Excise and Sales Tax Calculations Clifford Company has just billed a customer for $1,100, an amount that includes a eight percent excise tax and a two percent state sales tax. a. What amount of revenue is recorded? b. Prepare a general journal entry to record the transaction on the books of Clifford Company.

On 1 August 20X5, Hans had an opening balance on the sales tax account as $6,360 credit. During the month, he makes sales gross of tax of $51,040 and purchases net of tax of $60,830. The sales tax rate is 10%. What is the balance on the sales tax account as at 1 September 20X5? A. $4,363 Dr    B. $5,381 Cr    C. $4,917 Cr     D. $4,827 Dr

Jumping Jumpers Smocking, Inc., is a monthly depositor whose December federal taxes are displayed below. Record one journal entry to account for the payment of the federal taxes. All tax payments are made in a timely manner on the payment due date (which, for this month, is not impacted by a weekend or holiday). Chart of Accounts Notes: • Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits. • See the Chart of Accounts provided for the proper account names to use. • To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit given for a correct account name with an incorrect amount; full credit is given for a correct account name with the correct amount. • Do not include journal entry explanation when submitting your answer. December Tax Totals Federal Income Tax Employer's…

The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $225,000, terms n/30.   31 Issued a 30-day, 8% note for $225,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $600,000 from Triple Creek Bank, issuing a 45-day, 6% note. Jul. 1 Purchased tools by issuing a $50,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%.   16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 7% note for $600,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16.   30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $280,000, paying $80,000 cash and issuing a series of ten 9% notes for…