During December, Far West Services makes a $1,200 credit sale. The state sales tax rate is 6%

Question:

During December, Far West Services makes a $1,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable.

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

Step by Step Answer:

Related Book For answer-question

Financial Accounting

ISBN: 9780078110825

2nd Edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

See More Books

Question Posted: Jan 16, 2017 10:28 AM

See More Questions

During 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.
Sentry Transport, Inc., of Atlanta provides in-town parcel delivery services in addition to a full range of passenger services. Sentry engaged in the following activities during the current year: a....
John R. and Anne L. Miller are married and live at 13071 Sterling Drive, Aitkin, MN 56431. John is a self-employed insurance claims adjuster (business activity code 524290), and Anne is the dietitian...
Ha: Î¼1 > Î¼2 The null hypothesis is H0: Î¼1 = Î¼2 and the alternative hypothesis is as specified. We have provided data from a simple random...
Dugan Corp. had total variable costs of $180,000, total fixed costs of $160,000, and total revenues of $300,000. Compute the required sales in dollars to break even.
Use the method of Exercise 13.7 to rework Exercise 13.49. In exercise In a random sample, s = 2.53 minutes for the amount of time that 30 women took to complete the writ-ten test for their drivers...
Brian Rafferty ingested finasteride, a drug prescribed to him to treat an enlarged prostate. Finasteride is a generic version of Proscar, a drug manufactured by Merck. Some time after he started to...
Appliance Center sells a variety of electronic equipment and home appliances. For the last 4 years, 2010 through 2013, the following quarterly sales (in $ millions) were reported. Determine a typical...
as Suppose X is a normal variable with mean and variance 2. Let f(x) be the density function of X. For a constant 0, define the tilted density function fo(x) = f(x)ex Mo where Me is the normalization...
This is a velocitytime graph for a vertically bouncing ball. The ball is released at A and strikes the ground at B. The ball leaves the ground at D and reaches its maximum height at E. The effects of...
On December 18, Intel receives $250,000 from a customer toward a cash sale of $2.5 million for computer chips to be completed on January 23. The computer chips had a total production cost of $1.5...
On September 1, 2012, Southwest Airlines borrows $40 million, of which $8 million is due next year. Show how Southwest Airlines would record the $40 million debt on its December 31, 2012, balance...
Bell Helicopter produces a spare part with ordering cost of $2,000, inventory carrying cost of $400/unit/year, stock out cost of $1,850 per unit short, an annual requirement of 494 units, and...
Jennifer is required to take a $30,000 minimum distribution from her traditional IRA but decided only to take a distribution of $20,000. For what penalty tax, if any, is she liable?
Research a cyber attack that occurred within the past 5 years and develop a presentation to discuss the following: Attack overview What happened? Threat actors Who was involved? Attack Method What...
how to a register this entry in the general jounal Jan 22 Accepted a job for the manufacture of 28 units R2 (Racing 2) custom stand-up paddle (SUP) boards for Four Oceanic Designers. The promise date...
What is found on the balance sheet of a property and liability insurer?
On January 1, 2016, Drugz Inc., a large pharmaceutical company, commenced business operations in Canada. The following information is available: 2018 2019 2020 2021 Reported Income (loss) before tax...
What is the measure used to indicate the resolution of a printer?
Provide a draft/outline of legal research involving an indigenous Canadian woman charged with assault causing bodily harm under (Sec 267b) of the Criminal Code, where the crown wants a 12-month jail...
Over a four-year period, Jackie Corporation reported the following series of gross profits. In 2015, the company performed a comprehensive review of its inventory accounting procedures. Based on this...
Jimmies Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June 2015: Required: 1. Calculate ending inventory and cost of goods sold at June...
Petes Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August 2015: Required: 1. Calculate ending inventory and cost of goods sold at August...
Problem 2: Consider the following sequential pseudo-code segment, in which n 1 is an integer. for i 0 ton do oin Compute function f(i) end (25 points) Suppose that computing f(i) needs t(i) time,...
Solve. 6x +5x=21 D X = (Simplify your answer. Type an exact answer, using radicals as needed. Express numbers in terms of i. Use a comma to separate answers as needed.)
9. The Robinson family owns a 3-bedroom condo. Both parents work full time. Mr. Robinson's yearly income is $43 000 and Mrs. Robinson's yearly income is $47 000. Below are the expenses that the...

During December, Far West Services makes a $1,200 credit sale. The state sales tax rate is 6%

Question:

Step by Step Answer:

Debit Credit Acc...View the full answer

Financial Accounting

Students also viewed these Accounting questions