The company has no beginning inventory . Value Added Tax ( VAT ) is 18 % .  5 March : Purchased on account TL 14.000 merchandise inventory + VAT .  12 March : Sold on account merchandise for TL 8.000 + VAT .  Cost of the merchandise sold was TL 4.000 .   Required :  A ) How much is the VAT Deductible ?  B ) How much is the VAT Received ?  C ) How much should be the VAT payment to the Tax Office on April 26 ?

Q: During the current year, merchandise is sold for $53,640 cash and for $82,660 on account. The cost…

A: Gross profit represent the excess amount of revenue over the cost of merchandise sold.

Q: 8.A company has cost of goods available for sale of $250,000, sales of $305,000, and a gross profit…

A: "As per guidelines, we will solve first question for you. If you want any specific question to be…

Q: Ans.

A: Explanation of Income Statement:An income statement, also known as a profit and loss statement,…

Q: rchandise, and the total amount is credited to Sales. During January, Sales was credited $318,000.…

A: Adjustment entry is required to be passed at the end of the period to properly provide for the…

Q: Merchandise costing $668 is sold for $1,230 on terms 2/10, n/30. If the buyer pays within the…

A:

Q: A corporation which uses a perpetual inventory system. The company purchased $5000 of merchandise on…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: The entry to record a sale on account of merchandise of $300 subject to sales tax of 6% includes a…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: On August 5, Oriole Ltd. sells goods for $1530 and the cost to Oriole was $700. Oriole expects a…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Inventory was sold on account for $48,375 which includes 7.5% sales tax. The goods were held in…

A: Lets understand the basics.Journal entry is required to record event and transaction in books of…

Q: On June 1, Sabrex Electric bought $7,500 of goods with terms of 3/15, n/45. Required: Fill in the…

A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…

Q: c. Sold goods for $5,670, on account, which includes 6.5% sales tax. The company employes a gross…

A: In the first scenario, the seller records the sale of goods on account, including sales tax. The…

Q: During the current year, merchandise is sold for $56,600 cash and for $87,400 on account. The cost…

A: Gross profit: Difference between the sales and the cost of goods sold is called gross profit. Gross…

Q: What is the amount of the GP?

A: Explanation of Gross Profit: Gross profit is the amount of money a company makes from its sales…

Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: During the current year, merchandise is sold for $56,800 cash and for $85,600 on account. The cost…

A: Gross profit is the difference between sales revenue and cost of goods sold. The cost of goods sold…

Q: Sales Tax A sale of merchandise on account for $17,400 is subject to a 7% sales tax. (a)  Should the…

A: Sales tax should be recorded at the time of sale.

Q: During the current year, merchandise is sold for $21,100 cash and $341,700 on account. The cost of…

A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…

Q: What is the amount of sale for a single price transaction of $16.80 that includes a 6% sales tax?

A: Solution: The amount of sale excluding sales tax is $15.85. The amount of sales tax included in…

Q: On November 21, Uvexe Corporation sold merchandise in the amount of $9, 400 to Clarkson Corporation,…

A: A perpetual inventory system is used to track the flow of inventory in real time through a business,…

Q: What is the total cost of an item that is priced $12.50 and is subject to 6% sales tax? Submit

A: Sales tax is a form of indirect tax or sales tax being imposed on goods and services. This…

Q: A company purchases merchandise for $23,000. The seller also offers credit terms of 2/10, n/30.…

A: Cost of purchase = 23000 Credit Terms = 2/10, n/30

Q: A company receives $444, of which $44 is for sales tax. The journal entry to record the sale would…

A: Journal entry means the entry in prime book with chronological order. Journal entry should have…

Q: Merchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is…

A: A journal entry is a record of a financial transaction in accounting. It is the first step in the…

Q: Swisher Company sold inventory with a selling price of $5,000 to customers for cash.It also…

A: To record Sales Tax received from customer,  Debit cash account account Credit sales revenue account…

Q: Question: The cost of goods sold as a percentage of net sales revenue is (round your answer to two…

A: Given that, Cost of goods sold = $260,000 Net sales revenue = $417,750 The cost of goods sold as a…