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. (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. %24
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- Following is a trial balance prepared just before you were hired. Two accounts are missing, and the amount for Sales is off. Here are a few facts to consider. Our business is in a state that collects sales tax. I ran some totals, and we collected 1,800 in sales tax. Customers returned 900 in goods, which would reduce the above sales tax by 70. Our books need to reflect these events. The former accounting clerk said that she recorded everythingsomewhere. She said that she may have credited the 1,800 sales tax to Sales and not to Sales Tax Payable. And she looked confused when Sales Returns and Allowances was mentioned. She asked, Why not just debit Sales? Determine the two missing accounts and correct the accounts that are off. 1. Think about where these amounts might have been put, think about what accounts are missing, and use T accounts to solve the problems. 2. Prepare a corrected trial balance.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.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.
- 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. $Sly's Salon has total receipts for the month of $9,275 including sales taxes. If the sales tax rate is 6%, what are Sly's sales for the month? Select one: a. $8,719 b. $8,750 C It cannot be determined. d. $9,832ASK 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
- Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $251,450 What is the amount of sales taxes (round to nearest dollar) for May? What is the amount of sales taxes payable (round to nearest dollar) to the state for the month of May?In providing accounting services to small businesses, you encounter the following situations. Sunland Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $6,100 plus GST of $305 and PST of $488. 2. Jennifer Corporation receives its annual property tax bill in the amount of $8,400 on May 31. (i) During the month of March, Ayayai Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,820 for income taxes. (ii) Ayayai's employer portions were $3,254 for CPP and $1,327 for El for the month. 1. 3. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit…In providing accounting services to small businesses, you encounter the following situations. 1. Grainger Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $5,200 plus GST of $300 and PST of $400. 2. Darby Corporation receives its annual property tax bill in the amount of $8,100 on May 31. 3. (i) During the month of March, Neufeld Corporation’s employees earned gross salaries of $60,400. Withholdings deducted from employee earnings related to these salaries were $2,950 for CPP, $1,068 for EI, $7,780 for income taxes, and $370 for union dues. (ii) Neufeld’s payroll costs for the week were $2,950 for CPP and $1,495 for EI. Prepare the journal entries to record the above transactions. (Round answers to 0 decimal places, e.g. 5,275.) Sr no. Account Titles and Explanation Debit Credit 1. 2. 3…
- During December, Rainey Equipment made a 676,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)Listed below are selected transactions of Ben’s HomeGoods Store for the current year ending December 31, 2022. a) During December, credit card sales totaled $675,000, which includes the 8% sales tax that must be remitted to the state by the fifteenth day of the following month. (At time of sale, the total amount is recorded in Sales.) b) On December 1, the store received $5,000 from the local community theater for the rental of certain furniture to be used in a stage production during December and January. The furniture will be returned on February 1. c) On December 31 the store was notified it will be required to restore the area (considered a land improvement) surrounding one of its parking lots, when the store moves in 5 years. Ben determined it will cost $78,000 in 2027. Ben estimates the fair value of the asset retirement obligation on December 31, 2022 is $61,500. Prepare the necessary journal entries necessary to record the above transactions as they occurred and any adjusting…During December, Far West Services makes a $3,600 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. (Note: the sales tax amount is in addition to the credit sale amount.) Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)