Required informationExercise 9-4A (Algo) Recognizing sales tax payable LO 9-2[The following information applies to the questions displayed below.]The following selected transactions apply to Topeca Supply for November and December Year 1. November was the firstmonth of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until thefollowing month.1. Cash sales for November Year 1 were $65,500 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 $81,500 plus sales tax of 8 percent.Exercise 9-4A (Algo) Part ee. On which financial statement will the sales tax liability appear?The liability is shown on the

Accounting equation indicates that company's total assets are equal to the sum of its liabilities…

Answered: e. On which financial statement will…

Business

Accounting

e. On which financial statement will the sales tax liability appear? The liability is shown on the

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.2.3P: Recording payroll and payroll taxes The following information about the payroll for the week ended...

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Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,144, an amount that includes a 10% excise tax and a 6% state sales tax. a. What amount of revenue is recorded? b. Prepare a general journal entry to record the transaction on the books of Barnes Company. Round all answers to the nearest dollar. a. Amount of recorded revenue $ 0 b. Date Dec.31 Excise Tax Payable Sales Tax Payable General Journal Description 수 $ + To record sale on account subject to excise tax and sales tax. Debit 0 $ 0 0 0 Credit 0 0 0 0
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Excise and Sales Tax CalculationsClifford Company has just billed a customer for $1,100, an amount that includes a eight percent excise tax and a two percent state sales tax. a. What amount of revenue is recorded?b. Prepare a general journal entry to record the transaction on the books of Clifford Company.
Recording sales tax Consider the following transactions of Sapphire Software: Journalize the transactions for the company Ignore cost of goods sold.
1. 2. 3. 4. 5. 6. 7. search Swifty's cash register showed the following totals at the end of the day on March 17: pre-tax sales $56,000, GST $2,800, and PST $3,920. Swifty remitted $49,000 of sales taxes owing from March to the government on April 30. Swifty received its property tax bill for the calendar year for $55,200 on March 31, payable May 31. Swifty recorded no entries pertaining to property tax during the current year prior to the receipt of this bill. Swifty paid its employees for the week of August 15 on August 20. The gross pay was $83,000. The company deducted $4,128 for CPP, $1,312 for El, $6,400 for pension, and $16,020 for income tax from the employees' pay. Swifty recorded the employer portions of CPP and El for the week of August 15 on August 20 for $4,128 and $1,837, respectively. On September 15, all amounts owing for employee income taxes, CPP, and El pertaining to the payroll transactions above were paid. On December 31, Swifty's legal counsel believes that the…
Sales Tax Vaidean Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900). The sales tax law requires Vaidean to collect 5% sales tax on every dollar of merchandise sold. Record the entries for the $6,000 sale and its applicable sales tax. Also record the entry that shows the remittance of the 5% tax on this sale to the state government on October 15.