A farmer sold the following goods in March: 00020 sacks rice45,00090,000135.000P.100 sacks cornSealee lo in000TotalP.09000,89Determine the gross selling price subject to business tax.РОb. P 45,000c. P 90,000d. P 135,000a.

Indirect taxes are those taxes which are payable on sale of goods and services in the business. VAT,…

Answered: A farmer sold the following goods in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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20X1 Feb. 1 Sold crystal goods to Lovely Kitchens, a wholesale customer. The list price is $3,800, with a 25 percent trade discount. This sale is not subject to sales tax. Issued Invoice 5950 with terms of n/15. 15 Recorded cash sales for the period from February 1 to February 15 of $8,300 plus sales tax of $664. 15 Recorded sales for the period from February 1 to February 15 to customer: using bank credit cards of $11,800 plus sales tax of $944. (Record the 2 percent credit card expense at this time) 16 Received a check from Lovely Kitchens in payment of Invoice 5950 dated February 1. 16 Sold merchandise to customers using American Express for $7,800 plus salEs tax of $624. 17 Sold a set of Roman statues to Beautiful Bedrooms, a wholesale customer. The list price is $7,800, with a 30 percent trade discount. This sale is not subject to sales tax. Issued Invoice 5951 with terms of n/15. 20 Received payment from American Express for the amount billed on February 16, less a 3 percent…
J Gross Sales Sales Return & Allowances Sales Discounts Cost of Merchandise Sold 33,000 O $87,000 O $46,000 100,000 Given the above values, determine Net Sales. O $67,000 10,000 O $54,000 3,000 Need help? Review these concept resources.
If the sales revenue 830 000 ID, - 10 sales returns 12 000 ID , sales allowance and discount 28 000 ID ,the net sales is 709 000 ID . ) 790 000 ID. O 970 000 ID . O :-
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Show Journal entries 3/1/22 Purchased $10,000 merchandise on account. Terms were 2/10, n/30, FOB Shipping Point. Sales taxes were 6% not included in the price. The shipping cost was $100. 3/3/22 Sold $20,000 merchandise to WG Company. Credit terms were 2/10, n/30, FOB Destination. The cost of goods sold was $8,000. Sales tax was 7% not included in the price. Paid $100 to UPS to ship the merchandise to WG Company 3/6/22 Bought back 500 shares of its own common stock at $14 per share from an unsatisfied stockholder 3/10 Collected from WG Company for the above sales.
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A farmer sold the following goods in March: 004le 45,000 90.000 135.000 20 sacks rice 100 sacks corn Saalee lo in 000,29 (00089 Total P .000 Determine the gross selling price subject to business tax. РО b. P 45,000 c. P 90,000 d. P 135,000 a. bart