At the end of the first quarter, the accountant for David Fly Fishing Outfitters determines that the total sales tax payable for the quarter is $3,240.50. When the sales tax is paid to the state, the accountant debits Sales Tax Payable and credits Cash for the total amount due.
Q: answer in detail with concept introduction explanation calculation concept introduction steps…
A: 1. Calculate the Cost-to-Retail Ratio (CR%):The cost-to-retail ratio (CR%) is calculated by dividing…
Q: The following standards have been established for a raw material used to make product 084: Standard…
A: Direct Material Variances Material Price Variance = Actual Quantity *…
Q: On February 1, 2020, Stratford issued 8% bonds, dated February 1, with a face amount of $600,000.…
A: To calculate the discount on the bonds payable for February 1, 2020, we need to find the difference…
Q: Aaron income credit, child independent credit lesson 7.2, 7.3 Clarisa unmarried tax with two…
A: Approach to Solving the Question:1. Identify the given information2. Determine the applicable tax…
Q: The following are independent errors made by a company that uses a periodic inventory system:…
A: 1. **Failure to record a purchase of $10,000 inventory on credit:** **Entry:** ``` Dr. Inventory…
Q: Sheffield Company's net income for 2025 is $53,200. The only potentially dilutive securities…
A: Step 1: Use this formula in computing the Diluted earnings per share,Step 2: To answer number 1, the…
Q: Prepare the journal entries to record the following purchase transactions in Sunland Company's…
A: Answer information:DateGeneral JournalDebitCreditMar 12Merchandise Inventory$16,000 Accounts…
Q: None
A: Solution:1)Through FIFODateParticularsPurchasedSoldBalance Number of UnitsUnit CostAmountNumber of…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: Divide the % by 100 to convert to decimal:1.00% / 100 = 0.012.50% / 100 = 0.02511.00% / 100 =…
Q: (1) Use the information below to compute the days in the cash conversion cycle for each company. (2)…
A: The cash conversion cycle (CCC), also called the net operating cycle or cash cycle, is a metric that…
Q: Required information Use the following information for the Exercises below. (Algo) [The following…
A: An income statement that shows the contribution margin after deducting all variable costs from sales…
Q: On 1 April 2015, the company rate of income tax was changed from 35% to 30%. At the previous…
A: Income tax expenditure will go down as a result of the tax rate change.This is the reason why:The…
Q: Manji
A:
Q: Problem 5- The bank statement and relevant portions of Bernie Company's cash records for the month…
A: **Bank Reconciliation Process:**1. **Starting with Bank Statement Balance:** The bank…
Q: Mason Corporation had $1,130,000 in invested assets, sales of $1,283,000, operating income amounting…
A: Step 1:Given:Invested assets = $1,130,000Sales = $1,283,000Operating income = $236,000Desired…
Q: Example 4 - Measurement of Provision ▶ On 1 January 2018, SDN Limited acquired a newly constructed…
A: Breakdown of the Journal Entries:Explanation:The scenario describes SDN Limited's acquisition of an…
Q: A machine costing $212,800 with a four-year life and an estimated $16,000 salvage value is installed…
A: Step 1: Straight-line method Annual depreciation expense = (Cost - Salvage value)/Useful lifeAnnual…
Q: Tasman Products has a Maintenance Department that services equipment in the company's Forming…
A: Explanations: Maintenance Department cost charged to the Forming Department: $590,848Maintenance…
Q: djri33e
A: In the 1990s, several notable events reshaped the landscape of how the United States conducted…
Q: Domestic
A: Master BudgetFlexible budgetFlexible budgetFlexible budget (6,900 units)per unit(5,900 units)(7,900…
Q: Supply Club, Incorporated, sells a variety of paper products, office supplies, and other products…
A: Explanation:Debit Cash and Accounts Receivable for the total sales amount.Credit Sales Revenue for…
Q: Please don't give solution in image format and please explain proper steps by steps and create…
A: The problem involves the determination of the stock price and the effect of dividends on equity and…
Q: REQUIRED Study the information given below and answer the following questions independently: 3.1 Use…
A: Part 2:Explanation:Step 1: Calculate the contribution margin per unit. - Contribution margin per…
Q: KNL and Sons has been offered a loan of K500, 000 at 20% annual interest. They have opted to pay it…
A: Approach to solving the question:Please see attached photos for detailed solutions. Thank you.…
Q: Physical measure allocation and sell or process further Oregon Forests uses a joint process to…
A:
Q: ghfdfg
A: AH = Actual hoursSH = Standard hoursAR = Actual rateSR = Standard rateAQ = Actual quantitySQ =…
Q: Heery
A: The trend percentages calculated for Rotorua Products, Limited's financial data provide a…
Q: None
A: Because political scientist Samuel P. Huntington started the clash of civilizations, "A. Huntington"…
Q: None
A: Referenceshttps://www.investopedia.com/financial-ratios-4689817
Q: Gadubhai
A: Part 2: Explanation:Step 1: Determine the total cumulative taxable gifts made by Casey.Given that…
Q: Lewis Industries owns 600,000 shares of Compton Corporation, which it originally purchased for $8…
A: The reduction in stockholders' equity for Lewis Industries due to the share distribution is…
Q: Dividends were not declared on the preferred shares in 2023 and are in arrears. On September 15,…
A: 1. **Declaration of Preferred Dividends for 2023 and 2024** On September 15, 2024, the board of…
Q: None
A: To calculate the issue price of the bond, we use the present value formula for a bond. The present…
Q: Weaver Chocolate Co. expects to earn $4.00 per share during the current year, its expected dividend…
A: Step 1: Given Value for Calculation Current Earning per share = eps = $4Dividend Payout = dp =…
Q: VN
A: Step 1: **Determine the combined income of Joe and Jessie***Joe's salary : $144,100 *Jessie's crafts…
Q: A6
A: To determine Zhang's tax basis in the stock received in the exchange, we need to follow the rules…
Q: If you invest $13,276.21 and want to receive $82,006.97 at the end of 31 years, at what APR must you…
A: You can use the formula for compound interest to get the percentage of the investment that is…
Q: Sagar
A: Step 1:Computation of the cash flows from the financing activities:Cash flows from financing…
Q: Gadubhai
A: To calculate the total compensation expense for Webber Packing Company for the first week of January…
Q: Be creative. You are a financial accountant for a small business and have been tasked with preparing…
A: Trial Balance:Debit balances are listed on the left side.Credit balances are listed on the right…
Q: F7
A: 1. Direct-Material Variances for Rocky Mountain Camping Equipment (March)A. Standard Camping…
Q: Dinoland Manufacturing shipped consignment inventory of $200,000 to Storing Company on December 1,…
A: Given, Cost of inventory shipped to Storing company on consignment basis = $200,000Cost of inventory…
Q: 4
A: Analyzing the Jet Ski Division's PerformanceDuPont Formula for Return on Investment (ROI):ROI =…
Q: None
A: Using the formula below, you can compute the missing fields in the table, Net Operating Income =…
Q: During its first year of operations, Oriole Corporation had these transactions pertaining to its…
A: Answers: Date TransactionCommon Stock (5/share)Additional Paid-in CapitalCashJan. 10Issued 26,500…
Q: Please do not give solution in image format thanku
A: [The following information applies to the questions displayed below.]Cane Company manufactures two…
Q: Do the payroll math with the 7.25 /hr and also add the 10 Hours Withthis :Hourly Wage: S13.00Hours…
A: Employee: Ava LeeHourly Wage: $13.00Hours Worked: 37Total Earnings: To calculate Ava Lee's total…
Q: Presented below is a partial amortization schedule for a three-year installment note requiring…
A: Part 2: Explanation:1. To find the principal amount of the note, we look at the initial carrying…
Q: Burger Office Equipment produces two types of desks, standard and deluxe. Deluxe desks have oak tops…
A: Part 2: Approach to solving the questionTo solve this linear optimization problem and find the…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: Using the factor table provided, we can find the present value factor for 6 years at 8%…
At the end of the first quarter, the accountant for David Fly Fishing Outfitters determines that the total sales tax payable for the quarter is $3,240.50. When the sales tax is paid to the state, the accountant debits Sales Tax Payable and credits Cash for the total amount due.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. Cash sales for November Year 1 were $65,000, plus sales tax of 10 percent. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. Cash sales for December Year 1 were $79,500, plus sales tax of 10 percent. Requireda. Record the preceding transactions in general journal form.b. Show the effect of the preceding transactions on a horizontal statements model like the one shown next.c. What was the total amount of sales tax paid in Year 1?d. What was the total amount of sales tax collected in Year 1?e. What amount of sales tax expense will be reported on the Year 1 income statement?The following selected transactions apply to Topeca Supply for November and December, Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. Cash sales for November, Year 1 were $64,500 plus sales tax of 9 percent. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. Cash sales for December, Year 1 were $80,000 plus sales tax of 9 percent. What was the total amount of sales tax collected in Year 1? What is the amount of the sales tax liability as of December 31, Year 1?The following selected transactions apply to Topeca Supply for November and December, Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. Cash sales for November, Year 1 were $64,500 plus sales tax of 9 percent. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. Cash sales for December, Year 1 were $80,000 plus sales tax of 9 percent. On which financial statement will the sales tax liability appear?
- The following selected transactions apply to Topeca Supply for November and December, Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. Cash sales for November, Year 1 were $64,500 plus sales tax of 9 percent. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. Cash sales for December, Year 1 were $80,000 plus sales tax of 9 percent. Show the effect of the above transactions on a statements model like the one shown as follows. In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). If an element is not affected by the event, leave the cell blank. What was the total amount of sales tax paid in Year 1?The following selected transactions apply to Topeca Supply for November and December, Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. 1. Cash sales for November, Year 1, were $165,000 plus sales tax of 7 percent. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. 3. Cash sales for December, Year 1, were $180,000 plus sales tax of 7 percent. Required: a. Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). b. What was the total amount of sales tax paid in Year 1? c. What was the total amount of sales tax collected in Year 1?…The following selected transactions apply to topeca supply for november and december year 1. november was the first month operations. sales tax is collected at the time of the sale but is not paid to the state sales tax agency until the following month. 1. cash sales for november year 1 were 64,500 plus sales tax of 8 percent. 2. topeca supply paid the november sales tax to the state agency on december 10, year 1. 3. cash sales for december year 1 were 80,500 plus sales tax of 8 percent. b. what was the total amount of sales tax paid in year 1? c. what was the total amount of sales tax collected in year 1? d. what is the amount of sales tax liability as of december 31, year 1? e. on which of the financial statement will the sales tax liability appear?
- The following selected transactions apply to topeca supply for november and december year 1. november was the first month of operations. sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. 1. cash sales for november year 1 were 64,500 plus sales tax of 8 percent. 2. Topeca supply paid the november sales tax to the state agency on december 10, year 1. 3. cash sales for december year 1 were 80,500 plus sales tax of 8 percent. a. show the effect of the above transactions on a statements model.The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. 1. Cash sales for November Year 1 were $65,500, plus sales tax of 7 percent. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. 3. Cash sales for December Year 1 were $83,500, plus sales tax of 7 percent.all I need is D
- Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $3,500 of cash sales that are subject to an 10% sales tax, what is the journal entry to record the cash sales?Cantrell co. is required by law to collect and remit sale taxes to the state. if Cantrell has 3,500 of cash sales that are subject to an 10% sales tax, what is the journal entry to record the cash sales ?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.