2.Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $51,889. The stores are located in a state that has a sales tax of 7 1 2%. (Round your answers to the nearest cent.) (a) As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. $ (b) As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue.
Q: ntify the Given and the Unknown or what is being asked in the problem (b)Provide the formula to be…
A: Loans are to be paid by equal periodic payments that carry payment of principal amount and payment…
Q: Replacing old equipment at an immediate cost of $40,000 and an additional outlay of $25,000 three…
A: Immediate cost = $40,000 Additional outlay in three years = $25,000 Annual savings = $15000 Period =…
Q: Tony's Pizzaria, owned by my cousin Tony (True!), is looking for a new pizza oven (Not really). Two…
A: Model 1: Payback period is the period within which initial investment is recovered. Payback period…
Q: Susan is planning to construct a Football Sport Arena on which has 50 courts to be used at any point…
A: Given: Initial Cost for 50 courts = MYR 600000 Revenue per court for Year 1= MYR3000 it then…
Q: The future value of the account with interest compounded annually is The account earns $____ (what…
A: Future Value: It is the future worth of a present sum of amount and is calculated by the product of…
Q: Southern Bank offers 10% interest and interest is compounded annually. West Bank offers 9% interest…
A: Option 1: let's consider, 100 invested in Southern Bank Value of 100 after 5 years Solved using…
Q: Public Islamic Bank Bhd with excess fund of MYR9,000,000 decided to place Islamic Negotiable…
A: We will take the dividend at @10.5%. The amount received at the end of the year will be the sum of…
Q: ABC Technologies has been growing quite rapidly in recent years and has a growth potential of 27%…
A: Value of stock using earning approach will be present value of all EPS and present value of terminal…
Q: a cash flow diagram of the problem below. Only cash flow diagram, I am not asking you to answer the…
A: Lump sump today is present value of cash flow to be received in the future considering the interest…
Q: Stargate Corporation is considering two projects of machinery that perform the same task. The…
A: Net Present Value(NPV) is one of the modern techniques of capital budgeting which considers the time…
Q: year 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TCL operating cash flow Annual growth rate…
A: Given , The initial outlay is 2535.10 Discount rate is 12%
Q: What is a letter of credit? A bill of lading? A draft?
A: Credit is referred as the trust, which helps in allowing one party to provide the funds or resources…
Q: ONO has negotiated a put option contract for 250,000 ounces of gold at an exercise price of $290/oz.…
A: Here, Contract Size of Put Option is 250,000 ounces Exercise Price (K) is $290/oz Option Premium is…
Q: Mel complains about a shabby t-shirt that was delivered to him by an online trader upon his…
A: The act of purchasing and selling financial products over the Internet is known as online trading.…
Q: *You are planning to purchase your first electric car worth $65,000 right after your graduation (in…
A: A Continuous Compounded Interest rate is the interest rate that is calculated on the principal…
Q: Calculate the Mean value
A: PERT technique refers to the techniques which are used to simplify the scheduling and planning of…
Q: Ruhy's Corporation is considering investing in Malaysian security market. The company need to choose…
A: Given: Probability(P) Security Q Security P 10% 15% 12% 40% 8% 10% 50% 6% 7%
Q: 1) What is the user cost of capital if the expected real interest rate is 5%, the price of capital…
A: Given that: Price of Capital=$15000 Interest Rate=5% Depreciation rate=25%
Q: Directions: Please refer to the table below then, answer the questions provided. I. Mr. Santos…
A: Given in the table are the costs for different color of socks,
Q: You receive a credit card application from Shady Banks Savings and Loan offering an introductory…
A: Given,
Q: SA
A: A forward currency value is the current rate of exchange for a foreign currency commercial…
Q: A year-end bonus of $20,000 will generate how much money at the beginning of each month for the next…
A: Bonus amount (PV) = $20,000 Interest rate (r) = 6.21% Number of compounding per year (m) = 12 Number…
Q: Based on the following table, which option gives you highest risk-adjusted returns? Note you don't…
A: a) Sharpe Ratio: Sharpe Ratio is used to measure return earned in excess of the risk-free return per…
Q: The after-tax cost of debt of Company XYZ Ltd is 4.5%. The systematic risk of its equity is twice…
A: After-tax cost of debt is 4.5% Market Beta is 1 Beta of Firm = 2* market Beta = 2 Risk free rate is…
Q: TRADE NUMBER RANDOM PRICE CHANGE STOCK PRICE NUMBER 1 45 +3/8 +1/8 +1/8 +1/2 2 95 3 72 4 69 99 53 7…
A: Trade number Random Number Price change 1 45 0 2 95 0.375 3 72 0.125 4 69 0.125 5 99 0.5…
Q: on and accounting cash flow A firm has gathered the following data fo arrent year's operations. The…
A: Operating cash flow is cash flow available after the deduction of operating expenses and adding…
Q: Consider a call option on Stock X. The call expires in 7 months and has a strike price X=$22. The…
A: A call option is an option in which the buyer has the choice but not the obligation to buy the…
Q: Briefly explain the meaning of "The 200 year PML (OEP) for a book of business is $150 million."
A: PML means Probable Maximum Loss. OEP means Occurrence Exceedance Probability and it measures the…
Q: Select 5 different companies and research the sources of capital of those companies.
A: The capital provider controls the money sources that are used to fund renewable energy projects. A…
Q: 5. On October 25 2015, one Euro traded for 1.106 US dollars, and thus one US dollar traded for 0.942…
A: The equilibrium graph shows the relation between the supply and demand of both the currencies. The…
Q: How much did he have after the 10 years?
A: Principal amount deposited = $1000 Simple rate of interest = 10% p.a. Time period = 7 years Simple…
Q: 8. An employee is earning P12,000 a month and he can afford to purchase a car which will require…
A: Given that: Employee's Income=$12000 Maximum EMI that the Employee can afford is 30% of the income=…
Q: 2. What are the major factors involved in determining how much life insurance coverage a person or…
A: Life insurance is a contract in which an insurance company commits to pay a set sum following the…
Q: $26,000.00 $6,150.00 $2,000.00 $2,510.00 Cost of Goods Sold {A} Equipment {B} Renovations {C} Other…
A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…
Q: eBook Problem 20-02 Fill in the table using the following information. Assets required for…
A: The problem relates to a concept of financing a project or operations thru Debt and Equity sources…
Q: Omani importer called foreign exchange dealer and asked the exchange rate OMR/QAR on the spot and 3…
A: Here, Spot Rate of OMR per QAR is OMR 0.105751/88 Exchange rate in 3 months is 4/6 Exchange Rate in…
Q: To raise $5,000,000 to expand into new markets, a very successful laptop manufacturing company…
A: Given: Face Value FV: $5000000 Annual coupon rate = 7% Periodic/Semi-annual coupon = 5000000*7%/2 =…
Q: On January 1, 2009 Tonks Hair Products Inc. issues $500,000 of 10 year, 7.5% bonds. The bonds pay…
A: Date Amount Particulars 1.1.2009 $500,000 10 years,7.5% bonds (5000 Bonds @ $100)…
Q: A stock has a current price of $116. An option on this stock that expires in six months has an…
A: Here, Current Price is $116 Strike Price is $115 Risk Free Rate is 5% Volatility is 30% Time to…
Q: withholding taxes). Calculate the net present valu of this project assuming the company hedged 50 of…
A: International financial management, often refers to international finance, is the administration of…
Q: Find the savings plan balance after 15 months with an APR of 2% and monthly payments of $100
A: Future Value of Annuity: It represents the future worth of the current stream of cash flows and is…
Q: A state lotto has a prize that pays $500 each week for 35 years. Find the total value of the prize:…
A: a. Total Value of Prize=$500×35×52Total Value of Prize=$910000
Q: Soy sauce company ABC has operating profits of Rp. 100 million, taxes of Rp. 17 million, interest…
A: Given: Operating profits of Rp. 100 million, Taxes of Rp. 17 million, Interest expense of Rp. 34…
Q: A commercial farmer wants to acquire a mechanised feed spreader that costs $80,000. He intends to…
A: Given: Initial COst = $80,000 Time = 5 years Lase payments= $19000 in advance for 5 years Salvage…
Q: 1. On January 1, 2013, Y. Corp. issued 10% - 5 year bonds with a face of P100,000 at P97,500.…
A: Solved using Financial Calculator N = 3 PMT = 10,000 FV = 100,000 PV = +/- 97,500 CPT I/Y = 10.67%
Q: Analysts forecast Power Puff to generate $110 million of free cash flow at the end of the current…
A: The unlevered company has no debt in its financing, i.e., it is entirely funded by equity. On the…
Q: A loan was made 3 years and 8 months ago at 7.5% simple interest. The principal amount of the loan…
A: Here, Simple interest = 7.5% Time = 3 years and 8 months Interest amount = P620 To Find: 1. Discount…
Q: 2. For each of the following situation, identify whether a bond would be considered a premium bond,…
A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…
Q: What is the maximum that you would be willing to loan your brother for a $100 IOU if he promises to…
A: Since Future value = Present value ×(1+Periodic Interest rate)^n Where, N= Number of periods = 1…
Q: Suppose the risk-free return is 7.9% and the market portfolio has an expected return of 11.5% and a…
A: Risk free rate = 7.9% Stock beta = 0.77 Market return = 11.5%
1 |
2 |
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Bell Florists sells flowers on a retail basis. Most of the sales are for cash; however, a few steady customers have credit accounts. Bells sales staff fills out a sales slip for each sale. There is a state retail sales tax of 5 percent, which is collected by the retailer and submitted to the state. The balances of the accounts as of March 1 have been recorded in the general ledger in your Working Papers or in CengageNow. The following represent Bell Florists charge sales for March: Mar. 4Sold potted plant on account to C. Morales, sales slip no. 242, 27, plus sales tax of 1.35, total 28.35. 6Sold floral arrangement on account to R. Dixon, sales slip no. 267, 54, plus sales tax of 2.70, total 56.70. 12Sold corsage on account to B. Cox, sales slip no. 279, 16, plus sales tax of 0.80, total 16.80. 16Sold wreath on account to All-Star Legion, sales slip no. 296, 104, plus sales tax of 5.20, total 109.20. 18Sold floral arrangements on account to Tucker Funeral Home, sales slip no. 314, 260, plus sales tax of 13, total 273. 21Tucker Funeral Home complained about a wrinkled ribbon on the floral arrangement. Bell Florists allowed a 30 credit plus sales tax of 1.50, credit memo no. 27. 23Sold flower arrangements on account to Price Savings and Loan Association for its fifth anniversary, sales slip no. 337, 180, plus sales tax of 9, total 189. 24Allowed Price Savings and Loan Association credit, 25, plus sales tax of 1.25, because of a few withered blossoms in floral arrangements, credit memo no. 28. Required 1. Record these transactions in the general journal. 2. Post the amounts from the general journal to the general ledger and accounts receivable ledger: Accounts Receivable 113, Sales Tax Payable 214, Sales 411, Sales Returns and Allowances 412. 3. Prepare a schedule of accounts receivable and compare its total with the balance of the Accounts Receivable controlling account.Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $64,889. The stores are located in a state that has a sales tax of 7 1/2%%. (Round your answers to the nearest cent.) (a) As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. (b)As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue.Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $51,889. The stores are located in a state that has a sales tax of 6-%. (Round your answers to the nearest cent.) (a) As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. $4 (b) As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue. $4
- ASK YOUR TEACHER PRACTICE ANOTHER Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $51,889. The stores are located in a state that has a sales tax of 6–%. (Round your answers to the nearest cent.) (a) As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. %24 (b) As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue. $ 3372.79Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $54,889. The stores are located in a state that has a sales tax of 7 1/2%. (Round your answers to the nearest cent.) (a)As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. (b)As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue.At the end of the first quarter, the accountant for David Fly Fishing Outfitters determines that the total sales tax payable for the quarter is $3,240.50. When the sales tax is paid to the state, the accountant debits Sales Tax Payable and credits Cash for the total amount due.
- In providing accounting services to small businesses, you encounter the following situations. 1. Grainger Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $5,200 plus GST of $300 and PST of $400. 2. Darby Corporation receives its annual property tax bill in the amount of $8,100 on May 31. 3. (i) During the month of March, Neufeld Corporation’s employees earned gross salaries of $60,400. Withholdings deducted from employee earnings related to these salaries were $2,950 for CPP, $1,068 for EI, $7,780 for income taxes, and $370 for union dues. (ii) Neufeld’s payroll costs for the week were $2,950 for CPP and $1,495 for EI. Prepare the journal entries to record the above transactions. (Round answers to 0 decimal places, e.g. 5,275.) Sr no. Account Titles and Explanation Debit Credit 1. 2. 3…In providing accounting services to small businesses, you encounter the following situations. Sunland Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $6,100 plus GST of $305 and PST of $488. 2. Jennifer Corporation receives its annual property tax bill in the amount of $8,400 on May 31. (i) During the month of March, Ayayai Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,820 for income taxes. (ii) Ayayai's employer portions were $3,254 for CPP and $1,327 for El for the month. 1. 3. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit…Sly's Salon has total receipts for the month of $9,275 including sales taxes. If the sales tax rate is 6%, what are Sly's sales for the month? Select one: a. $8,719 b. $8,750 C It cannot be determined. d. $9,832
- Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $251,450 What is the amount of sales taxes (round to nearest dollar) for May? What is the amount of sales taxes payable (round to nearest dollar) to the state for the month of May?Listed below are selected transactions of Ben’s HomeGoods Store for the current year ending December 31, 2022. a) During December, credit card sales totaled $675,000, which includes the 8% sales tax that must be remitted to the state by the fifteenth day of the following month. (At time of sale, the total amount is recorded in Sales.) b) On December 1, the store received $5,000 from the local community theater for the rental of certain furniture to be used in a stage production during December and January. The furniture will be returned on February 1. c) On December 31 the store was notified it will be required to restore the area (considered a land improvement) surrounding one of its parking lots, when the store moves in 5 years. Ben determined it will cost $78,000 in 2027. Ben estimates the fair value of the asset retirement obligation on December 31, 2022 is $61,500. Prepare the necessary journal entries necessary to record the above transactions as they occurred and any adjusting…The following information relates to Eva Co's sales tax for the month of March 20X3: $ 109,250 Sales (including sales tax) Purchases (net of sales tax) 64,000 Sales tax is charged at a flat rate of 15%. Eva Co's sales tax account showed an opening credit balance of $4,540 at the beginning of the month and a closing debit balance of $2,720 at the end of the month. What was the total sales tax paid to regulatory authorities during the month of March 20X3?
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)