Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $251,450 What is the amount of sales taxes (round to nearest dollar) for May? What is the amount of sales taxes payable (round to nearest dollar) to the state for the month of May?

Q: Carla Vista Garage Co. accepts the following forms of payment: Visa, MasterCard, the Carla Vista…

A: Journal entries recording is the initial step of accounting cycle process, under which atleast one…

Q: ng to a summary of the payroll of Scotland Company, $450,000 was sub cial security tax and $500,000…

A: The acronym SUTA stands for State Unemployment Tax which has been deducted for the unemployed…

Q: In performing accounting services for small businesses, you encounter the following situations…

A: In the 2nd point, $19,080 is inclusive of 6% sales tax. So Sales = $19,080 / 106% = $18,000 Sales…

Q: Jack Hammer Company completed the following transactions. The annual accounting period ends December…

A: Accounting Equation: It is also known as a basic accounting equation. It provides the foundation for…

Q: As of January 1 of the current year, Phyllis Company had accounts receivable of $50,000. The sales…

A: A cash budget is an estimation of income and expenditures on the basis of past performance or…

Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…

A: Journal entries are used to record all the financial transactions. It helps to know the financial…

Q: Hoyt Company provides this information for the month of November, 2022: sales on credit $170,000;…

A: An income statement (partial) is a financial statement that shows a company's revenues and expenses…

Q: On April 15 LA Fashion purchased $15,000 of inventory on account. The shirts were purchased on the…

A: Solution 2.5: Journal entry to recognize payment on 20 April is as und

Q: Sunbridge Stores prints a coupon on the bottom of all its May sales receipts for $3 off the…

A: Companies offer sales coupons to increase their future sales. The coupon comes with cash discount on…

Q: Kimber Sales offers warranties on all their electronic goods. Warranty expense is estimated at 3.5%…

A: Journal entries are the entries to be recorded in the general journal of the company's books for all…

Q: Bargain Surplus made cash sales during the month of October of $475,000. The sales are subject to a…

A: Journal - The primary books of accounts in which transactions are first recorded in chronological…

Q: In providing accounting services to small businesses, you encounter the following situations. 1.…

A: Journalizing is one of the most important and basic processes in the accounting cycle. In this…

Q: Doll Company is selling sounds and lights equipment. The company's fiscal year ends on March 31. The…

A: Bond Amortization Amortization of bond which are include with whether it is treated in the interest…

Q: Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep…

A: Sales tax is a form of taxation imposed on the sale of goods and services. The tax is imposed by…

Q: Excise and Sales Tax Calculations Fulton Corporation initially records its sales at amounts that…

A: a. Sales Tax Liability = ($600,000 x 30% x 6%) + ($600,000 x 50% x 6%) = $10,800 + $18,000 = $28,800…

Q: As of January 1 of the current year, Grayson Company had accounts receivable of $40,000. The sales…

A: Credit sales for January = total sales x 80% = $120,000 x 80% = $96,000

Q: Bramble Company does not ring up sales taxes separately on the cash register. Total receipts for…

A: Amount inclusive of tax = $ 36400 Sales tax rate = 4%

Q: Douglas Corporation reports it sold merchandise on account for a total of $800,000 for the current…

A: When discounts are being provided to customers, discount expense is recorded with the discount…

Q: Judon Corp. provides the following information from its annual report. Assume all revenues are…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: Record the transactions in the sales journal, cash receipts journal, and general journal. Total the…

A: All the financial transactions are recorded to the journal in order to make financial records up to…

Q: LaRoe Lawns’ inventory increased during the year by $5.9 million. Its accounts payable increased by…

A: Formula,  Merchandise purchase         = (Cost of goods sold + Increase in inventory)   Cash paid…

Q: Cold Stone, an ice cream store in central Illinois, sells several varieties of popular ice creams in…

A: The Cash-to-Cash Cycle (CCC) is a measure of the time it takes for a company to convert its…

Q: Judon Corp. provides the following information from its annual report. Assume all revenues are…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Decimal Corporation is a monthly depositor whose December federal taxes are displayed below. Record…

A: The federal income tax is a tax on annual earnings for individuals, businesses, and other legal…

Q: GAS" Company does not segregate sales and sales taxes at the time of sale. The sales register total…

A: Sales and Sales tax both are different, sales is a part of revenue whereas Sales tax is a part of…

Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…

A: Journal entries are made to record the transactions as the first process in the books of accounts…