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- You work for XYZ Ltd. It sells gift cards. For the month of June 2023, total gift card sales were $10,000. 30% of gift cards were used during the month of July. What are the entries in June and July?4. Eunice Kross purchases a lawn chair for $28.00 and a picnic table for $140.00. The sales tax rate is 5%. a. What is the total selling price? b., What is the sales tax? 5.See the attached image for question: The manager of the ice cream shop noticed that 90% of all club members brought along a family member who spent an average of $18 in the shop. The tax on their bill was 5.5%. A, What was the total amount spent by the family members in one year?B, What would each family member have to spend, on average, to generate $5,000 in income before sales tax?C, What would each family member's average bill be with sales tax?
- You buy goods for $3,000 and receive a voucher for $500 off your next purchase within 30 days. Based on historical experience, the vendor estimates that 90% of its customers use these vouchers. How much revenue should the vendor recognize immediately at the time of your original purchase?Harry O'Brien operates Leather Warehouse, a leather shop that sells luggage, handbags, business cases, and other leather goods. During the month of May, the following transactions took place. The applicable sales tax rate is 6%. May 2 Sold merchandise on account to James Koffsky, $250.00, plus sales tax, 9 Sold merchandise on account to Kevin Nolon, $470.00, plus sales tax. 12 James Koffsky returned $40.00 worth of merchandise purchased on May 2 for credit. 18 Sold merchandise on account to Joyce McKay, $110.00, plus sales tax. 19 Sold merchandise on account to Tim Carney, $165.00, plus sales tax. 22 Recelved payment from James Koffsky on account. 26 Joyce McKay was given an allowance of $30.00 when she reported damage In the merchandise purchased May 18. 28 Sold merchandise on account to James Koffsky, $500.00, plus sales tax. 29 Sold merchandise on account to Kevin Nolon, $230.00, plus sales tax. 31 Recelved payment from Joyce McKay on account. 31 Cash sales for the month were…PA2. Stork Enterprises delivers care packages for special occasions. They charge $45 for a smallpackage and $80 for a large package. The sales tax rate is 6%. During the month of May, Stork delivers 38small packages and 22 large packages.A. What is the total tax charged to the customer per small package? What is the overall charge per smallpackage?B. What is the total tax charged to the customer per large package? What is the overall charge per largepackage?C. How much sales tax liability does Stork Enterprises have for the month of May?D. What accounts are used to recognize this tax situation for the month of May?E. When Stork remits payment to the sales tax governing body, what happens to the sales tax liability? PA5. Review the following transactions and prepare any necessary journal entries.A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier,on credit. The terms of the purchase are 4/10, n/50 from the invoice date of July 16.B. On…
- Mai earned a gross weekly income of $464.00 the first week of January. Using a 6.2% FICA Social Security rate and a 1.45% FICA Medicare rate, calculate Mai's FICA tax for this week.Please help me do a general journal for this scenario: Master Flow, LLC sold 100 Units of Plumbing Fixtures to Craftsman Custom Builders at$200 /Unit. Master Flow opened a Trade Account for Craftsman. The terms are 2/10,N30. You do some research with the local industry trade group. Uncollectible accountstypically run a 2% of receivables for the Industry. You discuss this with Scott and youagree to establish an allowance using this guidance.Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $51,889. The stores are located in a state that has a sales tax of 6-%. (Round your answers to the nearest cent.) (a) As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. $4 (b) As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue. $4
- Harry O'Brien operates Leather Warehouse, a leather shop that sells luggage, handbags, business cases, i other leather goods. During the month of May, the following transactions took place. The applicable sales tax rate is 6%. May 2 Sold merchandise on account to James Koffsky, $250.00, plus sales tax. 9 Sold merchandise on account to Kevin Nolon, $470.00, plus sales tax 12 James Koffsky returned $40.00 worth of merchandise purchased on May 2 for credit. 18 Sold merchandise on account to Joyce McKay, $110.00, plus sales tax 19 Sold merchandise on account to Tim Carney. $165.00, plus sales tax. 22 Received payment from James Koffsky on account. 26 Joyce McK ay was given an allowance of $30.00 when she reported damage in the merchandise purchased May 18 28 Sold merchandise on account to James Koffsky, $500.00, plus sales tax 29 Sold merchandise on account to Kevin Nolon, $230.00, plus sales tax. 31 Received payment from Joyce McKay on account. 31 Cash sales for the month were $2,600,…Mike purchases a bicycle costing $152.70. State taxes are 4% and local sales taxes are 2%. The store charges $20 for assembly. What is the total purchase price (in $)? (Round your answer to the nearest cent.)_____Sadia sells car first aid kits by mail order. The cost to her of each kit purchased from the manufacturer is £12.50. Her selling price per kit is £18.25. At the beginning of August 20X1 she has 180 kits in inventory. She sells 250 kits during August 20X1 and has 153 left in inventory at the end of the month. What is Sadia’s gross profit for the month of August 20X1? A. £1 437.50 B. £4 562.50 C. £1 282.25 D. £2 787.50