BC Inc made sales of $14,567 for Monday, December 8th. The sales tax is 7%. What is the dollar amount that would be credited to Sales Tax Payable? Group of answer choices 10196.9 1019.69 Sales Tax is included in the $14,567 Sales Tax Payable would not be credited

BC Inc made sales of $14,567 for Monday, December 8th. The sales tax is 7%. What is the dollar amount that would be credited to Sales Tax Payable? Group of answer choices 10196.9 1019.69 Sales Tax is included in the $14,567 Sales Tax Payable would not be credited

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Elegant Electronics sells a cellular phone on September 2 for $438. On September 6, Elegant sells…

A: Sales tax can be calculated on the basis of total sales and the tax rates on the sales.

Q: Bibi's Beach Boutique does not ring up sales tax what is the amount of the sales taxes owed to the…

A: Sales tax is imposed on the sale of goods or services. The seller of the goods or services collects…

Q: QUESTION: if Chiz is non-VAT registered, how much is the business tax payable?

A: Non Vat Register For the Non Vat register whose gross sales / gross receipts which are not crossed…

Q: 7

A: DateAccount Titles and ExplanationDebitCreditSeptember 30 (1)Cash$15,000 Sales $13,950 Sales Tax…

Q: Sneasler Company appropriately withholds 9.75% on all of its sales transactions. During the period,…

A: Journal entry is the primary reporting of the business transactions in the books of accounts. These…

Q: 10. Loudoun Trucking purchases 4,750 truck tires. The federal excise tax is $0.13 per tire. Find the…

A: Introduction:- Federal excise tax is charged or imposed on the sale of things. Which is charged on…

Q: B. Give the journal entry to be made in the books of the purchaser, if the account to be debited is…

A: Accounting books: The various books drafted to carry out the accounting process are called as…

Q: Venus Corp. sold goods, with a selling price of $18,421, for cash. The state sales tax rate is 8%.…

Q: ABC Corporation has the following sales during the month of October: Sales to a private company,…

A: VAT Payable Value-added tax (VAT) output exemption in the Philippines refers to sales or…

Q: During the month of September, the following transactions occurred. The applicable sales tax rate is…

A: Journal is the first place where a transaction is recorded. It contains record of transaction…

Q: Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep…

A: Sales tax is charged on the sales revenue. It is a consumption-based tax imposed by the government.…

Q: Sheffield Company does not ring up sales taxes separately on the cash register. Total receipts for…

A: If the sales tax rate is 5% and the total receipts of 87,360 include the sales taxes, this means the…

Q: rchandise, and the total amount is credited to Sales. During January, Sales was credited $318,000.…

A: Adjustment entry is required to be passed at the end of the period to properly provide for the…

Q: A retailer purchased an item from the wholesaler for OMR 1000. If the retailer sells the same item…

A: Purchase price of retailer = OMR 1000 Sales price of retailer = OMR 1500 Tax rate = 10%

Q: a) Find the value added tax paid by the wholesaler and the retailer. b) Find the price including…

Q: A shopkeeper sells an article at its marked price RO 7500 and charges sales-tax at the rate of 12%…

A: Formula: Tax amount = Tax percent x sale value Multiplying tax percent with sale value derives the…

Q: The company has no beginning inventory . Value Added Tax ( VAT ) is 18 % . 5 March : Purchased on…

A: VAT (Value Added Tax) A kind of tax which is imposed on the value of goods or services at the time…

Q: F) A manufacturer printed the price of his goods as RO 360 per article. He allowed a discount of 30%…

A: VAT stands for Value added tax, which is a kind of indirect tax levied or charged on the goods and…

Q: Japer Ltd is a retailer and has the following transactions in the quarter ended 31st March 2022…

A: Credit of tax paid on inputs is available only if tax is paid on supplies.It means credit of tax…

Q: A retailer sells a product at a price of 120 OMR. He purchased the same product from a wholesaler at…

A: Given, Sells Price = 120 OMR Purchase Price = 95 OMR Sales Tax = 6%

Q: Julie's Boutique has total receipts for the month of $30,660 including sales taxes. If the sales tax…

A: Given : Total receipts including Sales tax = $ 30,660 Sales tax = 5 % Sales would be = Total…

Q: Barron, Inc. sold goods for $888,500 on account. The company operates in a state that imposes a 12%…

A: Barron, Inc. sold goods for 888, 500 on account.Sales tax imposed on the sale of goods and…

Q: Pronghorn Delights is a corporation that sells breakfast cereal. Based on the accounts listed below,…

A: Receivables are the claims against others (usually customers) for money, goods, or…

Q: Oman Manufacturing Company a handicraft manufacturer printed the price of its goods as RO 120 per…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: السؤال 10 ?Manama Trading has $ 8,000 of cash sales that are subject to an additional 8% sales tax,…

A: Journal entry: A journal entry is one of the financial statements which is used to record…

Q: Record transaction 1 in the applicable general ledger accounts using the perpetual inventory system.

A: The perpetual inventory system of recording the journal entries when the sales are made is that…

Q: The following selected transactions apply to Topeca Supply for November and December Year 1.…

A: In the horizontal statement model each transaction effect given to balance sheet, income statement…

Q: Make the entry to record sales taxes payable and sales revenue. (Credit account titles are…

A: Sales tax revenue refers to the amount of money collected by a government or tax authority from the…

Q: Excise and Sales Tax Calculations Clifford Company has just billed a customer for $1,100, an amount…

A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…

Q: The following selected transactions apply to Topeca Supply for November and December Year 1.…

A: The sales tax payable is recorded as current liability.The sales tax liability is calculated on the…

Q: 3.How much is the output tax? How about the input tax? Outo Innut +

A: There are three questions in the question and two questions relate with each other but the first…

Q: A retailer buys a product from the wholesaler at 120 OMR and wholesaler charges sales tax of 8%. The…

A: VAT or value added tax as the name suggets is the tax calculated on the sales value but paid after…

Q: EAB. LO 122 Elegant Electronics sells a cellular phone on September 2 for $450. On September 6,…

A: Journal is a place where journal entries are recorded in the book keeping system before ledger…

Q: Waterway Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may…

A: Sales tax is a form of taxation imposed on the sale of goods and services. The tax is imposed by the…

Q: 1. On July 15, Piper Co. sold $13,000 of merchandise (costing $6,500) for cash. The sales tax rate…

A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…

Q: Bargain Surplus made cash sales during the month of October of $475,000. The sales are subject to a…

A: Journal - The primary books of accounts in which transactions are first recorded in chronological…

Q: Novak Supply does not segregate sales and sales taxes at the time of sale. The register total for…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: ssume Pebble Inc. on October 15 purchased $4,000 of merchandise on credit. The next day, it recorded…

A: Purchase or sale of merchandise inventory is subject to GST or HST but this is not recorded as…

Q: Elegant Electronics sells a cellular phone on September 2 for $374. On September 6, Elegant sells…

A: Taxes are the amount of dues that needs to be paid by individual or business to the government. This…

Q: Product Cost per item Subject to sales tax? 1 bag of candy $8.00 Yes Loaf of bread $5.00 No In a…

A: Sales tax on bag of candy = Cost x sales tax rate = $8 x 6.5% = $0.52

Q: Posner Co. is a retail store operating in a state with a 7% retail sales tax. Posner made credit…

A: Sales Tax:- It is a tax which sellers pay to the government at the rate prescribed in law for the…

Q: Ashvinbhai

A: Detailed explanation:1. Asset Cash is increased by 70,085 ( 65500 + ( 65500 x 7% sales tax ) =…

Q: A VAT registrant purchases goods for 15,000 Baht with a tax invoice issued. Then, the goods are sold…

A: The input VAT is the value added tax paid on the acquisition of products or services. In this…

Q: Sales Tax Grey's Furniture sold 50 couches to Shepherd Inc. for $980 each plus an additional state…

A: Given that, Number of couches sold to Shephered Inc = 50 sale value of Each couch = $980 sales tax =…

Q: Coronado Auto Supply does not segregate sales and sales taxes at the time of sale. The register…

A: Sales Tax is payable to the seller of goods or provider of services and it is further collected by…

Question

BC Inc made sales of $14,567 for Monday, December 8th. The sales tax is 7%. What is the dollar amount that would be credited to Sales Tax Payable?

Group of answer choices

10196.9

1019.69

Sales Tax is included in the $14,567

Sales Tax Payable would not be credited

AI-Generated Solution

AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.

Unlock instant AI solutions

Tap the button
to generate a solution

Click the button to generate
a solution

SEE SOLUTION

Similar questions

Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,144, an amount that includes a 10% excise tax and a 6% state sales tax. a. What amount of revenue is recorded? b. Prepare a general journal entry to record the transaction on the books of Barnes Company. Round all answers to the nearest dollar. a. Amount of recorded revenue $ 0 b. Date Dec.31 Excise Tax Payable Sales Tax Payable General Journal Description 수 $ + To record sale on account subject to excise tax and sales tax. Debit 0 $ 0 0 0 Credit 0 0 0 0
On March 25, Osgood Company sold merchandise on account, $4,100, terms n/30. The applicable sales tax percentage is 7%. Journalize this transaction. If an amount box does not require an entry, leave it blank. March 25
QS 11-3 (Algo) Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $15,000 cash on September 30 (cost of merchandise is $12,000). Dextra collects 5% sales tax. Record the entry for the $15,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15.
what is the formula of input and output tax? how tp compute? example is this : The transactions for ABC Company for the month of April, 2015 are shown below. (Assume the company is a vat registered business and assume 12% VAT is inclusive in the amounts in the transactions.) April 3 Sold merchandise to Mr. Santos on account, P280,000, FOB shipping point, terms: 2/10, n/30.
Loudoun Trucking purchases 4,750 truck tires. The federal excise tax is $0.13 per tire. Find the amount (in $) of the excise tax for this transaction.
A retailer buys a product from the wholesaler at 120 OMR and wholesaler charges sales tax of 8%. The retailer fixes the price at 180 OMR to the customer at the same tax rate. How much VAT does the retailer pay to the government? a. 4.8 OMR b. 14.4 OMR c. 24 OMR d. 9.6 OMR
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. e. On which financial statement will the sales tax liability appear? The liability is shown on the
Kathy's Corner Store has total cash sales for the month of $34,000 excluding sales taxes. If the sales tax rate is 5%, which journal entry is needed? (Ignore Cost of Goods Sold.) A. debit Cash $35,700, credit Sales Revenue $35,700 B. debit Cash $32,300, debit Sales Tax Receivable for $1,700 and credit Sales Revenue for $34,000 C. debit Cash $34,000 and credit Sales Revenue $34,000 D. debit Cash $35,700, credit Sales Revenue $34,000 and credit Sales Tax Payable $1,700
Alpesh
A customer paid a total of $7700 for a purchase, including 13% HST (Harmonized Sales Tax). How much was the HST? 1. $911 2. $6885 3. $886 4. $7700
Accounting Question: The following are independent situations: Record the sales transactions and related taxes for each client. Show steps please. 1. Max rang up $14,000 of sales, plus HST of 13%, on it's cash register on April 10. 2. Quince rang up $35,400 of sales, before sales taxes, on its cash register on April 21. The company charges 5% GST and No PST. 3. Jace charges 5% GST and 7% PST on all sales. On April 27, the company collected $23,200 sales in cash plus sales taxes.
Giga Inc has the following information: Unearned service revenue=$16,680 Sales tax payable=$8,490 Accounts payable=54,470 1.In the month of January dated 05, the company sold merchandise of cash amounting to $16,200, which includes 8% sales tax amount. 2.Jan-12-Services to customers who made advance payment of 11,490 3.Jan-14-Payment paid to state revenue department for sales tax collected in december 2014 (8,490) 4.Jan-20-Company sold 800 units of a new product on credit at 50 per unit, plus 8% sales tax 5.Jan-21-Borrowed 27,000 from Emerald Bank on 3-month, 8%, 27,000 note. 6.Jan-25-Company sold merchandise for cash totaling 10,098 which includes 8% sales tax. Required: January transactions-Journal entries