c. What was the total amount of sales tax paid in Year 1? d. What was the total amount of sales tax collected in Year 1? e. What amount of sales tax expense will be reported on the Year 1 income statement? C. d. e. Sales tax paid Sales tax collected Sales tax expense $ $ $ 4,585 10,430 10,430 X
Q: additional details are provided for the yea Direct materials placed in production $83,000 Direct…
A: Computation of the ending balance in finished goods inventory refers to the process of determining…
Q: Rotorua Products, Limited, of New Zealand markets agricultural products for the burgeoning Asian…
A: Trend Analysis -Trend Analysis is a technique of comparing two or more years of similar years. This…
Q: What does the phrase
A: The going concern concept is a fundamental principle of accounting. It assumes that during…
Q: How would you calculate the average rate using the AVERAGEIF formula based on the given information…
A: The AVERAGEIFS function is a premade function in Excel, which calculates the normal of a range…
Q: Decreases in the seller's receivable from a customer's return of merchandise or from granting the…
A: Seller is the person who sells goods and services to customers. Customers are the persons who buys…
Q: Jen Miller made $1,090 this week. Only social security (fully taxable) and federal income taxes…
A: Payroll: The total payment that a company is required to pay to its employee for the services…
Q: Three transactions for Crane Gifts are presented here. On October 2, Crane Gifts purchased $40,000…
A: DISCOUNT TERMThe 2/10 net 30 calculation is a way of providing cash discounts on purchases. It means…
Q: Equivalent Units of Conversion Costs The Rolling Department of Jabari Steel Company had 2,107 tons…
A: Equivalent units is arrived by multiplying units on hands with percentage of completion. These are…
Q: Pro Power makes a protein powder in several processes. Packaging, the last department in the…
A: Solution :a. Compute cost per complete unit :Cost per complete unit = Cost transferred to finished…
Q: Eaton Enterprises uses th
A: Federal Income Tax WithholdThe proportion of federal taxes deducted from an employee's wages is…
Q: Darden Corporation uses the weighted-average method in its process costing system. The first…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units is calculated by adding equivalent…
Q: A company has 14,000 in cash, 37,000 in accounts recievable, 2,500 in supplies, 52,000 in accounts…
A: Current assets are assets in the form of cash or can be converted into cash within a year.Current…
Q: Prepare the December 31 year-end entries to record both the ore deposit depletion and the mining…
A: Depletion expense uses an accrual accounting system to allocate the cost of extracting natural…
Q: Required information [The following information applies to the questions displayed below.] Year 1…
A: Dividend -The dividend is the share of profit distributed by the company to the shareholders of the…
Q: The general ledger of the Karlin Company, a consulting company, at January 1, 2024, contained the…
A: Note - As per Bartleby guidelines if a student asked multiple sub-questions in the primary question…
Q: he following income statement and additional year-end information is provided. SONAD COMPANY Income…
A: Introduction:-The cash flow statement is classified into three types as follows under:-(i) Cash…
Q: The inventories control
A: Note: Dear student since you have posted a question with multiple sub parts, we will provide the…
Q: At the beginning of the year, Anna began a calendar-year business and placed in service the…
A: Depreciation is an accounting technique which is used to reducing the book value of fixed assets…
Q: Federated Fabrications leased a tooling machine on January 1, 2024, for a three-year period ending…
A: The lease is a legal agreement between the lessor and lessee. The lessor provides the assets with…
Q: Determining Supplies Purchased The supplies and supplies expense accounts at February 28, after…
A: Adjusting Entry :— These are journal entries that are passed at the end of accounting period to…
Q: On January 1,2022, the Vaughn Company budget committee has reached agreement on the following data…
A: Direct material purchase budget :— This budget is prepared to estimate the number and cost of raw…
Q: 23-23 (OBJECTIVES 23-4, 23-8) The field work for the June 30, 2019, audit of Tracy Brewing Company…
A: The audit report, also referred to as the independent auditor's report, is a formal document issued…
Q: Direct Material, Beginning $7,000 WIP, Beginning 7,500 Finished goods, Beginning 10,000 Raw Material…
A: Cost of goods manufactured :— It is the cost of completed finished goods transferred from work in…
Q: At the beginning of the current year, Able and Baker formed the AB Partnership by transferring cash…
A: A partnership is a firm where 2 or more individuals run a firm by being a partner in it. All the…
Q: Ballyhigh Company purchased equipment for $20,000. Sales tax on the purchase was $1,500. Other costs…
A: Capitalized cost means at which cost, fixed assets should be capitalised in business. This is also…
Q: Indicate the variance account used and whether the account is a debit or credit for each…
A: Based on the given transactions, here are the corresponding variance accounts used and whether they…
Q: On October 31, the stockholders' equity section of Wildhorse Company consists of common stock…
A: The stock dividend affects the total retained earnings of the business but total stockholders'…
Q: Benton Corporation manufactures computer microphones, which come in two models: Standard and…
A: The current costing system represents the traditional costing method in which the total overheads…
Q: Michelle Hamilton and Bill Rossi decide to form a partnership. Hamilton invests $35,700 cash and…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Determine the costs to be assigned to the units transferred out and in process for June. Transferred…
A: EQUIVALENT UNITS OF PRODUCTION Equivalent Production is represents the production of a process in…
Q: Speedy Delivery Company purchases a delivery van for $31,200. Speedy estimates that at the end of…
A: Depreciation is a non-cash expense.Depreciation is charged on fixed asset over a estimated useful…
Q: A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on…
A: Basic accounting equation is Assets = Liabilities + Equity.The whole accounting system is based on…
Q: GROW. is a newly formed yoga studio in the Athens, Georgia area committed to individual and…
A: Fixed costs do not change with the output volume.On the other hand total variable cost changes as…
Q: Capes Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow:…
A: In accounting, the term "Merchandise Case Budget" is not a standard or widely recognized term.…
Q: ! Required information [The following information applies to the questions displayed below.] The Sky…
A: CLOSING JOURNAL ENTRIES The closing journal entries are made at the end of the year to shift the…
Q: Mr. B, purely engaged in business had the following for the given year: Revenue Cost of sales…
A: Property tax is the tax that is charged on the property annually based on the market value of the…
Q: Entity 5 leases a machine from ABC ltd. On 1 January 2022. The terms of the leasing contract are as…
A: It has been given that Entity 5 has leased machine from ABC Ltd.The lease has been acquired by the…
Q: Spirits and More operates two departments, Cutting and Fabrication. Two service departments,…
A: A method used in cost accounting to allocate indirect costs to cost items, such as products,…
Q: Garcia Company sells snowboards. Each snowboard requires direct materials of $104, direct labor of…
A: Variable Cost: Variable costs are costs that change based on the amount of production or sales. The…
Q: First Bank has some question as to the tax-free nature of $4 million of governmental bonds held in…
A: Income tax expense: The expenses which are related to the taxable income of the individuals and…
Q: Kanken Sdn.Bhd. owned by Encik Adib is considering a small business proposal as their second project…
A: A Cash Budget depicts the cash receipts and cash payments for the period. It helps the company to…
Q: 3) Suppose there is a 10% reserve requirement, and the bank has the following Balance Sheet Assets…
A: Answer - Given balance sheet of Bank ASSETS LIABILITIES.So Bank need to keep 10% of deposits as…
Q: a) Please develop both marginal costing and absorption costing income statements. b) elaborate the…
A: Two techniques used in managerial accounting to estimate the cost of producing goods or services and…
Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…
A: According to the question given, we need to compute the cost of goods sold aPerpetual inventory:The…
Q: Assume that on January 1, 2025, Elmer's Restaurants sells a computer system to Crane Finance Co. for…
A: To record transactions and maintain track of business activities, the business entities enter the…
Q: Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach…
A: Tax refers to the amount charged by the government from the organizations and individuals on the…
Q: Standard Direct Labor Hours Overhead Rate Variable overhead variance $ Fixed overhead variance 4.90…
A: The variance is the difference between the standard and actual production cost data. The variance is…
Q: ompany obtains $37,600 in cash by signing a 7%, 6-month, $37,600 te payable to First Bank on July 1.…
A: Liabilities are what a company owes to outsiders, when the liability is not held for more than one…
Q: Required information [The following information applies to the questions displayed below.] The…
A: The journal entries are prepared to keep the record of day to day transactions of the business as…
Q: On 31 December 20X2, the balances of Argon Enterprises Inc.'s shareholders' equity accounts were as…
A: Shareholder's EquityEquity held by shareholders refers to the sum that a company's founders have…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- The following selected transactions apply to Topeca Supply for November and December, Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. 1. Cash sales for November, Year 1, were $165,000 plus sales tax of 7 percent. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. 3. Cash sales for December, Year 1, were $180,000 plus sales tax of 7 percent. Required: a. Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). b. What was the total amount of sales tax paid in Year 1? c. What was the total amount of sales tax collected in Year 1?…The following selected transactions apply to topeca supply for november and december year 1. november was the first month operations. sales tax is collected at the time of the sale but is not paid to the state sales tax agency until the following month. 1. cash sales for november year 1 were 64,500 plus sales tax of 8 percent. 2. topeca supply paid the november sales tax to the state agency on december 10, year 1. 3. cash sales for december year 1 were 80,500 plus sales tax of 8 percent. b. what was the total amount of sales tax paid in year 1? c. what was the total amount of sales tax collected in year 1? d. what is the amount of sales tax liability as of december 31, year 1? e. on which of the financial statement will the sales tax liability appear?The following selected transactions apply to topeca supply for november and december year 1. november was the first month of operations. sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. 1. cash sales for november year 1 were 64,500 plus sales tax of 8 percent. 2. Topeca supply paid the november sales tax to the state agency on december 10, year 1. 3. cash sales for december year 1 were 80,500 plus sales tax of 8 percent. a. show the effect of the above transactions on a statements model.
- The following selected transactions apply to Topeca Supply for November and December, Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. Cash sales for November, Year 1 were $64,500 plus sales tax of 9 percent. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. Cash sales for December, Year 1 were $80,000 plus sales tax of 9 percent. Show the effect of the above transactions on a statements model like the one shown as follows. In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). If an element is not affected by the event, leave the cell blank. What was the total amount of sales tax paid in Year 1?The following selected transactions apply to Topeca Supply for November and December, Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. Cash sales for November, Year 1 were $64,500 plus sales tax of 9 percent. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. Cash sales for December, Year 1 were $80,000 plus sales tax of 9 percent. On which financial statement will the sales tax liability appear?The following selected transactions apply to Topeca Supply for November and December, Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. Cash sales for November, Year 1 were $64,500 plus sales tax of 9 percent. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. Cash sales for December, Year 1 were $80,000 plus sales tax of 9 percent. What was the total amount of sales tax collected in Year 1? What is the amount of the sales tax liability as of December 31, Year 1?
- The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. Cash sales for November Year 1 were $65,000, plus sales tax of 10 percent. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. Cash sales for December Year 1 were $79,500, plus sales tax of 10 percent. Requireda. Record the preceding transactions in general journal form.b. Show the effect of the preceding transactions on a horizontal statements model like the one shown next.c. What was the total amount of sales tax paid in Year 1?d. What was the total amount of sales tax collected in Year 1?e. What amount of sales tax expense will be reported on the Year 1 income statement?Required information (The following information applies to the questions displayed below) The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month 1. Cash sales for November Year 1 were $66,000 plus sales tax of 7 percent. 2 Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. 3. Cash sales for December Year 1 were $79,500 plus sales tax of 7 percent. d. What is the amount of the sales tax liability as of December 31, Year 1? Sales tar labityRequired information [The following Information applies to the questions displayed below.] The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. 1. Cash sales for November Year 1 were $65,500 plus sales tax of 7 percent. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. 3. Cash sales for December Year 1 were $82,500 plus sales tax of 7 percent. e. On which financial statement will the sales tax liability appear? The liability is shown on the
- During December, Far West Services makes a $3,600 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. (Note: the sales tax amount is in addition to the credit sale amount.) Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)Required Information [The following information applies to the questions displayed below.] The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. 1. Cash sales for November Year 1 were $65,500 plus sales tax of 7 percent. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. 3. Cash sales for December Year 1 were $82,500 plus sales tax of 7 percent. b. What was the total amount of sales tax paid in Year 1? Sales tax paidDuring December, Far West Services makes a $3,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable.