Compute the net income The adjusted trial balance of Norton Company contained thefollowing information. Assume the tax rate is 23.75%.Sales revenue (credit)$422,000Sales returns and allowances (debit) $13,000Sales discounts (debit)Cost of goods sold (debit)Operating expenses (debit)Interest revenue (credit)Interest expense (debit)Compute the net income.$3,000$211,000$110,000$9,200$3,700

Explanation of Sales Revenue:Sales revenue refers to the total amount earned by a company from…

Answered: The adjusted trial balance of Norton…

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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Similar questions

Provide correct net sales
In the quarter ended 31 March 20X2, C had sales taxable outputs, net of sales tax, of $90,000 and taxable inputs, net of sales tax, of $72,000. If the rate of sales tax is 10%, how much sales tax is due? A $1,800 receivable B $2,000 receivable C $1,800 payable D $2,000 payable
Please provide correct answer
On March 25, Osgood Company sold merchandise on account, $4,900, terms n/30. The applicable sales tax percentage is 5%. Required: Record the transaction. Refer to the Chart of Accounts for exact wording of account titles.
At the fiscal year ended June 30, 2020, the following information is available for Shein Company: Cost of goods sold. . .$167,400 Sales returns and allowances... 4,000 Sales revenue. 243,200 Interest expense... 5,000 Operating expenses... 88,700 Shein's net income/(net loss) for the period is Select one: a. Net income of $21,900 O b. Net income of $11,900 O c. Net loss of $11,900 O d. Net loss of $21,900
Sales tax transactions Journalize the entries to record the following selected transactions:A. Sold $640,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $385,000.B. Paid $61,750 to the state sales tax department for taxes collected
On March 25, Osgood Company sold merchandise on account, $4,200 terms n/30. The applicable sales tax percentage is 6%. Record the transaction. If an amount box does not require an entry, leave it blank. Mar. 25
Calculate (A) actual sales and (B) sales tax liability:Total sales: $23,152.81 (includes a 5% tax.) (Round your answers to the nearest cent.) A. Actual sales B. Sales tax liability
Journalize the entries to record the following selected transactions:a. Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $37,500.b. Paid $39,650 to the state sales tax department for taxes collected.
D. The following selected account balances were taken from the records of J. Gucela Company, for the month of January 20B. (VAT of 12% is billed separately). Purchases P100,000 10,000 5,000 80,000 6,000 7,000 Purchase Returns & Allowances Purchase Discounts Sales Sales Returns and Allowances Sales Discounts 3 - Required: 1. Compute the Input Tax 2. Compute the Output Tax 3. Compute the Prepaid Tax 4. Entry to close the Output Tax to Input Tax 5. Where do we show the Prepaid Tax in the Financial Statements?
The company reports the following income statement results: Gross profit $500,000 Interest expense 15,000 Sales discounts 8,000 Net Sales Operating expense Effective tax rate $ $ $ 990,000 365,000 18% Calculate Sales. Calculate Income before Income tax (IBT). Calculate net income. % Calculate the gross profit margin (one decimal place) % Calculate the profit margin (two decimal places)
The balances of certain accounts of Vanessa Corporation on April 30, 20X1, were as follows: Sales Sales returns and allowances $ 216,000 2,600 The firm's net sales are subject to an 6 percent sales tax. Prepare the general journal entry to record payment of the sales tax payable on April 30, 20X1. View transaction list View journal entry worksheet es No Date General Journal 1 April 30, 20X1 Sales Sales tax payable Debit Credit

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