(a) Your roommate says, Sales taxes are reported as an expense in the income statement. Do you...
Question:
(b) Brenda’s Cafe has cash proceeds from sales of $8,550. This amount includes $550 of sales taxes. Give the entry to record the proceeds.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (12 reviews)
a Disagree The company only serves as a collection agent f...View the full answer
Answered By
AKASH
Completed my graduation from MDU Rohtak with major in physics and mathematics. Currently perusing in the last semester of master in physics. Experience of home tutoring of 2 years. Also working with chegg subject matter expert in advanced physics and calculus. Has a good experience of solving problems at high school and college level.
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
a. Your roommate says, Sales taxes are reported as an expense in the income statement. Do you agree? Explain. b. Leianas Cafe has cash proceeds from sales of $8,550. This amount includes $550 of...
-
a. Your roommate says, Value-added taxes are reported as an expense in the income statement. Do you agree? Explain. b. Miaoli Company has cash proceeds from sales of NT$8,400 (amounts in thousands)....
-
The profit before tax, as reported in the income statement of Uwu Corporation for the year ended December 31, 2020. amounted to P1.920,000, including the following revenue and expense items: Rent...
-
Jake's office building is destroyed by a fire on September 15, 2022. Jake receives insurance proceeds on April 15, 2023 in the amount of $300,000. Jake's adjusted basis in the building was $250,000....
-
The costs for a supervisor are included in indirect costs. The supervisor's travel is included in the indirect costs. Susie is a supervisor for a sewing department at a clothing construction company....
-
A spherical snowball is melting in such a way that its radius is decreasing at a rate of 0.1 cm/min. At what rate is the volume of the snowball decreasing when the radius is 8 cm. (Note the answer is...
-
What is a Wohler curve?
-
The Valley Swim Club has 300 stockholders, each holding one share of stock in the club. A share of club stock allows the shareholders family to use the clubs heated outdoor pool during the summer,...
-
Choose a company whose business is some what. It can be a company that you have worked for, have dealt with, or are just interested in. Identify a business process in this company that can benefit...
-
Once upon a time many, many years ago, there lived a feudal landlord in a small province of Western Europe. The landlord, Baron Coburg, lived in a castle high on a hill. He was responsible for the...
-
McFarland Company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First Bank on July 1. McFarlands fiscal year ends on September 30. What information should be reported for...
-
Troy University sold 9,000 season football tickets at $90 each for its five-game home schedule. What entries should be made (a) When the tickets are sold and (b) After each game?
-
In this chapter, we introduced the matrix \(\mathbb{D}\) defined as the derivative acting on a grid with spacing \(\Delta x\). This matrix has the form \[\mathbb{D}=\left(\begin{array}{ccccc}\ddots &...
-
A wind turbine company is thinking of developing a new turbine, the XP9. The company estimates that creating the XP9 will require an initial investment of $125,000 today, $250,000 of engineering...
-
12. 3 8 Suppose f(x)dx = 4, [ f(x)dx = -7, and g(x)dx = 5. Evaluate the integrals in parts a - d. 0 3 3 3 a ste [5f(x) dx = [ (Type an integer or a decimal.) 8 b. -2g(x) dx = [ (Type an integer or a...
-
Rating Below is an interval plot from Minitab. How would you interpret this plot? What does it tell you about the effect of age restrictive labeling? (8 points) 8 Interval Plot of 7+, 12+, ... 95% CI...
-
I A 2 B 4 Investment A 5 Investment B 5 Investment C 7 B 3 _0 _1 2 3 Investment A B _0 1 2 Investment A 3 Investment B 4 Investment C 5 6 Formulas 7 Growth Rate (Expected) Year 0 11% $3,000 6%...
-
If the probability distribution for an investment project during the next three years is as follows Years, yield, likelihood 2021 20% 30% 2022 15% 40% 2023 10% 30% Required: What is the risk of this...
-
Are any of the following losses deductible on an individual's income tax return? If so, is the loss deductible "for" or "from" AGI? Explain each loss. Loss Loss on sale of stock in an individual's...
-
Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the...
-
What are the advantages and disadvantages of confirming the accuracy of status reports filed by your team members?
-
Imperial Landscaping plants grass seed as the basic landscaping for business campuses. During a recent month the company worked on three projects (Ames, Korman, and Stilles). The company is...
-
Archangel Corporation prepared the following variance report.InstructionsFill in the appropriate amounts or letters for the question marks in thereport. ARCHANGEL CORPORATION Variance...
-
Cepeda Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. In addition, 8,000 units of product were sold at $8.00 per unit....
-
How is decision-making in organizations best supported by Management Accounting (a descriptive nature) and how should it be supported by Management Accounting (a prescriptive nature)? Is there a gap...
-
Discuss the thermodynamic principles governing the separation of azeotropic mixtures using advanced distillation techniques such as pressure swing distillation, extractive distillation, and hybrid...
-
respond to the discussion In the IMA article, Activity-Based Costing (ABC) is explained as a cost allocation technique that traces indirect costs (often referred to as "overhead") to specific cost...
Study smarter with the SolutionInn App