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.
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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.
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- Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $3,500 of cash sales that are subject to an 10% sales tax, what is the journal entry to record the cash sales?Cantrell co. is required by law to collect and remit sale taxes to the state. if Cantrell has 3,500 of cash sales that are subject to an 10% sales tax, what is the journal entry to record the cash sales ?Federal Aviation purchases 16,600 gallons of aviation fuel. The federal excise tax is $0.16 per gallon. Find the amount of the excise tax for this transaction. (Round your answer to the nearest cent if necessary) a. $1,073.50 b. $2,566.00 c. $2,560.00 d. $1,037.50
- A trucking company buys 22,275 gallons of gasoline. The federal excise tax is $0.165 per gallon find the amount of excise tax due. Round your answer to the nearest cent. Answer key A-3,180.38 B-3,658.88 C-3,675.38 D-3,840.38Find the tax owed on a purchase of $183.11 if the state sales tax rate is 6%.Garner's Antique Hot Rods recently sold a 1957 Chevy for $75,000 on account. The state sales tax is 6%, and there is a $500-per-car federal excise tax. Required: Hide Prepare the journal entry to record the sale. If an amount box does not require an entry, leave it blank. (Record sale)
- Federal Aviation purchases 17,700 gallons of aviation fuel. The federal excise tax is $0.19 per gallon. Find the amount of the excise tax for this transaction. (Round your answer to the nearest cent.) A. $1,681.50 B. $1,710.00 C. $3,230.00 D. $3,363.00Barron, Inc. sold goods for $888, 500 on account. The company operates in a state that imposes a 12% sales tax. What is the amount of the sales tax payable to the state? A. $53,310 B. $26,655 C. $106, 620 D. $213, 240Spiros purchases a Rolex watch costing $10,200. State taxes are 5.5% and the federal excise tax is 12%. What is the total purchase price? (Round your answer to the nearest cent.) $10,761.00 $10,773.03 $11,424.00 $11,985.00
- Yang Company sold merchandise for $4,000. The event is subject to a state sales tax of 9%. Based on this information, Yang would be required to Multiple Choice Recognize sales tax liability of $360. Recognize sales revenue on $4,360. Recognize sales tax expense of $360. Recognize sales revenue of $3,640.Sneasler Company appropriately withholds 9.75% on all of its sales transactions. During the period, it sells $10,000 of goods. The journal entry to remit the sales tax to the tax authorities will include a: Group of answer choices Debit to sales tax payable Credit to sales tax payable Credit to sales revenue Debit to cashAt the end of the first quarter, the accountant for David Fly Fishing Outfitters determines that the total sales tax payable for the quarter is $3,240.50. When the sales tax is paid to the state, the accountant debits Sales Tax Payable and credits Cash for the total amount due.