During December, Far West Services makes a $3,200 credit sale. The state sales tax rate is 6%

Question:

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.

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 978-0078025549

3rd edition

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

See More Books

Question Posted: Jul 15, 2014 03:55 AM

See More Questions

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.
A technical skill is the ability to: Work well in cooperation with other people. O Focus on the "soft" skills at work. Use expertise to perform a task with proficiency. Manage ourselves and our...
Credit Card Sales A local fast-food store is considering accepting major credit cards in its outlets. Current annual sales are $800,000 per outlet. The company can purchase the equipment needed to...
The maker of a $10,000, 8%, 90-day note receivable failed to pay the note on the due date of June 30. What accounts should be debited and credited by the payee to record the dishonored note...
Assuming the AR(1) scheme, what are the consequences of the CLRM assumption that the error terms in the PRF are uncorrelated?
Which national income account best reflects total factor payments?
Using the density function of the stopping time probability for a fixed $\lambda$, find the average time to the first event over the entire interval $[0, \infty)$.
While playing a coin- tossing game in which you are to guess whether heads or tails will appear, you observe 30 heads in a string of 50 coin tosses. (a) Test the null hypothesis that this coin is...
Tegan is a commission sales person. In October, Tegan sold $50,000 in product. What is the value of Tegan's commission? The commission rates are: 2% for the first $10,000 4% for the next $15,000 ...
1. What benefits do customers receive in return for the sacrifices they make when buying a membership at Planet Fitness? 2. How does this benefit-sacrifice ratio give Planet Fitness a competitive...
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...
On September 1, 2015, Southwest Airlines borrows $41 million, of which $10million is due next year. Show how Southwest Airlines would record the $41million debt on its December 31, 2015, balance...
Suppose that x has a pareto distributionPa(, y ), where is known but y is unknown, that is Use Jeffreys' rule to find a suitable reference prior for y. p(x|y) = yx-(5,0)(x).
After a petition has been filed with the Bankruptcy Court, the United States trustee must call a meeting of creditors and a meeting of equity security holders. Briefly summarize the ramifications for...
In the third paragraph investigate and describe legal aspects and laws related to general management, as applicable to the Blue Nile, Inc. These should include problems (with potential legal impact),...
Alter Company Ltd. and Bounder Company Ltd. manufacture the same product, each under their own brand name. Alter Company Ltd.'s product represents 20% of the domestic market, and Bounder Company...
Benziger owns and operates a diner in Voorhees. A young couple entered and ordered burgers and fries and sat at the counter. When Benziger came out of his office in the back, he noticed that the...
Intellectual property laws were initially created to protect creators and foster innovation. Today, some may argue that these laws are used by large corporations to wield unfair competitive advantage...
Balance each redox reaction occurring in acidic aqueous solution. a. I (aq) + NO (aq) b. CIO4 (aq) + Cl(aq) c. NO3(aq) + Sn+ (aq) 1(s) + NO(g) CIO3(aq) + Cl(g) Sn+ (aq) + NO(g)
Floyd Distributors, Inc., provides a variety of auto parts to small local garages. Floyd purchases parts from manufacturers according to the EOQ model and then ships the parts from a regional...
Using the velocity method, find the concentration time of a 1. 6 ha drainage area which is primarily forested, with a natural channel having a good stand of high grass. The data of Table 3. 3 can be...
White Dove Company began operations in 2012 by selling a single product. Data on purchases and sales for the year were as follows: On January 4, 2013, the president of the company, Joel McLees, asked...
Tiffany Co. is a high-end jewelry retailer, while Amazon.com uses its e-commerce services, features, and technologies to sell its products through the Internet. Recent balance sheet inventory...
The general merchandise retail industry has a number of segments represented by the following companies: Company Name Merchandise Concept Costco Wholesale Corporation Membership warehouse Wal-Mart...
Wanda is reviewing her tax returns from the previous year and is shocked at how much tax she paid the government. She had good income but had to pay a large number of self-employment taxes on top of...
Katies Cleaning Service has cleaning contracts for 15 apartments, 45 family homes, and 25 office buildings. She estimates that an apartment takes 4 hours to clean, a home takes 6 hours to clean, and...
1. Quikpak sells returnable containers to major food processors. The price received for the containers is 2 per unit. Of this amount 1.25 is profit contribution. Quikpak is considering an attempt to...

During December, Far West Services makes a $3,200 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