(a) Introduction: The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities. To calculate: Total bill for the March, 2020.

Question

Want to see the full answer?

Answer 1

Question

Chapter 8, Problem 77BPSB

To determine

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the March, 2020.

To determine

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

To determine

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

To determine

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

During the first quarter of the current year, the company sold 4,000 batteries on credit for $150 each plus state sales tax of 6%. The price of each battery includes a $1.95 federal excise tax. Any taxes collected must be paid to the appropriate governmental units at the end of the quarter. What is the proper journal entry to record for the sale of the batteries?

On July 3, 2020, Franky purchased on account specialty feeds worth P800,000 net of VAT. A wholesaler operating in the region bought for cash all of the available feeds on July 18, 2020; amount of cash received was P1,120,000 gross of VAT. Franky remitted the value added tax due to the BIR within the month. What is the VAT payable paid by Franky for the month of July? O A. 34,285.71 В. О О с 38,400 О D. 24,000

Far and Wide Broadband provides Internet connection services to customers living in remote areas. During February 2020, it billed a customer a total of $150,000 before taxes. Weston before taxes. Weston also must pay the following taxes on these charges: State of Kansas sales tax of 6% Federal excise tax of 0.2% State of Kansas use tax of 0.4% Required: Assuming Far and Wide collects these taxes from the customer, what journal entry would Far and Wide make when the customers pay their bills? If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 (Record sale)

Answer 2

Question

Chapter 8, Problem 77BPSB

To determine

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the March, 2020.

To determine

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

To determine

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

To determine

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 8, Problem 77BPSB

To determine

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the March, 2020.

To determine

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

To determine

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

To determine

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 8, Problem 77BPSB

To determine

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the March, 2020.

To determine

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

To determine

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

To determine

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 8, Problem 77BPSB

To determine

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the March, 2020.

To determine

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

To determine

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

To determine

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

Answer 6

Chapter 8, Problem 77BPSB

To determine

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the March, 2020.

Answer 7

Chapter 8, Problem 77BPSB

To determine

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the March, 2020.

Answer 8

To determine

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

Answer 9

To determine

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

Answer 10

To determine

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

Answer 11

To determine

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

Answer 12

To determine

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

Answer 13

To determine

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 17

Ch. 8 - Prob. 1DQ Ch. 8 - Prob. 2DQ Ch. 8 - Prob. 3DQ Ch. 8 - Prob. 4DQ Ch. 8 - Prob. 5DQ Ch. 8 - Prob. 6DQ Ch. 8 - Prob. 7DQ Ch. 8 - Prob. 8DQ Ch. 8 - Prob. 9DQ Ch. 8 - Prob. 10DQ

(a) Introduction: The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities. To calculate: Total bill for the March, 2020.

Solution Summary: The author explains that companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the March, 2020.

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

Want to see the full answer?

Chapter 8 Solutions

(a) Introduction: The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities. To calculate: Total bill for the March, 2020.

Solution Summary: The author explains that companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

(a) Introduction: The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities. To calculate: Total bill for the March, 2020.

(b) Introduction: The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities. To record: Journal entry for billing the customers.

(c) Introduction: The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities. To record: Journal entry for receiving payment from the customers.

(d) Introduction: The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities. To record: Journal entry to record payment to tax authorities.

Want to see the full answer?

Chapter 8 Solutions

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the March, 2020.

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.