Coastal Electronics sold a television for $1,800 subject to an 8% sales tax. The entry in the general journal will include a credit to Sales Tax Payable for:
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- Coronado Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Coronado Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $ 744720.The amount of sales taxes (to the nearest dollar) for May is $ 48720. $ 67263. $ 61656. $ 52131.Raney Co is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Raney Co records the sales tax collected in the Sales account. The amount recorded in the Sales account during May was $148,400. What was the amount of sales tax (to the nearest dollar) for May? O $8.726 O $8,400 O $8.904 O $9.438Waterway Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Waterway Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $750070. The amount of sales taxes payable (to the nearest dollar) to the state for the month of May is O $62012. O $48089. O $51457. O $37445.
- Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $754,350. The amount of sales taxes (to the nearest dollar) for May is: O $62,286. O $49,350. O $67,893. O $52,806.Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $251,450 What is the amount of sales taxes (round to nearest dollar) for May? What is the amount of sales taxes payable (round to nearest dollar) to the state for the month of May?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.
- 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.Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $256,800. 5. The amount of sales taxes (to the nearest dollar) for May is a. $10,762. b. $16,450. c. $12,631. d. $16,800.Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $251,450. The amount of sales taxes payable (to the nearest dollar) to the state for the month of May is S12,573. b. S16.121. S20,762, d. a. C. S17,250
- The entry in the generalFor questions 24-25, use the following information; Posner Co. is a retail store operating in a state with a 7% retail sales tax. Posner made credit sales of $750,000 which are subject to 7% sales tax, 24. Total receivables were recorded for how much? 750,o00 25. Sales Tax Payable is recorded for how much? 49. o65 For questions 26 & 27, use the following information: ABD Company pays a weekly payroll of $285,000 that includes federal taxes withheld of $38,100, FICA taxes withheld of $23,670, and 401(k) withholdings of $27,000. (Although not required, preparing journal entries may help you answer questions 26 & 27) 26. What is the effect of assets from the transaction(s)? • TWO ANSWERS REQUIRED - (Increase of decrease and $ how much) 27. What is the effect of liabilities from the transaction(s)? TWO ANSWERS REQUIRED - (Increase or decrease and $ how much)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.
