540. All sales are subject to a 5% sales tax. Compute sales taxes payable, and make the entry to record sales taxes payable and sales.

Q: A company receives $396, of which $36 is for sales tax. The journal entry to record the sale would…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: During December Far West Services makes a $3,000 credit sale. The state sales tax rate is 6% and the…

A: Formula: Total sales tax = State sales tax + Local sales tax where. State sales tax = Sales x State…

Q: Vaughn Auto Supply does not segregate sales and sales taxes at the time of sale. The register total…

A: Sales Tax Payable = Total Sales / (100% + Sales Tax %) * Sales Tax % = $42,000 / (105%) * 5% = $…

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 charged on the sales revenue. It is a consumption-based tax imposed by the government.…

Q: On October 1, Year 3, Eure Retailers signed a 4-month, 16% note payable to finance the purchase of…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: During December, Far West Services makes a $5,000 credit sale. The state sales tax rate is 6% and…

A: Debit what comes in and credit what goes out Debit the receiver and credit the giver Debit all the…

Q: Michael, a sales tax registered trader, sells goods on credit to Darren for $880 plus sales ta:…

A: We have the following information: Goods sold for $880 Sales Tax of 20% is to be charged on Sales

Q: Sunland Auto Supply does not segregate sales and sales taxes at the time of sale. The register total…

A: Solution  1: Sales = Total amount / 110% = 55000 / 110%  = $50000 Sales tax payable = sales * 10%  =…

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: Greenspan Supply does not segregate sales and sales taxes at the time of sale. The register total…

A: Workings: Greenspan supply can segregate the sales and sales tax payable by computing the sales tax…

Q: Greenspan Supply does not segregate sales and sales taxes at the time of sale. The register total…

A: Sales tax payable=Sales×Tax rate

Q: Royal Gift Shop sells cards, supplies, and various holiday greeting cards. Sales to retail customers…

A: 1. Recording of Journals : Date Account Title Debit Credit 01 February 2019 Accounts Receivable…

Q: Salam Company has total receipts for the month of $16,170 including sales taxes. If the sales tax…

A: Sale tax means that tax levied by government on the sale or purchase of goods. Sale revenue means…

Q: isaac co.sells merchandise on credit to sonar co. in the amount of9,600 the invoice is dated on…

A: Formula: Sales discount amount = Invoice amount x Discount rate

Q: 10% sales tax.

A: Calculate Sales tax Payable as follows: Sales tax  Payable=Sales100+ Taxrate×Tax rate…

Q: A company receives $696, of which $56 is for sales tax. The journal entry to record the sale would…

A: In the journal entry for the sale with sales tax, the cash is debited, sales revenue is credited,…

Q: A retailer sells merchandise for $500 cash on June 30 (cost of merchandise is $300). The retailer…

A: Sales tax collected = Cash sales x sales tax rate = $500 x 7% = $35

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

A:

Q: On October 12, Equipment Incorporated sells $53,000 worth of equipment on account to a credit…

A:

Q: what is the formula of input and output tax? how tp compute? example is this : The transactions for…

A: To calculate input and output tax   Inclusive: Sale value/purchase value* Input/output tax/…

Q: Compute sales taxes payable. Sales taxes payable   $             Make the entry to record sales…

A: Sales Tax:   Sales tax is the tax amount paid by a company to a governing body for the amount 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: BE11-3 Coghlan Auto Supply does not segregate sales and sales taxes at the time of sale. The…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: Monty Company does not segregate sales and sales taxes on its cash register. Its register total for…

A: The sales tax amount can be calculated as total sales minus taxable value of sales

Q: A company receives $444, of which $44 is for sales tax. The journal entry to record the sale would…

A: Journal entry means the entry in prime book with chronological order. Journal entry should have…

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: Douglas Corporation reports it sold merchandise on account for a total of $800,000 for the current…

A: When discounts are being provided to customers, discount expense is recorded with the discount…

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: SA Traders operates as a hardware store and is a registered VAT vendor. The applicable tax rate is…

A: VAT exclusive amount = VAT inclusive amount / ( 1 + VAT rate ) VAT amount = VAT exclusive amount *…

Q: Coghlan Auto Supply does not segregate sales and sales taxes at the time of sale. The register total…

A: Net Sales  = Total sales /(1 + sales tax rate)   = $29,295 / (1+0.05) = $27,900 Sales tax = Total…

Q: urnal book, you can see the TIN of the buyer. It is on the "T

A: VAT refers to the value-added tax imposed by the government on the goods and services at all levels…

Q: Putman Company had cash sales of $75,950 (including taxes) for the month of June. Sales are subject…

A: Cash received  =$75950

Q: Coronado Auto Supply does not segregate sales and sales taxes at the time of sale. The register…

A: 1. Computation of sales tax payable:        Hence, sales tax payable is $3,200

Q: Royal Gift Shop sells cards, supplies, and various holiday greeting cards. Sales to retail customers…

A: A general journal consists of the journal entries passed to record the economic events of the…

Q: Cheyenne Supply does not segregate sales and sales taxes at the time of sale. The register total for…

A: Sales tax is charged on the sales revenue. It is a consumption-based tax imposed by the government.…

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: Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells…

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

Q: A VAT taxpayer had the following sales and purchases during the month: Sales, inclusive of VAT Php…

A: Answer: 7 Regular Customers               Particulars Vat  Amount in Php    Sales Inclusive…

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: Sheffield Auto Supply does not segregate sales and sales taxes at the time of sale. The register…

A: Sales tax: Tax imposed on the goods sold called sales tax.

Q: What are the accounting entries required to record sales on credit of $10,000, on which sales tax is…

A: Lets understand the basics. Journal entry is required to make to record financial event and…

Q: Record the transactions in a general journal.

A: Meaning of sales tax Sales tax is a tax collected by the government. Generally, the seller collect…

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

A: Solution: Sales revenue including sales tax = $256,800 Sales tax rate = 7%

Q: GAS" Company does not segregate sales and sales taxes at the time of sale. The sales register total…

A: Sales and Sales tax both are different, sales is a part of revenue whereas Sales tax is a part of…

Q: Coronado 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 indirect taxes which needs to be paid on sale of goods and services. Some…

Q: Sales revenue for a sporting goods store amounted to $526,000 for the current period. All sales are…

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

Q: The following information relates to Eva Co's sales tax for the month of March 20X3: $ Sales…

A: We have the following information: Sales (including sales tax): $109,250 Purchases (net of sales…