rchandise, and the total amount is credited to Sales. During January, Sales was credited $318,000. The January 31 adjusting entry to account for a 6% state sales tax would be) Sales 18,000 Sales Taxes Payable 18.000
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 service provider had the following data during the month: Revenue, including VAT…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: PRACTICE PROBLEM Listed below are selected transactions of Scultz Department Store for the current…
A: A balance sheet is a representation of an individual's personal or corporation's financial balances…
Q: During the month of June, Rowling Boutique recorded cash sales of $233,200 and credit sales of…
A:
Q: At the end of March, account balances are: 190 Def. VAT: 20.000 TL. 191 Ded. VAT: 30.000 TL, 391…
A: Tax Payable:- It is the payment which one made on the income earned within the country or from…
Q: How much is the Total Service and Business Income collected?
A: Business Income can be defined as the portion of income over which the tax liability can be applied.…
Q: 8.1 During month of May, UMPI, Inc. had cash sales of $243,624 and credit sales of $153,687, both of…
A: Introduction: A journal entry is the act of recording or keeping track of any monetary or…
Q: Sommers Company billed its customers a total of $1,575,000 for the month of November. The total…
A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…
Q: The following information relates to Eva Co's sales tax for the month of March 20X3: $ 109,250 Sales…
A: We have the following information: Sales (including sales tax): $109,250 Purchases (net of sales…
Q: In January, gross earnings in Sheridan Company were $78,000. The 7.65% FICA tax rate consists of the…
A: FICA : It is a mandatory payroll tax and it includes Medicare tax and social security tax.
Q: The business was started when the company received $48,500 from the issue of common stock.…
A: Prepare an income statement for 2018 as shown below:
Q: At the end of March, account balances are: 190 Def. VAT: 20.000 TL. 191 Ded. VAT: 30.000 TL, 391…
A: VAT:-VAT stands for Value-added tax. It is considered as the consumption tax that is placed on a…
Q: The following information about the payroll for the week ended December 30 was obtained from the…
A: Social Security Tax Payable = Gross salaries x Social security tax rate = $352,000*6% = $21,120…
Q: Compute the gross income
A: sales = 336000 assume VAT @12% VAT = 336000*12%/112% = 36000
Q: VAT Suppliers P400,000 P800,000 P600,000
A: Value Added Tax (VAT): It is a value-added tax placed on products and services at each stage of the…
Q: ABC Pawnshop Corp. reported the ff information in preparation of its quarterly percentage tax…
A: Income Tax - Governments at the federal, state and local levels all impose a tax on the gross income…
Q: The following information about the payroll for the week ended December 30 was obtained from the…
A: Social Security Tax Payable = Gross salaries x Social security tax rate = $352,000*6% = $21,120…
Q: In January, gross earnings in Sheridan Company totaled $60,000. All earnings are subject to 7.65%…
A: Payroll tax is typically described as the tax that would be withheld, imposed, or imposed on the…
Q: In January, gross earnings in Vaughn Company totaled $68,000. All earnings are subject to 7.65% FICA…
A: Payroll Accounting: The process of payroll accounting includes the computation and payment of…
Q: The following information about the payroll for the week ended December 30 was obtained from the…
A: Social Security Tax Payable = Gross salaries x Social security tax rate = $352,000*6% = $21,120…
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: In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the…
A: Net pay: It can be defined as the amount that is being received by the employees for taking home. It…
Q: In January, gross earnings in Swifty Company totaled $96,000. All earnings are subject to 7.65% FICA…
A: FICA Taxes payable = Gross earnings x FICA tax rate = 96,000 x 7.65% = $7,344
Q: The following information relates to Eva Co's sales tax for the month of March 2015: 2$ 109,250…
A: Sales tax on sales = [Sales / (1 + sales tax rate)] x sales tax rate = [109250/(1+0.15)]*15% =…
Q: In January, gross earnings in Bonita Company were $106,000. The 7.65% FICA tax rate consists of the…
A: Formula: Net Pay = Gross pay - all deductions. Deductions are carried out from gross pay derives the…
Q: The following selected transactions apply to Topeca Supply for November and December Year 1.…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…
Q: P10-3A Recording Payroll and Payroll Taxes Beaumon Corporation had the following payroll for…
A: 2. Prepare the journal entry to record the payment of net payroll:
Q: M Co., a VAT taxpayer, had the following data, VAT not included, in each of:…
A: Value Added Tax: It is an indirect tax charged on goods and services for value added at every…
Q: Radio Station DWLAA has an annual gross receipts ranging from 4,000,000 to 5,000,000. During the…
A: In this question, we will find the VAT payable under the VAT system.
Q: Bramble Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions…
A: Adjusting journal entry on 31 December:- Date Account Titles and Explanation Debit Credit Dec…
Q: The following selected transactions apply to topeca supply for november and december year 1.…
A: Prepare statement model to reflect the effect of the transactions:Event 1: To record the cash sales…
Q: The following information about the payroll for the week ended December 30 was obtained from the…
A: Social Security Tax Payable = Gross salaries x Social security tax rate = $352,000*6% = $21,120…
Q: Matrix Corporation estimated at the beginning of 20-- that its income tax for the year would be…
A: Income tax for the year = $ 140,000 1) Calculation of Income tax payment per quarter…
Q: NYFG, Inc.I has sales including sales taxes for the month of $742,000. If the sales tax rate is 6%,…
A: Sales tax is charged on the sales revenue. It is a consumption-based tax imposed by the government.…
Q: 2015 Jan. 9 Purchased computer equipment at a cost of $9,000, signing a six-month, 7% note payable…
A: Journal entries: (No narrations given to the journal entries as mentioned in question) Date…
Q: Entries for Payroll and Payroll Taxes The following information about the peyroil for the week ended…
A: In this question, we have been given information related to the Payroll role, and on the basis of…
Q: Shields Company is preparing its interim report for the first quarter ending March 31. The following…
A: The amount that will be reported in the first quarter =( $800000 + $350000 +$260000)/4 = $352500
Q: During December, Rainey Equipment made a $600,000 credit sale. The state sales tax rate is 6% and…
A: Liabilities: Liabilities are the obligations of the business to pay the creditors and others,…
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: The following transactions of Plymouth Pharmacies occurred during 2017 and 2018: 2017 Jan. 9…
A: Journal entries: It is prepared to record the financial and non financial transaction of the…
Q: Mr. Masipag had annual gross receipts not exceeding P100,000. During the month, he made the…
A: Under current tax regulations, marginal income earners are self-employed individuals deriving gross…
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: The business was started when the co Purchased equipment inventory of $17 Sold equipment for…
A: Financial Statements shows the financial position, income and cash flows of the entity.
Q: During month of May, UMPI, Inc. had cash sales of $243,624 and credit sales of $153,687, both of…
A: Introduction:- UMPI, Inc. had cash sales of $243,624 credit sales of $153,687 Total sales is…
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): $109,250 Purchases (net of sales…
Q: s regi Complete the journal entry for the sales. sales. sales taX at a 107o rate. Account Debit…
A: 10. Journal Entry Date Particulars LF Debit ($) Credit ($) xxx Sales 436.36 Sales…
Q: Required information (The following information applies to the questions displayed below) The…
A: Sales tax: Sales tax is one type of indirect tax that needs to pay on selling goods or rendering…
Q: During the month of June, Rowling Boutique recorded cash sales of $233,200 and credit sales of…
A: Journal entry is a record of financial transaction in the books of accounts by an organization. It…
Step by step
Solved in 4 steps with 1 images
- Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of sale, Smith includes the combined amount of both sales and sales tax in the sales account. At the end of May, Smiths sales account for May has a credit balance of 540,000. Prepare the sales tax adjusting journal entry for the end of May.Monster Drinks sells twenty-four cases of beverages on October 18 for $120 per case. On October 25, Monster sells another thirty-five cases for $140 per case. Sales tax is computed at 4% of the total sale. Prepare journal entries for each sale, including sales tax, and the remittance of all sales tax to the tax board on November 5.8.1 During month of May, UMPI, Inc. had cash sales of $243,624 and credit sales of $153,687, both of which include Maine sales tax of 5.5% that must be remitted to the state by June 15th. Note that UMPI did not segregate the sales tax from the sales when made during the month. They just record the full amount as sales revenue. Prepare the adjusting journal entry to fairly present the May 31 financial statements. 8.2 The payroll of UMPI, Inc. for May 31 is as follows: The total payroll was $150,000. None of the individual wages was greater than $132,900 (social security maximum threshold for 2019). Income taxes withheld from employees totaled $37,500 and union dues withheld was $4,000. Assume FICA tax is 7.65% on employee’s wages (6.2% Social Security & 1.45% Medicare tax). Calculate Unemployment tax - .6% FUTA and 5.4% SUTA taxes. No employees have reached the $7,000 maximum wage threshold. A. Prepare the necessary journal entries for the wages paid on May 31 Prepare the…
- Cheyenne Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,812. All sales are subject to a 6% sales tax. (a1) Compute sales taxes payable. Sales taxes payable $ eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer (a2)D. The following selected account balances were taken from the records of J. Gucela Company, for the month of January 20B. (VAT of 12% is billed separately). Purchases P100,000 10,000 5,000 80,000 6,000 7,000 Purchase Returns & Allowances Purchase Discounts Sales Sales Returns and Allowances Sales Discounts 3 - Required: 1. Compute the Input Tax 2. Compute the Output Tax 3. Compute the Prepaid Tax 4. Entry to close the Output Tax to Input Tax 5. Where do we show the Prepaid Tax in the Financial Statements?Novak Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $11,232. All sales are subject to a 4% sales tax. Compute sales taxes payable Sales taxes payable $
- Dextra Computing sells merchandise for $16,000 cash on September 30 (cost of merchandise is $11,200). Dextra collects 7% sales tax. Record the entry for the $16,000 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. View transaction list Journal entry worksheet 1 2 3 Record the cash sales and 7% sales tax. Date September 30 Note: Enter debits before credits. General Journal Debit Credit >Bramble Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $23,100. All sales are subject to a 10% sales tax. (a1) Compute sales taxes payable. Sales taxes payable $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.
- Savango Auto Supply does not segregate sales and sales taxes at the time of sale. Theregister total for March 16 is $15,540. All sales are subject to a 5% sales tax. Compute sales taxespayable, and make the entry to record sales taxes payable and sales.Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900). Dextra collects 5% sales tax, Record the entry for the $6,000 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. View transaction list Journal entry worksheet 1 Record the cash sales and 5% sales tax. nces Note: Enter debits before credits. Date General Journal Debit Credit Sep 30 8:47 PM 3/27/2022 F6 F8 F9 F10 Insert Prt Sc F11 F12 Fn LockA seller of goods had the following details of sales and collection during the month: Receivables, beginning P 200,000.00 Gross sales 400,000.00 Less: Collection 500,000.00 Receivables, end P 100,000.00 1. What is the amount subject to business tax? a. P500,000 b. P400,000 c. P300,000 d. P200,000 2. In the immediately preceding problem, determine the amount subject to business tax if the taxpayer is a seller of services. a. P500,000 b. P400,000 c. P300,000 d. P200,000