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.
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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.
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- 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.
- Last month the sweet tooth candy shop had total sales including sales tax of 61,889.  The stores are located in a state that has a sales tax of 6 1/2%.  Round your answer to the nearest cent. A- as the accountant for the sweet tooth calculate the amount of sales revenue in dollars for the Shoppes last month? B-as the accountant for the sweet tooth, calculate the amount of sales tax in dollars that must be sent to the state department of revenue?AshvinbhaiYesterday Estate Jewelers had total sales, including sales tax, of $16,502.50. The store is located in a state that has a sales tax of . the accountant for the 6 3/4% store , calculate : the anount of sales revenue and the amount of sales tax that must be sent to the state department of revenue
- S operates in a business environment with a 6% state sales tax rate and a 4% county sales tax rate. The state allows S to keep 2% of the state sales tax it collects while the county requires S to remit 99% of the county sales tax it collects. During June, S recorded the sales taxes in its sales revenue account. S’s sales revenue account for June had a credit balance of $1,650,000. S prepares AJEs monthly. Assume S remits the June sales taxes to the state and the county on July 10. Prepare the entries S made (1) as of 06-30 to reflect the sales tax it will remit to the state and to the county and (2) on 07-10 to reflect the payment to the state and to the county.Kevin Company operates a retail store. All items are sold subject to a 12% value added tax which the entity collects and records as sales revenue. The entity files quarterly sales tax returns when due by the 20th day following the end of the sales quarter. However, in accordance with state requirements, the entity remits value added tax collected by the 20th day of the month following any month if such collections exceed P100,000. The entity takes these payments as credits on the quarterly sales tax return. The value added taxes paid are charged against sales revenue. Following is a monthly summary appearing in the first quarter of 2021 sales revenue account: October November December Debit a. $180,000 b. $216,000 120,000 On December 31, 2021, the amount to be reported as valued added taxes payable is: C. $300,000 d. P336,000 Credit $1,120,000 784,000 896,000A summary of the transactions of Ramstage Co, which is registered for sales tax at 15% showed the following for the month of August 20X9. Outputs $60000(exclusive of sales tax) Inputs $46000(inclusive of sales tax) At the beginning of the period Ramstage Co owed $3400 to the government tax authority,and during the period $2600 was paid to the tax authority. What was the amount owed to the government tax authorities at the end of the accounting period?
- Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 7 percent. Vail engaged in the following transactions during the year. Sales tax of 7 percent is collected on all sales. 1. Book sales, not including sales tax, for the year amounted to $273,000 cash. 2. Cash sales of miscellaneous items for the year were $151,000, not including tax. 3. Cost of goods sold was $211,000 for the year. 4. Paid $132,000 in operating expenses for the year. 5. Paid the sales tax collected to the state agency. Required a. What is the total amount of sales tax Vail Book Mart collected and paid for the year? b. What is the Vail Book Mart's net income for the year? a. Sales tax collected b. Net incomeVail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 percent. Vail engaged in the following transactions during the year. Sales tax of 8 percent is collected on all sales. Book sales, not including sales tax, for the year amounted to $250,000 cash. Cash sales of miscellaneous items for the year were $85,000, not including tax. Cost of goods sold was $190,000 for the year. Paid $117,000 in operating expenses for the year. Paid the sales tax collected to the state agency. Required What is the total amount of sales tax Vail Book Mart collected and paid for the year? What is the Vail Book Mart’s net income for the year?Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 percent. Vail engaged in the following transactions during the year. Sales tax of 8 percent is collected on all sales. Book sales, not including sales tax, for the year amounted to $278,000 cash. Cash sales of miscellaneous items for the year were $150,000, not including tax. Cost of goods sold was $208,000 for the year. Paid $132,000 in operating expenses for the year. Paid the sales tax collected to the state agency. What is the total amount of sales tax Vail Book Mart collected and paid for the year? What is the Vail Book Mart’s net income for the year?
