P13-5 Sales Taxes The Mauldin Company makes sales on which a 5% sales tax is assessed. The following summary trans-actions were made during 2010:1. Sales for cash of $1,665,400, excluding sales taxes2. Sales on credit of $2,820,500, excluding sales taxes3. Sales taxes of $168,220 were paid to the state government during 2010Required1. Prepare journal entries to record the preceding transactions.2. Show how the unpaid sales taxes would be reported on the December 31, 2010 balance sheet of Mauldin.Problems 641P13-6 Payroll and Payroll Taxes Bailey Dry Cleaners has six employees who were paid the following wages during 2010:Frank Johnson$ 27,00018,000Bill LongDuff Morse105,00028,000Laura StewartCindy SharpeMelissa LedbetterTotal26,00020,000$224,000The state allows the company a 1% unemployment compensation merit-rating reduction from the normal rate of 5.4%. Thefederal unemployment rate is 0.8%. The maximum unemployment wages per employee are $7,000 for both the state andthe federal government. Income tax withholdings of 20% are applied to all employees. An 8% E.I.C.A. tax for both employeesand employers is applied to the first $100,000 of each employee's wages.Required1. Calculate the amount of payroll taxes to be paid by Bailey.2. Prepare the journal entries to record the payment of payroll and the payroll tax expense.

“Since you have posted multiple questions, we will provide the solution only to the first question…

P13-5 Sales Taxes The Mauldin Company makes sales on which a 5% sales tax is assessed. The following summary trans- actions were made during 2010: Problems 641 1. Sales for cash of $1,665,400, excluding sales taxes 2. Sales on credit of $2,820,500, excluding sales taxes 3. Sales taxes of $168,220 were paid to the state government during 2010 Required 1. Prepare journal entries to record the preceding transactions. 2. Show how the unpaid sales taxes would be reported on the December 31, 2010 balance sheet of Mauldin.

P13-5 Sales Taxes The Mauldin Company makes sales on which a 5% sales tax is assessed. The following summary trans- actions were made during 2010: Problems 641 1. Sales for cash of $1,665,400, excluding sales taxes 2. Sales on credit of $2,820,500, excluding sales taxes 3. Sales taxes of $168,220 were paid to the state government during 2010 Required 1. Prepare journal entries to record the preceding transactions. 2. Show how the unpaid sales taxes would be reported on the December 31, 2010 balance sheet of Mauldin.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of RO 1,100 (sales tax rate of 5%), the journal entry for this transaction is Select one: O a. Sales Revenue 22,000 Cash 22,000 O b. Cash 23,100 Sales Revenue 22,000 Sales tax payable 1,100 О с. Sales Revenue 23,100 Cash 22,000 Sales tax payable 1,100
The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of RO 1,100 (sales tax rate of 5%), the journal entry for this transaction is Select one: O a. Sales Revenue 22,000 Cash 22,000 O b. Cash 23,100 Sales Revenue 22,000 Sales tax payable 1,100 O C. Sales Revenue 23,100 Cash 22,000 Sales tax payable 1,100 直 0 اكتب هنا ل لبحث
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
Required information Exercise 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 first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following 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 e e. On which financial statement will the sales tax liability appear? The liability is shown on the
NYFG, Inc.I has sales including sales taxes for the month of $742,000. If the sales tax rate is 6%, how much does NYFG owe for sales tax? Select one: O a. $48,000 O b. $42,000 c. $38,260 d. $45,420 e. $44,520
Cheyenne Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,812. All sales are subject to a 6% sales tax. (a1) Compute sales taxes payable. Sales taxes payable $ eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer (a2)
Dillons Corporation made credit sales of $30 000 which are subject to 6% sales tax The corporation also made cash sales which totaled $20.670 including the 6% sales tax Prepare the entry to record Dillons Credit Sales O Accounts Receivable $30.000 Sales $30,000 O Accounts Receivable $30,000 Sales $28.200 Sales tax Payable $1 800 O Accounts Receivable $30,000 Sales $28.200 Cash $1.800 Accounts Receivable $31.800 $30 000 $1 800 Sales Sales tax Payable
Use the following to answer questions 6 – 7 MC, Inc., reported the following amounts at the end of the year: Total sales $888,000 Accounts receivable Sales allowances 60,000 3,500 Allowance for Uncollectible accounts 1,400 Sales discounts 18,000 9,000 Sales returns Determine total contra revenues for $ the company 6. 7. $ Determine net sales for the company
Darmstadt Company sold merchandise for which it received total cash payments of $2,632,200. A 7% sales tax was included in the total cash payments. The proper amount to record as sales would be: A) $2,460,000 B) $2,568,168 C) $2,447,946 D) $2,736,000
ll. Subject :- Accounting
Sales sales revenue for a sporting good store amounted to $539,000 for the correct. All sales are on account and are subject to a sales tax of 11% which of the following would be included in the journal entry to record sales transaction
GAS" Company does not segregate sales and sales taxes at the time of sale. The sales register total for the month of March was $25000. Assume that all sales are subject to a 13% sales tax. Required: Based on the above-given information, answer the following questions: • What amount must be presented as a sales tax expense on the Income statement for the month of March? • What is the amount that must be presented as sales revenue on the income statement for the month of March? If the "GAS" Company did not pay the income tax payable as of 31/3, then the company must present sales tax payable with a value of: