Sold 64,400 of merchandise on account , subject to a sales tax of 4%. The cost of the goods sold was 38,240. Paid 38,220 to the state sales tax department for taxes collected
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: For questions 24-25, use the following information; Posner Co. is a retail store operating in a…
A: Hi! Thank you for the question, As per the honor code, we'll answer the first question since the…
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: Venus Corp. sold goods, with a selling price of $18,421, for cash. The state sales tax rate is 8%.…
A:
Q: Gross Profit During the current year, merchandise is sold for $366,100 cash and $1,420,000 on…
A: Gross Profit = Total Sales less Cost of Goods Sold
Q: e current year, merchandise is sold for $135,100 cash and $501,500 on account. The cost of the goods…
A: Gross profit is the profit which is arrived at by deducting cost of goods sold from Total net sales.…
Q: ournalize the entries to record the following selected transactions: (a) Sold $ 2,000 of…
A: Definition: Journal: Journal is the method of recording monetary business transactions in…
Q: 10 Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000.
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Merchandise is sold for cash. The selling price of the merchandise is $5,100 and the sale is subject…
A: Accounting for Sales Tax business is collecting sales tax on behalf of tax authorities, the tax is…
Q: Sales (including sales tax) amounted to $27,612.50, and purchases (excluding sales tax) amounted to…
A: We have the following information: Sales (including sales tax) amounted to $27,612.50 Purchases…
Q: Required: Determine the goods total amount and total taxes paid:
A: Given that: Waleed imported goods amounted 30,000 NIS, and paid 35% of goods cost as landing and…
Q: The following costs were among those incurred by Woodcroft Corporation during 2007: Merchandise…
A: Cost system is the system which is designed to evaluate the monitor the cost incurred by 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: Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts…
A: Sales tax payable = Sales x Sales tax rate = $64,400 x 4% = $2,576
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: Journalize the entries to record the following selected transactions:a. Sold $62,800 of merchandise…
A: a.Journal entry to record Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The…
Q: During the current year, merchandise is sold for $206,200 cash and $430,300 on account. The cost of…
A: The Gross Profit is figured by deducting the Cost of goods sold (COGS) from Total Sales. It is also…
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: Abbey Co. sold merchandise to Gomez Co. on account, $35,000, subject to a sales tax of 5%. The cost…
A: Sales tax payable = Sales x sales tax rate
Q: Redlands Inc. sold inventory for $100 on credit and charged 5% sales tax on the sale. The amount of…
A: Sales Revenue :— It is the income that is earned or received from sale of goods to customer or…
Q: The cost of merchandise sold for Patterson Corporation for a recent year was $8,629 million. The…
A: Total purchases = Cost of goods sold + Ending merchandise Inventory balance - Beginning merchandise…
Q: A sale of merchandise on account for $36,000 is subject to an 8% sales tax. (a) Should the sales tax…
A: a) State whether the sales tax should be recorded at the time of sale or when payment is…
Q: The following information relates to Eva Co's sales tax for the month of March 2015: 2$ 109,250…
A: Sales tax on sales = [Sales / (1 + sales tax rate)] x sales tax rate = [109250/(1+0.15)]*15% =…
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: Journalize the entries to record the following selected transactions: i. Sold $900 of merchandise on…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
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: 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: Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep…
A:
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: 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: Gross Profit During the current year, merchandise is sold for $140,400 cash and $588,600 on…
A: The cash or profit that is still available after production costs are deducted from sales is known…
Q: Swisher Company sold inventory with a selling price of $5,000 to customers for cash.It also…
A: To record Sales Tax received from customer, Debit cash account account Credit sales revenue account…
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: Cost of Goods Sold $ 164,000 Income Tax Expense Merchandise Sales (gross revenue) for Cash 238,000…
A: Formula: Gross profit = ( Gross profit / net sales ) x 100
Q: Putman Company had cash sales of $75,950 (including taxes) for the month of June. Sales are subject…
A: Cash received =$75950
Q: What was the amount of Best Buy’s cost of merchandise sold
A: Cost of merchandise sold indicates the costs involved for the inventory sold by the business in a…
Q: Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts…
A: Sales tax payable = Sales x rate of tax
Q: During the current year, merchandise is sold for $237,500 cash and $625,000 on account. The cost of…
A: Gross profit means sales revenue earned over and above cost of goods that are sold to customers.…
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: A company receives $696, of which $56 is for sales tax. The journal entry to record the sale would…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Record the following selected transactions: a. Sold $900 of merchandise on account, subject to 7%…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
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: 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: Determining Gross Profit During the current year, merchandise is sold for $31,850,000. The cost of…
A: Meaning of Gross Profit Gross profit is refer as the profit of the company which is computed after…
Q: On July 5, Williams Company recorded sales of merchandise inventory on account, $55,000. The sales…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Sold 64,400 of merchandise on account , subject to a sales tax of 4%. The cost of the goods sold was 38,240. Paid 38,220 to the state sales tax department for taxes collected
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Sales tax transactions Journalize the entries to record the following selected transactions:A. Sold $640,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $385,000.B. Paid $61,750 to the state sales tax department for taxes collectedJournalize the entries to record the following selected transactions:a. Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $37,500.b. Paid $39,650 to the state sales tax department for taxes collected.Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $5,100 of merchandise on account, subject to a sales tax of 7%. The cost of merchandise sold was $3,010. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Paid $47,320 to the state sales tax department for taxes collected.
- In its first period of trading a business has charged sales tax of $12,000 on its credit sales and $2,000 on its cash sales. Sales tax suffered on credit purchases is $3,000 and on cash expenses and purchases is $1,500. The amount owed to the government is $______________On July 15, Piper Co. sold $10,000 of merchandise (costing $5,000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions.During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of the goods sold is $848,500. What is the amount of the gross profit
- During December, Far West Services makes a $3,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable.Record the following selected transactions: a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510. b. Paid $436 to the state sales tax department for taxes collected. Required: Journalize the entries. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522…Merchandise is sold for cash. The selling price of the merchandise is $3,800 and the sale is subject to a 8% state sales tax. The journal entry to record the sale would include a credit to a.Cash for $3,800 b.Sales for $3,496 c.Sales for $4,104 d.Sales Tax Payable for $304
