Question: Dextra Computing sells merchandise for 6 000 cash on September 30
Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900). The sales tax law requires Dextra to collect 5% sales tax on every dollar of merchandise sold. Record the entry for the $ 6,000 sale and its applicable sales tax. Also record the entry that shows the remittance of the 5% tax on this sale to the state government on October 15.
Answer to relevant QuestionsThe following legal claims exist for Huprey Co. Identify the accounting treatment for each claim as either (a) A liability that is recorded or (b) An item described in notes to its financial statements. 1. Huprey (defendant) ...Chavez Co.’s salaried employees earn four weeks’ vacation per year. It pays $312,000.00 in total employee salaries for 52 weeks but its employees work only 48 weeks. This means Chavez’s total weekly expense is $6,500 ...Sylvestor Systems borrows $ 110,000 cash on May 15, 2013, by signing a 60-day, 12% note. 1. On what date does this note mature? 2. Suppose the face value of the note equals $ 110,000, the principal of the loan. Prepare the ...Lenny Florita, an unmarried employee, works 48 hours in the week ended January 12. His pay rate is $14 per hour, and his wages are subject to no deductions other than FICA—Social Security, FICA—Medicare, and federal ...Shown here are condensed income statements for two different companies (both are organized as LLCs and pay no income taxes).Required 1. Compute times interest earned for Miller Company. 2. Compute times interest earned for ...
Post your question