Horngren's Financial & Managerial Accounting, The Financial Chapters (6th Edition)
6th Edition
ISBN: 9780134486840
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 11, Problem 2QC
A company sells $180,000 (selling price) of goods and collects sales tax of 8%. What current liability does the sale create?
a. Sales tax payable of $14,400
b. Sales revenue of $194,400
c. Unearned revenue of $14,400
d. None; the company collected cash up front.
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A company sells $170,000 (sales price) of goods and collects sales tax of 5%. What current liability does the sale create?
A. Sales tax payable of $8,500
B. Sales revenue of $178,500
C. Unearned revenur of $8,500
D. None; the company collected cash up front.
A company sells $100,000 (sales price) of goods and collects sales tax of 7%. What current liability does the
sale create?
OA. Unearned revenue of $7,000
OB. Sales revenue of $107,000
OC. Sales tax payable of $7,000
OD. None; the company collected cash up front.
Vijay
Chapter 11 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters (6th Edition)
Ch. 11 - Prob. 6QCCh. 11 - Prob. 1QCCh. 11 - A company sells 180,000 (selling price) of goods...Ch. 11 - Prob. 3QCCh. 11 - Prob. 4QCCh. 11 - Prob. 5QCCh. 11 - Prob. 7QCCh. 11 - Vega Company expects to pay a 4% bonus on net...Ch. 11 - Prob. 9QCCh. 11 - Prob. 10QC
Ch. 11 - Prob. 1RQCh. 11 - What is a current liability? Provide some examples...Ch. 11 - How is sales tax recorded? Is it considered an...Ch. 11 - How do unearned revenues arise?Ch. 11 - What do short-term notes payable represent?Ch. 11 - Coltrane Company has a 5,000 note payable that is...Ch. 11 - Prob. 7RQCh. 11 - Prob. 8RQCh. 11 - Prob. 9RQCh. 11 - Prob. 10RQCh. 11 - What are the two main controls for payroll?...Ch. 11 - When do businesses record warranty expense, and...Ch. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Determining current versus long-term liabilities...Ch. 11 - Prob. 11.2SECh. 11 - Prob. 11.3SECh. 11 - Prob. 11.4SECh. 11 - Prob. 11.5SECh. 11 - Prob. 11.6SECh. 11 - Prob. 11.7SECh. 11 - Prob. 11.8SECh. 11 - Prob. 11.9SECh. 11 - Prob. 11.10SECh. 11 - Prob. 11.11SECh. 11 - Prob. 11.12SECh. 11 - Prob. 11.13SECh. 11 - Prob. 11.14ECh. 11 - Prob. 11.15ECh. 11 - Prob. 11.16ECh. 11 - Prob. 11.17ECh. 11 - Prob. 11.18ECh. 11 - Prob. 11.19ECh. 11 - E11-20 Recording employee and employer payroll...Ch. 11 - Prob. 11.21ECh. 11 - Prob. 11.22ECh. 11 - Prob. 11.23ECh. 11 - Prob. 11.24ECh. 11 - Prob. 11.25APCh. 11 - Prob. 11.26APCh. 11 - Prob. 11.27APCh. 11 - Prob. 11.28APCh. 11 - Prob. 11.29APCh. 11 - Prob. 11.30BPCh. 11 - Prob. 11.31BPCh. 11 - Prob. 11.32BPCh. 11 - Prob. 11.33BPCh. 11 - Prob. 11.34BPCh. 11 - Prob. 11.36CPCh. 11 - Prob. 11.1TICh. 11 - Prob. 11.1DCCh. 11 - Sell-Soft is the defendant in numerous lawsuits...Ch. 11 - Prob. 11.1EICh. 11 - Prob. 11.1FSCCh. 11 - Prob. 11.1CA
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