Required informationM10-2 (Algo) Recording Sales and State Tax [LO 10-2][The following information applies to the questions displayed below.]Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfatherclock for $13,000 cash plus 5 percent sales tax. The clock had originally cost GCI $9,000. Assume GCI uses a perpetualinventory system.M10-2 (Algo) Part 11. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or stockholders equitywith a minus sign.)CashInventoryAssets13,650(9,000)=LiabilitiesSales Tax PayableStockholders' Equity650++

Assets = Liabilities + Stockholders' EquityCash 13,000+50=13,650 = Sales Tax Payable13,000*0.05=650…

Answered: Required information M10-2 (Algo)…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $11,000 cash plus 4 percent sales tax. The clock had originally cost GCI $7,000. Assume GCI uses a perpetual inventory system. Saved 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign.) Assets Liabilities ++ Stockholders' Equity
K110.
From the data: May 2 - On sale to the public Purchase price, VAT not included P400,000 Selling price, VAT not included P900,000 May 9 - On sale to the Government Purchase price, VAT not included P200,000 Selling priceq P600,000 How much was the vat payable at the end of May? How much was the final value-added tax of May?
Required information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $50,000 from the issue of common stock. 2. Purchased merchandise inventory of $175,000 on account. 3. Sold merchandise for $206,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $131,500. 4. Provided a six-month warranty on the merchandise sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales. 5. Paid the sales tax to the state agency on $156,500 of the sales. 6. On September 1, Year 1, borrowed $20,000 from the local bank. The note had a 5 percent interest rate and matured on March 1, Year 2. 7. Paid $6,000 for warranty repairs during the year. 8. Paid operating expenses of $55,000 for the year. 9. Paid $124,000 of accounts payable. 10. Recorded accrued interest on…
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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-3,840.38
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)
ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject to 12% Php 1,000;000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1,000,000 Sale to government 1,000,000 The following input taxes were passed on by ABC Corps VAT suppliers: Input tax on taxable goods 50-000 Input tax on zero-rated sale 30,000 Input tax on sale of exempt goods 20,000 Input tax on sale to government 40,000 Input tax on depreciable capital goods not attributable to any specific activity 40.000 Total input tax which can be refunded is:
prescribed rate of VAT on the goods is 10% and the retailer sells it to the consumer at the printed price.Save A A manufacturer printed the price of his goods as BD120 per article. He allowed a discount ot 30% to the wholesaler who in his turn allowed a discount of 20% on the printed price to the retailer. It the Require Find the value added tax paid by the wholesaler and the retailer.
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[The following information applies to the questions displayed below.] Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $13,500 cash plus 4 percent sales tax. The clock had originally cost GCI $9,500. Assume GCI uses a perpetual inventory system. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign.) Assets Liabilities + + Stockholders' Equity
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. $3,363.00

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