For 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? 750,000 25. Sales Tax Payable is recorded for how much? 49. 665
For 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? 750,000 25. Sales Tax Payable is recorded for how much? 49. 665
Chapter24: Multistate Corporate Taxation
Section: Chapter Questions
Problem 40P
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Step 1
Hi! Thank you for the question, As per the honor code, we'll answer the first question since the exact one wasn't specified. Please submit a new question by specifying the one you'd like answered in the remaining questions.
The amount that is yet to be received from the customer on the sales made to them is referred to as accounts receivables.
Sales tax is the amount that is charged by the seller from the buyer as a percentage of sales on the price of goods and is collected at the time of sales.
Step 2
24: Total receivables:
Therefore, the total receivables are of $802,500.
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