Metro Electronics has sales including sales taxes for the month of $785,200. If the sales tax rate is 8%, what are Metro Electronics' sales for the month? a. $722,407 b. $727,037 c. $785,200 d. $848,016

Metro Electronics has sales including sales taxes for the month of $785,200. If the sales tax rate is 8%, what are Metro Electronics' sales for the month? a. $722,407 b. $727,037 c. $785,200 d. $848,016

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter21: Supply Chains And Working Capital Management

Section: Chapter Questions

Problem 9P: Grunewald Industries sells on terms of 2/10, net 40. Gross sales last year were 4,562,500 and...

See similar textbooks

Related questions

Q: On March 5, 2010, Yamada Dairy Co. decided to replace its outdated pasteurization system with a more…

A: Explanation of Book Value: Book value is the original cost of an asset minus accumulated…

Q: Determine the cost of the patent.

A: Step 1: Definition of Intangible AssetsIntangible assets are non-physical assets that provide…

Q: Please see an attachment for details

A: Here's how to calculate Cedar Corporation's tax liability:Capital Loss Deduction: Corporations can…

Q: What was the taxable income for the year?

A: The answer is (a) $0.Here's the reasoning:Passive Activity Loss Limitations: Closely held…

Q: above business combination.

A: Step 1: Definition of GoodwillGoodwill is an intangible asset that arises when a company acquires…

Q: Noyan Carter's weekly gross earnings for the week ending August 15th were $3,200, and his federal…

A: Calculation of Social Security TaxSocial Security Tax = 6.2% of Goss Earnings…

Q: Step by step answer

A: Concept of Labor Rate Variance (LRV)The Labor Rate Variance (LRV) measures the difference between…

Q: Financial accounting

A: Step 1: Definition of Return on Investment (ROI)Return on Investment (ROI) measures the…

Q: Financial accounting question

A: Step 1: Define Benefit-Cost Ratio (BCR)The Benefit-Cost Ratio (BCR) is a financial metric used to…

Q: What were the equivalent units for conversion costs in the blending department?

A: Explanation of Weighted-Average Method: The weighted-average method is a process costing approach…

Q: How much overhead was applied to work in process?

A: Explanation of Direct Materials: Direct materials are the raw materials that can be directly traced…

Q: Please given step by step explanation general Accounting question

A: Step 1: Define Equity MethodUnder the equity method, the parent company records its investment in…

Q: Please provide answer the following requirements on these financial accounting question

A: Step 1: Definition of Financial RatiosFinancial ratios are quantitative tools used to evaluate a…

Q: Provide Accounting Answer

A: Concept of Return on Equity (ROE)Return on Equity (ROE) is a financial ratio that measures a…

Q: provide correct answer

A: Step 1: Definition of the High-Low MethodThe High-Low Method is an accounting technique used to…

Q: Tutor need your help

A: Gross Profit Margin (GPM) formula:Gross Profit = Revenue × Gross Profit MarginGiven values:Revenue =…

Q: Practice Exercise 201 Further problems on solving simultaneous equations using matrices (answers on…

Q: Provide correct answer general accounting question

A: Step 1:First calculate the change in cash: Change in cash = Ending balance of cash - Beginning…

Q: Provide correct answer general accounting question

A: Step 1: Definition of Variable Cost per UnitVariable cost per unit is the cost that changes in…

Q: Regal Properties (RP) just acquired land and a building for a single sum of $500,000. An independent…

A: Explanation of Lump-Sum Purchase Allocation:A lump-sum purchase allocation occurs when multiple…

Q: General Accounting question

A: Step 1: Define Acid-Test RatioThe Acid-Test Ratio (Quick Ratio) measures a company's ability to pay…

Q: not use ai please enejjrjrhr n re

A: (a) Compute Cost of Goods Sold (COGS) and Ending InventoryStep 1: Given DataBeginning Inventory: 160…

Q: A job cost sheet of Cullumber Company is given below. Job Cost Sheet JOB NO. 469 Quantity 2,500 ITEM…

A: Understanding the Job Cost Sheet CalculationThe job cost sheet consists of three main cost…

Q: i need correct solution this question general accounting

A: Step 1: Define Overhead Allocation for Quality Control InspectionOverhead allocation distributes…

Q: Consider a four-year project with the following information: Initial fixed asset investment =…

A: To determine how sensitive the Operating Cash Flow (OCF) is to changes in quantity sold, we need to…

Q: 2 POINTS

A: Explanation of Credit Terms (3/12, net 40): This is a credit payment arrangement that offers…

Q: Bradley Industries applies manufacturing overhead on the basis of direct labor-hours. At the…

A: Explanation of Predetermined Overhead Rate:The Predetermined Overhead Rate is an estimated rate used…

Q: Provide Right answer

A: To calculate **cash flow to shareholders**, we use the formula: Cash Flow to Shareholders=Dividends…

Q: need help this questions

A: Step 1: Definition of Standard Manufacturing Overhead RateThe Standard Manufacturing Overhead Rate…

Q: Hi expert please help me this question

A: Step 1: Formula Gross profit = Sales - Cost of goods soldGross profit = $52,000,000 -…

Q: What is the amount of Everett's claims of this financial accounting question?

A: Step 1: Definition of Equity (Owner's Claims)Equity (also called owner's claims or shareholder's…

Q: Get correct answer accounting questions

A: Step 1: Definition of Net Income (or Loss)Net income (or loss) is the amount by which a company's…

Q: help me to solve this questions

A: Substituting the values: ROCE = $0.69/$49.00 * 100 ROCE=1.41% Thus, the analysts were forecasting a…

Q: help me solve this questions

A: To solve the problem of computing the Degree of Operating Leverage (DOL) for the project at sales of…

Q: The Blue Jay Corporation has annual sales of $5,200, total debt of $1,500, total equity of $2,800,…

A: Step 1: Given Value for Calculation Annual Sales = s = 5200Total Debt = d = 1500Total Equity = e =…

Q: 2 POINT

A: Given Data:Dividend (D₁) = $2.75Growth rate (g) = 5.5% or 0.055Current stock price (P₀) = $40.50Net…

Q: Do fast answer of this question general Accounting

A: Step 1: Define Annual Ordering CostAnnual Ordering Cost is the total expense incurred for placing…

Q: Cost of goods sold:162000, Accounts receivable:42000

A: Explanation of Estimated Manufacturing Overhead Cost:Estimated manufacturing overhead cost refers to…

Q: provide correct answer

A: To determine the net income reported by Ashley's Accessory Shop for the year, we can use the…

Q: Help

A: a) Conversion Ratio:The conversion ratio is the number of common shares you receive when you convert…

Q: Sheffield corp. is constructing a building. construction began in 2025 and the building was…

A: Step 1: Information related to payments$2,508,000 on 3/1/25 - Outstanding for 10 months…

Q: hi expert please help me

A: Step 1: Definition of Net Income to Net Sales RelationshipThe net income to net sales percentage…

Q: What is the thus option?

A: Step 1: Define Pension LiabilityA pension liability represents the shortfall between a company's…

Q: Hi expert please help me

A: Step 1: Definition of Absorption CostingAbsorption Costing (also called full costing) is a method in…

Q: Financial Accounting 5.8: Firm X and Firm Y have debt-total asset ratios of 40% and 30% and returns…

A: We have two firms, Firm X and Firm Y, and the following financial information:Firm X:Debt-to-Total…

Q: can you please solve this

A: Solution: Finding the Price-to-Earnings (P/E) Ratio To determine the Price-to-Earnings (P/E) ratio…

Q: financial account

A: Formula for Degree of Operating Leverage (DOL):DOL=Operating ProfitContribution Margin where:…

Q: What is the amount of consolidated net income for the year?

A: Explanation of Consolidated Net Income:Consolidated Net Income represents the total earnings of a…

Q: Quick answer of this accounting questions

A: Step 1: Definition of Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) represents…

Q: What is the average inventory ? General Accounting question

A: To find the average inventory, we use the inventory turnover ratio formula:Inventory Turnover Ratio…

Question

Need help with this question solution general accounting

Metro Electronics has sales including sales taxes for the month of $785,200.
If the sales tax rate is 8%, what are Metro Electronics' sales for the month?
a. $722,407
b. $727,037
c. $785,200
d. $848,016

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

solve this account. give short ans
Total sales for Appliance Center were $205,000 for the week. These sales included a 6% sales tax. What were the actual sales? (Round your answer to the nearest cent.) Actual Sales
McDowell Industries sells on terms of 3/10, net 30. Total sales for the year are $912,500; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 40 days after their purchases. What is the day’s sales outstanding? What is the average amount of receivables? What is the percentage cost of trade credit to customers who take the discount? What is the percentage cost of trade credit to customers who do not take the discount and pay in 40 days. What would happen to McDowell’s account receivable if it toughened up on its collection policy with the result that all nondiscount customers paid on the 30th day?
McEwan Industries sells on terms of 3/10, net 35. Total sales for the year are $1,947,000; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 74 days after their purchases. Assume 365 days in year for your calculations. a. What is the days sales outstanding? Round your answer to two decimal places. days b. What is the average amount of receivables? Do not round intermediate calculations. Round your answer to the nearest cent. c. What is the percentage cost of trade credit to customers who take the discount? If your answer is zero, enter zero. Round your answer to two decimal places. d. What is the percentage cost of trade credit to customers who do not take the discount and pay in 74 days? If your answer is zero, enter zero. Do not round intermediate calculations. Round your answers to two decimal places. Nominal cost: Effective cost: % e. What would happen to McEwan's accounts receivable if it toughened up on its collection policy with…
A car salesperson had $85,460 in total monthly sales in September and $74,570 in October. The salesperson earned a total of $3,485 in commission from those sales combined. What is the salesperson's commission as a percent of the total monthly sales? Enter your answer, rounded to the nearest tenth of a percent, in the box. %
Baghiben
Grunewald Industries sells on terms of 1/10, net 40. Gross sales last year were $4,453,000 and accounts receivable averaged $427,000. Half of Grunewald's customers paid on the 10th day and took discounts. What are the nominal and effective costs of trade credit to Grunewald's nondiscount customers? (Hint: Calculate daily sales based on a 365-day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers.) Do not round intermediate calculations. Round your answers to two decimal places.
McEwan Industries sells on terms of 3/10, net 20. Total sales for the year are $971,000; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 90 days after their purchases. Assume 365 days in year for your calculations. What is the days sales outstanding? Round your answer to two decimal places. days What is the average amount of receivables? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the percentage cost of trade credit to customers who take the discount? If your answer is zero, enter zero. Round your answer to two decimal places. % What is the percentage cost of trade credit to customers who do not take the discount and pay in 90 days? If your answer is zero, enter zero. Do not round intermediate calculations. Round your answers to two decimal places. Nominal cost: % Effective cost: % What would happen to McEwan’s accounts receivable if it toughened up on its collection…
Last month the sweet tooth candy shops had total sales including sales tax of $61,889. The stores are located and a state that has a sales tax of six and one half percent round your answer to the nearest cent? A-as the accounting for the sweet tooth, calculate the amount of sales revenue in dollars for the shops last month? (I put 58,111.73 it was wrong) B-as the account for the sweet tooth, calculate the amount of sales tax in dollars that must be sent to the state department of revenue? (I put 3777.27 it was wrong)
What is the firm's average collection period?
A Mikey's sells $119,500 of its accounts receivable to factors at a 1% discount. The firm’s average collection period is one month. What is the dollar cost of the factoring service? Dollar-cost of the factoring service $_________ per month
A customer paid a total of $7700 for a purchase, including 13% HST (Harmonized Sales Tax). How much was the HST? 1. $911 2. $6885 3. $886 4. $7700