Pronghorn Delights is a corporation that sells breakfast cereal. Based on the accounts listed below, what are Pronghorn's total trade receivables? Income tax refund due Advance due to the company from the company president 3-month note due from Pronghorn's main customer interest due this month on the above note Due and unpaid from this month's sales Due and unpaid from last month's sales $370 200 1570 150 9730 1000

Pronghorn Delights is a corporation that sells breakfast cereal. Based on the accounts listed below, what are Pronghorn's total trade receivables? Income tax refund due Advance due to the company from the company president 3-month note due from Pronghorn's main customer interest due this month on the above note Due and unpaid from this month's sales Due and unpaid from last month's sales $370 200 1570 150 9730 1000

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

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $390,000. During 2021, Halifax sold merchandise on account for $12,400,000. Halifax's merchandise costs it 65% of merchandise selling price. Also during the year, customers returned $368,000 in sales for credit, with $203,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year. a) Record the year-end adjusting entry for estimated returns. b) Record the adjusting entry for the estimated return of merchandise to inventory. c) What is the amount of the year-end refund liability after the adjusting entry is recorded?
During December, Far West Services makes a $3,600 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. (Note: the sales tax amount is in addition to the credit sale amount.) Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Accounting Question: The following are independent situations: Record the sales transactions and related taxes for each client. Show steps please. 1. Max rang up $14,000 of sales, plus HST of 13%, on it's cash register on April 10. 2. Quince rang up $35,400 of sales, before sales taxes, on its cash register on April 21. The company charges 5% GST and No PST. 3. Jace charges 5% GST and 7% PST on all sales. On April 27, the company collected $23,200 sales in cash plus sales taxes.
Dextra Computing sells merchandise for $16,000 cash on September 30 (cost of merchandise is $11,200). Dextra collects 7% sales tax. Record the entry for the $16,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. View transaction list Journal entry worksheet 1 2 3 Record the cash sales and 7% sales tax. Date September 30 Note: Enter debits before credits. General Journal Debit Credit >
State the accounting entries required if a business made sales on credit of $10,000, on which it must account for sales tax at the rate of 20%.
anhoe Corporation made credit sales of $18,600 which are subject to 7% sales tax. The corporation also made cash sales which taled $24,503 including the 7% sales tax. ) Prepare the entry to record Ivanhoe's credit sales. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before Credit entries.) Account Titles and Explanation Accounts Receivable Debit 18600 Credit
Raney Co is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Raney Co records the sales tax collected in the Sales account. The amount recorded in the Sales account during May was $148,400. What was the amount of sales tax (to the nearest dollar) for May? O $8.726 O $8,400 O $8.904 O $9.438
Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells another cellular phone for $500. Sales tax is computed at 3.5% of the total sale. Prepare journal entries for each sale, including sales tax, and the remittance of all sales tax to the tax board on October 23.
In providing accounting services to small businesses, you encounter the following situations. Sunland Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $6,100 plus GST of $305 and PST of $488. 2. Jennifer Corporation receives its annual property tax bill in the amount of $8,400 on May 31. (i) During the month of March, Ayayai Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,820 for income taxes. (ii) Ayayai's employer portions were $3,254 for CPP and $1,327 for El for the month. 1. 3. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit…
Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $486,000 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $286,740. If an amount box does not require an entry, leave it blank. b. Paid $42,780 to the state sales tax department for taxes collected. If an amount box does not require an entry, leave it blank. Check My Work ▾ Previous Next
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:
Coronado 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. Coronado Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $ 744720.The amount of sales taxes (to the nearest dollar) for May is $ 48720. $ 67263. $ 61656. $ 52131.