Explain thoroughly why it is the answer. 1 Nô Spaci..Heading 1Heading 2TitleParagraphStylesFontWhich of the following is not a correct statement about sales taxes?1 pcSales taxes are an expense of the seller.Many companies record sales taxes in the sales account.If sales taxes are included in the sales account, the first step to find the amount ofsales taxes is to divide sales by 1 plus the sales tax rate.O All of these are true.B.PsPterm Current Liabilit X

1. Sales Tax - Sales Tax is the tax on Sales made by the organization. Sales Tax is the tax…

Answered: Which of the following is not a correct…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 1CE

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If you can’t see the the total purchase price at the end it’s $28.08
The total purchase price was $28.08
K Which of the following is true of net sales revenue? OA It is calculated by adding sales discounts and sales retums and allowances to sales OB. It is calculated by deducting sales discounts and sales retums and allowances from sales OC. It is calculated by adding sales discounts to sales OD. It is calculated by subtracting cost of goods sold from sales MacBook Pro
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13. Of the items and services offered by the fictional landscaping firm in Chapter 6, which would generally not be subject to a sales tax? a. design services b. fountains c. pumps d. outdoor chairs 14. When a transaction recorded in the Sales Receipt window includes sales tax, a default a. Sales Tax Payable; credited b. Sales Tax Receivable; credited account is C. Sales Tax Payable; debited d. Sales Tax Receivable; debited 15.In QuickBooks Online, the Sales Tax Center window is used to record the a. remittance of sales tax charged to customers to the proper tax agency. b. amount of sales tax owed by customers purchasing on account. C. amount of sales tax collected from customers during the current period. d. amount of sales tax collected from customers paying with cash.
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You have been engaged to review the financial statements of Swifty Corporation. In the course of your examination, you conclude that the bookkeeper hired during the current year is not doing a good job. You notice a number of irregularities as follows. 1. 2. 3. 4. Year-end wages payable of $3,590 were not recorded because the bookkeeper thought that "they were immaterial." Accrued vacation pay for the year of $29,600 was not recorded because the bookkeeper "never heard that you had to do it." Insurance for a 12-month period purchased on November 1 of this year was charged to insurance expense in the amount of $2.664 because the amount of the check is about the same every year" Reported sales revenue for the year is $2,178,300. This includes all sales taxes collected for the year. The sales tax rate is 6%. Because the sales tax is forwarded to the state's Department of Revenue, the Sales Tax Expense account is debited. The bookkeeper thought that "the sales tax is a selling expense. At…
A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales. If the sales tax rate is 5% and the balance in the Sales Revenue account amounted to $273000, what is the amount of the sales taxes owed to the taxing agency? $260000 $13000 $273000 $13650
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Which of the following statements is incorrect? a) Sales tax collected by a seller is recorded as an increase to sales tax payable. b) Freight in is used in the calculation of net purchases. c) A purchase discount is calculated after subtracting returns and allowances from gross purchases. d) If an item is shipped FOB destination, the seller is responsible for the shipping costs. e) If a seller makes a sale under the terms 2/10, net 30, the sales discount is only available if the buyer pays within the 30 day window. Plz answer fast without plagiarism please i give up vote
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