Oakley Company does not ring up sales taxes separately on the cash register. Total receipts for February

Question:

Oakley Company does not ring up sales taxes separately on the cash register. Total receipts for February amounted to $42,800. If the sales tax rate is 7%, what amount must be remitted to the state for February's sales taxes?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing An International Approach

ISBN: 978-0071051415

6th edition

Authors: Wally J. Smieliauskas, Kathryn Bewley

See More Books

Question Posted: Feb 01, 2018 07:31 AM

See More Questions

In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales: (a) Sue Jackson Company rings up sales and sales taxes separately on its cash...
In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales. 1. Kemer Company rings up sales and sales taxes separately on its cash register....
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Poole Company enters sales and sales taxes separately on its cash register....
2) Assume that your widget manufacturing company has a total annual demand of N widgets per year evenly distributed across the year. Each widget cost $b dollars in material and manufacturing costs to...
Prove Lami's theorem, which states that if three concurrent forces are in equilibrium, each is proportional to the sine of the angle of the other two; that is, P/sin α = Q/sin β = R/sin...
What are some common design principles in operating systems, such as modularity, abstraction, and fault tolerance? How do they contribute to system stability and reliability?
Describe the approaches to enhance value in the key phases of a projects supply chain.
Midori Company merchandises a single product called Gloss. The following data represent beginning inventory and purchases of Gloss during the past year: January 1 inventory, 68,000 units at $11.00;...
Convert the following numbers (Show the steps of your work): a. Ox23734 Binary: Decimal: b. Ob01100011 Hex: Decimal: c. 12345 Hex: Binary:
The Research Development Division of the GOOD PRODUCTS COMPANY has developed three possible new products. However, to avoid undue diversification of the company's product line, management has imposed...
Run First, Inc. uses 1000 units of Product X each year, on a continual basis. Product X has a fixed cost of $100 per order. There is a carrying cost of $1.50 per unit, per year. It takes 10 days for...
Using the following project information The critical path is A-C-E-G-I-J. Calculate the probability that the project will be completed in 38 weeks. Calculate the probability that the project will be...
Identify and briefly describe the statutes that deal with businesses in financial distress.
Critical Thinking Mind MapOverview Mind mapping is a technique for outlining information in diagrams using written text and lines, symbols, keywords, colors, and images. Before you complete your Mind...
An investment manager is pleased with their recent investment performance for a particular fund. Suppose that the following applied over the time period from 1 January 2019 to 1 March 2021: The fund...
Numerical Problem Sets (100% in total for all problem sets; the credit allocation is specified next to each problem set (e.g., 10% for problem set 1) as highlighted below. Detail must be provided.)...
Use the information above. What is the quick ratio?
Read the extract given below and highlights key points in it? C&F Apparel, Inc. Bill Smith, director of business planning for C&F Apparel, chewed on a pencil as he looked out the window of his...
A-1 Products manufactures wooden furniture using an assembly-line process. All direct materials are introduced at the start of the process, and conversion cost is incurred evenly throughout...
The polar coordinates of a point are given. Find the rectangular coordinates of the point. (-1, - /3)
The breaking strength X of a certain rivet used in a machine engine has a mean 5000 psi and standard deviation 400 psi. A random sample of 36 rivets is taken. Consider the distribution of X, the...
Consider the situation of Review Exercise 8.62. If the population from which the sample was taken has population mean p = 53,000 kilometers, does the sample information here seem to support that...
Two distinct solid fuel propellants, type A and type B, are being considered in a space program activity. Burning rates on the propellant are crucial. Random samples of 20 specimens of the two...
123 Anna purchased 100 shares of Delta stock on February 1, Year 2, for $46 per share, and 5 received a two-for-one stock split on December 31, Year 2. Anna sold all the shares of Delta stock on...
work i Saved QS 17-10 (Algo) Computing activity rates for activity-based costing LO P3 A company sells two types of products: standard and deluxe. It prepares the following analysis showing budgeted...
! Required information [The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It...

Oakley Company does not ring up sales taxes separately on the cash register. Total receipts for February

Question:

Step by Step Answer:

Statement showing computations Particulars Amount ...View the full answer

Auditing An International Approach

Students also viewed these Managerial Accounting questions