On December 18, Intel receives $260,000 from a customer toward a cash sale of $2.6 million for computer chips to be completed on January 23. The computer chips had a total production cost of $1.6 million. What journal entries should Intel record on December 18 and January 23? Assume Intel uses the perpetual inventory system.
Answer to relevant QuestionsDuring December, Far West Services makes a $3,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable. Match (by letter) the correct reporting method for each of the items listed below. Reporting Method _______________________________________________________C = Current liability L = Long-term liability D = Disclosure note ...During January, Luxury Cruise Lines incurs employee salaries of $3 million. Withholdings in January are $229,500 for the employee portion of FICA, $450,000 for federal income tax, $187,500 for state income tax, and $30,000 ...Selected financial data regarding current assets and current liabilities for Queen’s Line, a competitor in the cruise line industry, is provided: ($ in millions)Current assets:Cash and cash equivalents ........... $ ...Vacation Destinations offers its employees the option of contributing up to 7% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life ...
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