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Interest expense: The charges on the finance or loan availed from various sources are called interest expense. Interest expenses are recorded when due and paid as per the term of the loan.
Sales tax: The additional amount paid by the buyer over and above the cost of goods plus profit margin of the manufacturer is known as sales tax. Company records this tax as the sales tax payable because it needs to be paid to tax authorities.
Accrued revenue: It is the part of total revenue that is earned during the current period of accounting but not received. Accounts report this amount as revenue of a company.
To compute: The interest expense incurred.
2.
To compute: Sales tax payable.
3.
To compute: Amount of subscription to be recognized.
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Chapter 11 Solutions
ACCT.PRINCIPLES (LL)-PACKAGE
- abc general accountingarrow_forwardUse the information given below: 2018 2017 Income Statement Information: Sales revenue Cost of goods sold Net income Balance Sheet Information: Current assets Long-term assets Total assets Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Calculate the Profit margin ratio for 2018. $ 80,04,000 $ 78,00,000 $52,82,640 $ 53,00,000 $ 3,27,120 $ 1,88,000 $15,40,000 $14,40,000 $ 21,40,000 $18,40,000 $ 36,80,000 $32,80,000 $ 11,40,000 $ 8,40,000 $ 15,60,000 $ 15,60,000 $ 7,40,000 $ 7,40,000 $ 2,40,000 $ 1,40,000 $ 36,80,000 $ 32,80,000arrow_forwardHello tutor solve this question is accountingarrow_forward
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