As the owner of a copy and print shop, you must collect 6 ½ % of the amount of each sale for sales tax. If sales for the month are 48,680, find the combined amount of sales and tax.
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As the owner of a copy and print shop, you must collect 6 ½ % of the amount of each sale for sales tax. If sales for the month are 48,680, find the combined amount of sales and tax.
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- Harry O'Brien operates Leather Warehouse, a leather shop that sells luggage, handbags, business cases, and other leather goods. During the month of May, the following transactions took place. The applicable sales tax rate is 6%. May 2 Sold merchandise on account to James Koffsky, $250.00, plus sales tax, 9 Sold merchandise on account to Kevin Nolon, $470.00, plus sales tax. 12 James Koffsky returned $40.00 worth of merchandise purchased on May 2 for credit. 18 Sold merchandise on account to Joyce McKay, $110.00, plus sales tax. 19 Sold merchandise on account to Tim Carney, $165.00, plus sales tax. 22 Recelved payment from James Koffsky on account. 26 Joyce McKay was given an allowance of $30.00 when she reported damage In the merchandise purchased May 18. 28 Sold merchandise on account to James Koffsky, $500.00, plus sales tax. 29 Sold merchandise on account to Kevin Nolon, $230.00, plus sales tax. 31 Recelved payment from Joyce McKay on account. 31 Cash sales for the month were…7. Clinton Horvath purchases a $147.50 tool set and a tool box for $27.55. The sales tax rate is 6%. What is the sales tax on Clinton's purchases? 8. Isabel Merquez purchases eight snark plugs at $1.6 fo ns of oit at $1. 49 3.79. The sales tax rate is 7%. per o 20 and a. wwhat is the total selling price?Mai earned a gross weekly income of $464.00 the first week of January. Using a 6.2% FICA Social Security rate and a 1.45% FICA Medicare rate, calculate Mai's FICA tax for this week.
- Harry O'Brien operates Leather Warehouse, a leather shop that sells luggage, handbags, business cases, i other leather goods. During the month of May, the following transactions took place. The applicable sales tax rate is 6%. May 2 Sold merchandise on account to James Koffsky, $250.00, plus sales tax. 9 Sold merchandise on account to Kevin Nolon, $470.00, plus sales tax 12 James Koffsky returned $40.00 worth of merchandise purchased on May 2 for credit. 18 Sold merchandise on account to Joyce McKay, $110.00, plus sales tax 19 Sold merchandise on account to Tim Carney. $165.00, plus sales tax. 22 Received payment from James Koffsky on account. 26 Joyce McK ay was given an allowance of $30.00 when she reported damage in the merchandise purchased May 18 28 Sold merchandise on account to James Koffsky, $500.00, plus sales tax 29 Sold merchandise on account to Kevin Nolon, $230.00, plus sales tax. 31 Received payment from Joyce McKay on account. 31 Cash sales for the month were $2,600,…Please answer the followingABC Jewelry sells a $5,000 bracelet and collects 6% sales tax. The company will record: Select one: a. Sales Revenue of $5,000. b. Sales Revenue of $5,000 and Sales Tax Revenue of $300. c. Sales Revenue of $5,300. d. Sales Revenue of $5,000 and Sales Tax Expense of $300.
- Suppose you buy lunch for $17.00 that includes a 8% sales tax. How much did the restaurant charge you for the lunch (excluding any tax) and how much does the restaurant owe for sales tax? (Do not round intermediate calculations. Round the answers to 2 decimal places.) $15.74 for lunch and $1.26 for sales tax. $17.00 for lunch and $1.36 for sales tax. $17.00 for lunch and $1.26 for sales tax. $15.64 for lunch and $1.36 for sales tax.3. Loudoun Trucking purchases 4,750 truck tires. The federal excise tax is $0.13 per tire. Find the amount (in $) of the excise tax for this transaction. $anhoe Corporation made credit sales of $18,600 which are subject to 7% sales tax. The corporation also made cash sales which taled $24,503 including the 7% sales tax. ) Prepare the entry to record Ivanhoe's credit sales. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before Credit entries.) Account Titles and Explanation Accounts Receivable Debit 18600 Credit
- Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells another cellular phone for $500. Sales tax is computed at 3.5% 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 October 23.A VAT taxpayer had the following sales and purchases during the month:Sales, inclusive of VAT Php 336,000Purchases, exclusive of VAT 250,000Compute the gross income under each of the following independent cases:7. The sale is made to regular customers.8. The sale is made by a registrable person.Cobb Baseball Bats sold 45 bats for $50 each, plus an additional state sales tax of 6%. The customer paid cash.Required:Prepare the journal entry to record the sale.
