During May, Jimmy spent $700 to buy 20 products and sold 4 of them for $60 each. Jimmy should record as an expense for May. A. $1,200 B. $240 C. $700 D. $140
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- On 1 August 20X5, Hans had an opening balance on the sales tax account as $6,360 credit. During the month, he makes sales gross of tax of $51,040 and purchases net of tax of $60,830. The sales tax rate is 10%. What is the balance on the sales tax account as at 1 September 20X5? A. $4,363 Dr B. $5,381 Cr C. $4,917 Cr D. $4,827 Dr37- Ahmed purchased a product for RO 720 on September 5th. The terms of payment are 5/8, n/30. How much did he pay if the bill is paid on September 15th. a. RO 720 b. RO 698 c. RO 684 d. RO 7286. Darlene Jaworski purchases an $84.00 calculator, a gold chain for $42.50, and a book for $13.80. The sales tax rate is 5.5%. What is the sales tax? 7. Clinton Horvath purchases a $147.50 tool set and a tool box for $27.55. The sales X rate is ax on Clinton's purchases? 8 Isabel Marau cight snark nlugn ot
- 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?A seller of goods has the following details of sales and collection during the month: Receivables, beginning P 500,000.00 Gross sales 700,000.00 Less: Collection 450,000.00 Receivables, end P 750,000.00 1. What is the amount subject to business tax? 2. Determine the amount subject to business tax if the taxpayer is a seller of services.Stella sells shoes for a retail store and receives wages of $1875 per month plus 4% commission on all her sales. What were her sales in a month in which she received a total pay of $1953 ?
- Molly receives 1.6% of eBay sales plus $1.65 for each item she lists through her eBay listing service. In June she listed 366 items that sold for a total of $17,905. What were her gross earnings?3. Teresa Lucas purchases a $349.50 color TV set. The sales tax rate is 5%. What is the sales tax? 4. Eunice Kross nu The S140.00. rohoses a lawn 28,00 and a picnic tabIC TON tax rate iS 7o. a. What is price?Mrs. Smith is buying a new refrigerator for $1899 at Sears. There is 7.25% sales tax added to her purchase. She plans to charge this to her Sears credit card, which earns 18.9% APR. She wants to pay $225 per month to the credit card. Fill in the first 2 lines of the amortization table. Month Balance Interest Amt. Applied to Principal New Balance 1 $192.92 2 $29.04 $1647.80
- Jan. 1 Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10, n/30. The cost of the merchandise was $3,750. Assume that Geeslin uses the net method to record sales discounts. 8 Raymond returned $500 of themerchandise to Geeslin. The cost of the merchandise returned was $375. 10 Raymond paid invoices totaling $3,000 to Geeslin for the merchandise purchased on January 1. 30 Raymond paid Geeslin the balance due. Required: For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare the journal entries to record these transactions on the books of Raymond. Jan. 1 (Purchased inventory on credit) Jan. 8 (Returned merchandise) Jan. 10 (Recorded payment within discount period) Jan. 30 (Recorded payment outside of discount period) O O D00 O1. Xavier opens up a lemonade stand for two hours. He spends $10 for ingredients and sells $60 worth of lemonade. In the same two hours, he could have mowed his neighbor's lawn for $40. Xavier has an accounting profit of and an economic profit of a. $50, $10 b. $90, $50 c. $10, $50 d. $50, $902. Sales slip for Judy Henry. Blender for $109.50. Canister set for $39.95. Sales tax rate of 4.5%. What is the total purchase price?
