Barron, Inc. sold goods for $888,500 on account. The company operates in a state that imposes a 12% sales tax. What is the amount of the sales tax payable to the state? A. $5 B. $26,655 C. $106, 620 D. $213,240
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- Venus Corp. sold goods, with a selling price of $18,421, for cash. The state sales tax rate is 8%. What amount is credited to the Sales Revenue account? (Round calculations to the nearest dollar.) XA. $1,474 B. $16,947 C. $18,421 O D. $19,895Questio Venus Corp. sold goods, with a selling price of $16,221, for cash. The state sales tax rate is 8%. What amount is credited to the Sales Revenue account? (Round calculations to the nearest dollar.) O $15,843 O $1378 O $17,221 O $16,221 Question 1 of 41>>16.Merchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is subject to a 7% state sales tax. The journal entry for the sale would include a credit to a.Sales Tax Payable for $420 b.Cash for $6,000 c.Sales for $5,580 d.Sales for $6,240 17. Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales from these transactions? a.$26,010 b.$24,990 c.$25,500 d.$16,000 18. When a buyer returns merchandise purchased for cash, the buyer will journalize the transaction as a….. a.debit to Cash and a credit to Sales b.debit to Cash and a credit to Merchandise Inventory c.debit to Merchandise Inventory and a credit to Cash d.debit to Sales and a credit to Accounts Payable 19. A sales invoice included the following information: merchandise price, $8,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $1,100 added to the invoice. Assuming that a…
- Yesterday Estate Jewelers had total sales, including sales tax, of $16,502.50. The store is located in a state that has a sales tax of . the accountant for the 6 3/4% store , calculate : the anount of sales revenue and the amount of sales tax that must be sent to the state department of revenueMerchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is subject to a 7% state sales tax. The entry to journalize the sale would include a credit to Oa. Sales for $5,580 b. Sales Tax Payable for $420 c. Cash for $6,000 d. Sales for $6,420A VAT registered trader had the following transactions: Sales of good to private entities, net of VAT 2,500,000 Purchases of goods sold to private entities, gross of 12% VAT 896,000 Sales to GOCC, net of VAT 1,000,000 Purchases of goods sold to GOCC net of VAT 700,000 How much is the output tax?
- Merchandise is sold for cash. The selling price of the merchandise is $3,800 and the sale is subject to a 8% state sales tax. The journal entry to record the sale would include a credit to a.Cash for $3,800 b.Sales for $3,496 c.Sales for $4,104 d.Sales Tax Payable for $304Entity E does not account for sales taxes separately when making sales. The sales tax rate is 8.5%. If the total amount collected was $21,700 how much was the sales tax? Round to the nearest dollar if necessary. $1,700. $20,000. $21,700. $1,845.Sales tax transactions Journalize the entries to record the following selected transactions:A. Sold $640,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $385,000.B. Paid $61,750 to the state sales tax department for taxes collected
- Question: In the state of Florida, there are varying sales tax rates for different types of goods. A retailer sold $50,000 worth of electronics subject to a 6% sales tax rate, $30,000 worth of clothing subject to a 7% sales tax rate, and $20,000 worth of groceries subject to a 4% sales tax rate. What is the total amount of sales tax collected by the retailer from these sales? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 8% state sales tax. The journal entry to record the sale would include a credit to Oa. Sales Tax Payable for $296 Ob. Sales for $3,996 Oc. Sales for $3,404 Od. Cash for $3,70021. A non-VAT business reported the following: Sales P2,500,000 Cost of Sales 1,000,000 Purchases, inclusive of VAT 560,000 How much is the amount of business tax payable? _ 22. A non-VAT person reported the following during the year: (NO Solutions) Domestic Sales P1,000,000 Export Sales 600,000 Importation of Goods Transaction deemed sales 500,000 100,000 Its total amount subject to 12% VAT would be: (NO solutions)
