125101112131415161718192021A B22232425ACCT 115 Sales Tax Module ProblemName:34 The yellow cells represent the where your you should be recording your responses.56What is the amount of sales tax to collect at the time of sale:78DRecord the Transaction for the Sale of the Tesla:DateAccount TitlesEFGH 1Recort the Transaction for Paying the Sales Tax Collected to the Government:DateAccount TitlesDr.Dr.JKLMCr.Cr.NCP You are the manager of a Tesla Car Dealership and you just sold a new Tesla S for $80,000 cash. TheCalifornia sales tax rate is 7.25% and there are no additional local sales taxes.Download this spreadsheet, fill in the yellow cells with your answers and save, then upload your completedspreadsheet and submit:Sales Tax Module Problem Solution Spreadsheet.xls

Sales tax = Sale value * sales tax rate = $80,000 * 7.25% = $5,800

What is the amount of sales tax to collect at the time of sale: Record the Transaction for the Sale of the Tesla: Date Account Titles Recort the Transaction for Paying the Sales Tax Collected to the Government: Date Account Titles Dr. Dr. Cr. Cr.

What is the amount of sales tax to collect at the time of sale: Record the Transaction for the Sale of the Tesla: Date Account Titles Recort the Transaction for Paying the Sales Tax Collected to the Government: Date Account Titles Dr. Dr. Cr. Cr.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter18: Cost-volume-profit Analysis (cvp)

Section: Chapter Questions

Problem 2R: Open the file CVP from the website for this book at cengagebrain.com. Enter the formulas where...

See similar textbooks

Related questions

Q: Twice a year Rowdy

A: Travel expenses can include the entire cost of a business trip, including travel costs,…

Q: Required information Use the following information for the Exercises below. Skip to question [The…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: Company A has agreed to lease two snow plows from Company B. The lease has the following…

A: In order to be classified as a finance lease, a lease must meet certain criteria, and one of those…

Q: Current Attempt in Progress Marigold Lou has just won the lottery and will receive an annual payment…

A: The present value concept is widely used in various financial calculations, such as investment…

Q: Based off the solution provided below. I am not sure how to process this problem

A: You are correct.the first one is net cash flows from operating activities.The second is net cash…

Q: Everymans Hospital relies heavily on cost data to keep its pricing structures in line with those of…

A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…

Q: How can you check for unbilled charges or time in QuickBooks Online? Select all that apply. Via the…

A: QuickBooks Online is accounting and bookkeeping software that is offered as a software as a service…

Q: Tree Top Company's comparative balance sheets as of December 31, 20-A and 20-B show the following…

A: A cash flow statement is a financial statement that provides a summary of how changes in balance…

Q: A company acquired a new machine and immediately deducted the entire cost on its current income tax…

A: Deprecation is an accounting system used to allocate the cost of a palpable asset over its useful…

Q: The following events occurred over the course of a year at Coronado Corp., which uses a job order…

A: The materials that are used by the manufacturing unit to manufacture the product are referred to as…

Q: Richfield, Inc. has identifiable assets with a total fair value of $6,000,000 and liabilities of…

A: An intangible asset known as goodwill is recorded when a business is bought as a going concern. It…

Q: Which of the following statements is correct?

A: The tax implications of a foreclosure depend on whether the mortgage is recourse or non…

Q: 1) Calculate the cash collected from customers in 2024. 2) Calculate the cash paid to suppliers for…

A: Only the first three sub-parts has been solved due to our guidelines and protocolsThe cash collected…

Q: A CPA is not independent with respect to a company's financial statements. The CPA may issue what…

A: Financial statements are a series of documents that demonstrate the financial position of your firm…

Q: manufac Required: A suitable cost shee: showing the above data. Did the company make an adequate…

A: Week ending 11/11Week ending 11/18Materials used in Dept 1$2,400$1,300Labor cost in Dept 1$2,460…

Q: In response to intense foreign competition, Florex Company has taken steps to improve the quality of…

A: QUALITY COST REPORTA quality cost report is a report that provides detailed information about the…

Q: 14. A company purchased a 10 - ton draw press at a cost of $187,000 with terms of 2/15, n 45.…

A: Cost of an asset is the amount paid for an asset and for expenses incurred in putting the asset in…

Q: Lavage Rapide owns and operates a large automatic car wash facility near Montreal. The following…

A: Variance analysis is a technique used in budgeting and financial management to compare the planned…

Q: Washington Company has two divisions, Jefferson and Adams. Jefferson produces an item that Adams…

Q: Current Attempt in Progress Pharoah Corp had $1,120,000 of inventory at December 31, 2024, with…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…

Q: Sales Cost of goods sold Accounts receivable Numerator: 2021 $ 446,762 225,881 21,623 Numerator:…

A: HORIZONTAL ANALYSISHorizontal Analysis is one of the important analysis techniques for financial…

Q: Pharoah Company incurred $890000 of research and development costs in its laboratory to develop a…

A: Patents:A patent is an intangible asset, as it does not have any physical existence. The patent…

Q: [The following information applies to the questions displayed below.] Brianna's Boutique has the…

A: LIFO means Last In First Out. LIFO method uses the price of the last batch of materials purchased…

Q: At the beginning of 20X1, N8p Hospital reported Accounts Receivable $10000 and Allowance for…

A: The account receivables represents the amount due for payment but not received yet. The allowance…

Q: Northwest Fur Company started the year with $91,000 of inventory on hand. During the year, $450,000…

A: Cost of goods are expenses directly relate to the production or procurement of products.Cost of…

Q: 29 A company reports the following information: • Not income: $200,000 • Increase in accounts…

A: Cash flow statement :— It is one of the financial statements that shows change in cash and cash…

Q: Part XI: A Note Payable Carl's Candy Shop borrows $173,255 from Third Street Bank. This is a Note…

A: The question is related to Amortization Schedule of amount borrowed by carl's candy shop as on…

Q: Calculate all from 1 to 15 the following ratios 1-Current Ratio 2-Quick Ratio 3-Cash Ratio…

A: In the case of multiple sub parts, we are allowed to solve only the first three sub-parts. If you…

Q: 17. When determining the uncollectible accounts expense in computing taxable income, income tax…

A: Uncollectible Accounts: These refers to all the loans, accounts receivables, and other forms of…

Q: Identify the type of the following costs: These include costs of searching new knowledge and…

A: PAS / IAS 38 Intangible Assets sets out criteria to recognize and measure intangible assets.An…

Q: How much additional revenue should the company generate in order to recover net income? DS/DID SIS

A: Answer:Fraud amount = $414 millionProfit margin = 10%

Q: 27 A company is preparing a statement of cash flows and is reviewing which transactions must be…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Calculate the following ratios all are required 1-Receivables Turnover 2-Inventory Turnover…

A: Ratio analysis is a method of evaluating and interpreting the financial performance of a company by…

Q: Company A has significant influence by owning 50,000 of the 100,000 shares of Company B common…

A: Equity method is used when investor exercises significant influence over the investees. Investors…

Q: Sales are budgeted at $307,000 for November $327,000 for December, and $227,000 for January…

A: Accounts payable (AP) is a term used in accounting to refer to the amount of money a company owes to…

Q: Sheridan Corporation had the following information in its financial statements for the year ended…

A: Divide the common shareholders' equity by the number of outstanding shares to get the book value per…

Q: 22 What must an employer disclose in a defined contribution plan? The amount to be paid by the…

A: A Defined Contribution Plan is a retirement savings arrangement where employers and employees…

Q: Ipany that uses varia

A: In Variable costing, product cost is the sum of direct material , direct labour and variable…

Q: Partnerships and S corporations may elect a year that does not end on December 31 if: a. A business…

A: Partnerships and S corporations may elect a fiscal year that does not end on December 31 if any of…

Q: Company manufactures cordless telephones. During 2022, total costs associated with manufactu l…

A: Absorption Costing -The term "absorption costing" describes a costing technique that takes into…

Q: July 13: Made refunds to cash customers, $190, for defective merchandise. The cost of defective…

A: Rules for EntriesPersonal Account: Related to Person or Firm.Receiver will be debited and Giver will…

Q: Sheffield Manufacturing, which produces a single product, has prepared the following standard cost…

A: Direct material variance is the difference between actual direct material cost and standard direct…

Q: Mr. Gilbert is self-employed and makes annual contributions to a Keogh plan. Mrs. Gilbert's employer…

A: To compute the Adjusted Gross Income (AGI) after deducting contributions to traditional IRAs for the…

Q: The Millard Division's operating data for the past two years are provided below: Year 1 Return on…

A: The return on investment is calculated as net income divided by average operating assets. ROI = Net…

Q: (a1) Compute the following values. a. b. C. Working capital. (Round to 1 decimal place in millions,…

A: 1. Working capital.Working capital is a liquidity ratio which assesses the dollar comparison of…

Q: Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses…

A: An income statement's common size analysis includes presenting each line item as a percentage of…

Q: Using these data from the comparative balance sheets of Carla Vista Co., perform horizontal…

A: Horizontal analysis is the way to calculate the variance from the different year by year to show an…

Q: Which of the following is correct in a Forward Triangular Merger. Cash and stock may be used as…

A: The purchasing business forms a subsidiary, which later merges with the target company, allowing the…

Q: Company A (sse) has reached a lease agreement with Company 5 (lessor) to lease a new carpet weaving…

A: A lease is a contractual arrangement between two parties, known as the lessor and lessee, where the…

Q: A company recently collected $10,000 from a customer, but recorded il as a collection of $7,500…

A: In this question, we need to select the adjusting entry to correct the below error 'collected $…

Question

125
10
11
12
13
14
15
16
17
18
19
20
21
A B
22
23
24
25
ACCT 115 Sales Tax Module Problem
Name:
3
4 The yellow cells represent the where your you should be recording your responses.
5
6
What is the amount of sales tax to collect at the time of sale:
7
8
D
Record the Transaction for the Sale of the Tesla:
Date
Account Titles
E
FGH 1
Recort the Transaction for Paying the Sales Tax Collected to the Government:
Date
Account Titles
Dr.
Dr.
J
KLM
Cr.
Cr.
N
CP

You are the manager of a Tesla Car Dealership and you just sold a new Tesla S for $80,000 cash. The
California sales tax rate is 7.25% and there are no additional local sales taxes.
Download this spreadsheet, fill in the yellow cells with your answers and save, then upload your completed
spreadsheet and submit:
Sales Tax Module Problem Solution Spreadsheet.xls

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Calculation of sales tax to collect at the time of sale

VIEW

Step 2: Journal entry in the books of Tesla Car Dealership

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Suppose that the local sales tax rate is 4% and you purchase a car for $24,800. a. How much tax is paid? b. What is the car's total cost?
Suppose that the local sales tax rate is 7% and you purchase a car for $14.600. a. How much tax is paid? b. What is the car's total cost? a. The amount of tax paid is $
Linda Baer has already saved $4 comma 3134,313 to buy a used vehicle. Ignoring taxes and assuming her money is invested in a money market account earning 44 percent compounded annually, how long will it take to buy a car that costs $6 comma 9056,905? Question content area bottom Part 1 Click on the table icon to view the FVIF table: LOADING... . Ignoring taxes and assuming her money is invested in a money market account earning 44% compounded annually, to save the money to buy a car that costs $6 comma 9056,905 will take enter your response here years. (Round to the nearest integer.)
Give typing answer with explanation and conclusion 1. Discuss your reaction for the following mental accounting scenarios Question 3—Part A: Suppose that you've taken half a day off work to shop for a new, ride-on lawn mower. You have a big yard, and trimming it with your current, push-propelled mower simply takes too long. You have been eyeing the Model A300, which offers all the features you require at a cost of $2,000. As luck would have it, you won $500 the previous evening playing bingo at your local Rotary Club. When you arrive at the lawn mower shop, you notice that they also stock Model A305, which has some fancy, desirable new options. This premium model costs $2,250. Considering the previous night's winnings, will you indulge yourself by purchasing the A305? a. yes. b. no.
FreeTaxUSA is an integrated software package used to complete tax returns for individuals and businesses. This week, you will use FreeTaxUSA to complete your critical thinking assignment. Thus, this is a great time to learn more about the software. Visit the site - www.freetaxusa.comLinks to an external site. and create a free account using your CSU Global email address. Review the site and share one item that you found interesting and may assist you in completing a tax return.
Mike purchases a bicycle costing $152.90. State taxes are 4% and local sales taxes are 2%. The store charges $20 for assembly. What is the total purchase price (in $)? (Round your answer to the nearest cent.) $ 182.08 Need Help? Read It Watch It Master It
ramon hernandez saw the following advertisement for a used volkswagen bug and decided to work out the numbers to be sure the ad had no errors. cash price $7,880 down payment $0 annual percentage rate 14.53% deferred price $11,131.80 or 60 payments at $185.53 per month a. calculate the amount financed: b. calculate the finance charge. (round your answer to the nearest cent.): c. calculate the apr by table lookup. (use table 14.1(b).) (round your answers to 2 decimal places.): d. calculate the monthly payment by formula. (round your answer to the nearest cent.): Calculate the monthly payment by table lookup at 14.50% (Use table 14.2 round your answer to the nearest cent):
a computer shop charges P15.00 in every hour of computer rental.Represent your computer rental fee(R) using a function R(t)where is the number of hours you spent on the computer?
Calculate Loan Amount Enter the cost of the potential car, down payment, and fees below. Press calculate when you're ready. Cost of Potential Car 7,000 Down Payment 500 Taxes and Fees 340 Calculate Incorrect Correct Correct First, we need to figure out how much you want to borrow. You said you wanted to spend $5,000, and you will put $500 down. Based on that, we can estimate your taxes to be $340. Put those numbers into the calculator and press calculate to see how much money you will need for your loan.
Ramon Hernandez saw the following advertisement for a used Volkswagen Bug and decided to work out the numbers to be sure the ad had no errors. Cash price $7,850 Down payment $0 Annual percentage rate 12.78% Deferred price $10,715.40 or 60 payments at $178.59 per month Calculate the amount financed: $7,850 Calculate the finance charge: 2,865.40 Calculate the APR. Note: Round your answers to 2 decimal places. APR: between ??% and ??% Calculate the monthly payment by formula. Note: Round your answer to the nearest cent. Calculate the monthly payment by table lookup at 13.00%. (Use Table 14.2.) Note: Round your answer to the nearest cent. TABLE 14.2 Loan amortization table (monthly payment per $1,000 to pay principal and interest on installment loan) Terms in months 7.50% 8.00% 8.50% 9.00% 10.00% 10.50% 11.00% 11.50% 12.00% 12.50% 13.00% 13.50% 14.00% 14.50% 15.00% 15.50% 16.00% 6 $ 170.34 $ 170.58 $ 170.83 $ 171.20 $ 171.56 $ 171.81 $ 172.05 $ 172.30 $ 172.55 $…
Which one of the following statements is false? Group of answer choices A.Bill drives 20 each way between his home to his office – 40 miles round trip each day. During the day he drives to a client site. He drives a total of 63 miles that day. He may deduct the cost of 43 miles. B.Commuting expenses may be deductible if you are transporting tools. C.A consultant works out of her home. She may deduct the cost of driving to a client’s place of business. D.The expenses of driving between your regular job and a second job are deductible.
If your buying a car from a car dealership for $80,000 & the car dealership is giving you $19,000 for the trade, $495 Pre-Delivery fee, Tax Title License comes out to around $4,322.19, and payoff of $18,500 you would come to a out the door (financed) $83,974. Can you explain how he got those numbers in detail? And how much is Tax, Title, and License? If Sales Tax: 6.25%