Bibi's Beach Boutique does not ring up sales tax what is the amount of the sales taxes owed to the separately. If the sales tax rate is 5% and the total receipts amounted to $126,000 taxing agency? O $126,000 O $6,000 O $6,300 O $120,000

Bibi's Beach Boutique does not ring up sales tax what is the amount of the sales taxes owed to the separately. If the sales tax rate is 5% and the total receipts amounted to $126,000 taxing agency? O $126,000 O $6,000 O $6,300 O $120,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: A. Cara. Fatima and Zabra are sharing income and loss in a 1.2.2 ratio respectively and decided to d…

A: There are two questions asked by the student and as per our protocol only the first question about…

Q: Hello! I need help with the following accounting problem: Bramble Inc. obtained significant…

A: The objective of the question is to prepare the necessary journal entries for Bramble Inc. for the…

Q: SodaPop Company has two operating departments: Mixing and Bottling. Mixing has 480 employees and…

A: Activity based costing (ABC) is the modern method for the classification of various expenses to…

Q: Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a…

A: Notes is an instrument issued by the borrower to the ledgers. It acts like a promissory note issued…

Q: Acme Materials Company manufactures and sells synthetic coatings that can withstand high…

A: Cost of quality is the cost the company has incurred beyond the some certain costs (Material, Labor,…

Q: Almarai Company Ltd manufactures two types of Sprizzer - Classic and Luxury. Each product requires…

A: Part-AThe traditional costing system is an accounting method used to determine the cost of making…

Q: The following information for the past year is available from Gas Company, a company that uses…

A: The variance is the difference between the standard and actual cost data production. Variable…

Q: Required: 1. Compute the budgeted cash receipts for Iguana. 2. Compute the budgeted cash payments…

A: Cash Budget is prepared to provide for the expected cash requirements in the future period(s).All…

Q: c. Assume that Ashley earned all of the couple's income and that she contributed the maximum amount…

A: For 2023, the total contributions you make each year to all of your traditional IRAs and Roth IRAs…

Q: Zytel Corporation produces cleaning compounds and solutions for industrial and household use. While…

A: The costs paid during the manufacturing or production process to transform raw materials or inputs…

Q: During 2024, Ryabova entered into the following transactions relating to shareholders' equity. The…

A: EPS stands for Earning per share. It is a method which is used by investors to know the attributable…

Q: On January 1, 2022, Bramble and Lois Company purchased 12% bonds having a maturity value of $234,000…

A: The bonds are issued or purchased either at discount or at a premium. The bond amortization table is…

Q: Consider variance analysis in a service industry. Is it a good thing to use or a bad thing to use?…

A: Variance analysis in a service industry involves the systematic comparison of actual performance…

Q: During the year-end audit of Cressman Corporation's financial statements for 2016, you discover the…

A: Adjusting journal entries are made in order to adjust the books of accounts for any errors that have…

Q: Current Attempt in Progress Determine the missing amounts. (Round answers to O decimal places, e.g.…

A: The contribution margin is calculated as the difference between the sales and variable costs. The…

Q: Sandhill Supply Company, a newly formed corporation, incurred the following expenditures related to…

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: At December 31, 2023, Cord Company's plant asset and accumulated depreciation and amortization…

A: It is the amount of reduction in the value of a tangible fixed asset due to tear and wear,…

Q: Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31,…

A: Closing entries are required to close the temporary accounts after making financial statements…

Q: A new accountant at Bramble Inc. is trying to identify which of the amounts shown below should be…

A: The cash and cash equivalents are the current assets of the business. The cash equivalents are more…

Q: Heather owns 500 shares of Diego Corporation common stock for which she paid $10,000. She receives a…

A: Common stock represents ownership in a company with voting rights and potential dividends. Preferred…

Q: Multiple Choice Practice Questions-Differential Analysis 1. The condensed income statement for a…

A: contribution Margin is calculated as the difference between sales and variable cost. And the net…

Q: Problem 9-4A (Algo) Explore the impact of leases on the debt to equity ratio (LO9-3, 9- 8) [The…

A: In the case of two independent questions, answer to the first question is given below. To obtain the…

Q: meducation.com/ext/map/index.html?_con=con&external browser=0&launch Url=https% 253A%252F%252Fne…

A: VarianceIn cost accounting, variance is the difference between an actual result that has been…

Q: Davis Snowflake & Co. produces Christmas stockings in its Cutting and Sewing departments. The…

A: Algebra is used in the reciprocal method of cost allocation to capture and assign 100% of service…

Q: Fill in the blank based on the above information. Adjusted gross income - $ 155.000 llemized…

A: Federal tax owed by married couples filing jointly pertains to the income tax due based on their…

Q: snowboard requires direct materials of $102, direct labor of $32, variable overhead of $47, and…

A: Selling price per unit is the price per unit that the seller charges from the buyer for the goods…

Q: March 31, 2024, Wolfson Corporation acquired all of the outstanding common stock of Barney…

A: Goodwill is an intangible asset that is not in physical form. Goodwill is calculated In case of…

Q: Prepare the entries to record any amortization at December 31, assuming Carla Vista records…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: The following information is available for Baxter Manufacturing for April: Actual machine hours…

A: In essence it will reflects the difference in fixed overhead costs that arises due to producing a…

Q: Sales Salaries and commissions 1500, Depreciation of Building 500, office and officeers Salaries…

A: Administration expenses: Administration expenses are those expenses which are not directly related…

Q: Alex Corporation reports the following components of stockholders' equity at December 31 of the…

A: The dividend is declared to the shareholders from the retained earnings of the business. The…

Q: Required: Break down the total activity variance into sales mix and quantity parts. Note: Do not…

A: Sales mix variance = Revised standard sales - Standard sales Standard sales = Actual selling…

Q: Jackson

A: For 2023, the total contributions you make each year to all of your traditional IRAs and Roth IRAs…

Q: Spherical Manufacturing recently spent $16 million to purchase some equipment used in the…

A: Dear student, as per Bartleby's guidelines, when multiple sub-parts are asked in the same question,…

Q: A product sells for $30 per unit and has variable costs of $18.00 per unit. The fixed costs are…

A: At Break even point total contribution margin will be equal to total fixed cost. Thus at break even…

Q: Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: Required information [The following information applies to the questions displayed below.] Tyrell…

A: Interest due at maturity of a note pertains to the interest amount that is paid when a promissory…

Q: Question Content Area Gladstorm Enterprises sells a product for $46 per unit. The variable cost is…

A: The objective of this question is to calculate the break-even point in sales units for Gladstorm…

Q: On January 1, Wei Company begins the accounting period with a $34,000 credit balance in Allowance…

A: Under the allowance method company makes provisions for uncollectible accounts at the end of the…

Q: The TimpRiders LP has operated a motorcycle dealership for a number of years. Amir is the limited…

A: A partnership is an agreement between two or more persons or entities to run a business together,…

Q: Exercise A-17 (Static) Present Value Analysis in Nonprofit Organizations The Minock Group, a…

A: The question is related to Capital Budgeting. The Net Present value is calculated with the help of…

Q: Cash sales, 30% Credit sales, 70% Total sales > Show Transcribed Text $ CA $ March 31 Quarter Ended…

A: Inventory purchase budget :— This budget is prepared to estimate the value of purchases made during…

Q: Noncontrolling interest in subsidiary, 12/31/21 $ 527,250 X

A: A consolidated income statement amalgamates financial data from a parent company and its…

Q: Benoit Company produces three productsA, B, and C. Data concerning the three products follow (per…

A: Lets understand the basics.Contribution margin is a margin generated on sale of each and every unit.…

Q: The units of an item available for sale during the year were as follows: Date Line Item Description…

A: Under FIFO method, inventory purchased first is considered as sold first and ending inventory…

Q: At Carlson Services, the cashier collects checks and cash from customers, and the junior accountant…

A: Internal control procedures are a set of policies and practices implemented by an organization to…

Q: Down Under Products, Limited, of Australla has budgeted sales of its popular boomerang for the next…

A: Budgeting is a method of estimating expected future outcomes based on past events. Budgeting…

Q: [The following information applies to the questions displayed below.] A manufactured product has the…

A: The standard cost per unit include materials, labor and overhead costs. The variance can be…

Q: which of the following is not reported under the other expenses and losses section o statement? A.…

A: The question is related Income Statement. The other expenses and losses section of Income Statement…

Q: Year 1 23 45 6 Projected Cash Flows $214,000 169,500 124,500 55,200 55,200 48,500

A: A financial metric called the payback period is used to assess how long it will take an investment…

Question

Bibi's Beach Boutique does not ring up sales tax what is the amount of the sales taxes owed to the separately. If the sales tax rate is 5% and the total receipts amounted to $126,000 taxing agency?

O $126,000

O $6,000

O $6,300

O $120,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Calculation of sales tax

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

A retail store does not segregate sales and the amount of sales tax on sales. If the sales tax rate is 5% and the register total amounted to $262,500, what is the amount of the sales taxes owed to the taxing agency? Select one: a. The answer does not exist b. $262,500 c. $12,500 d. $13,125 e. $250,000
Entity 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.
Tennis Shoe Warehouse operates in a state with a 6.5% sales tax. For convenience, Tennis Shoe Warehouse credits Sales Revenue for the total amount (selling price plus sales tax) collected from each customer. If Tennis Shoe Warehouse fails to make an adjustment for sales taxes, ……Select one:a. net income will be understated and liabilities will be overstated.b. net income will be overstated and liabilities will be overstated.c. net income will be understated and liabilities will be understated.d. net income will be overstated and liabilities will be understated.
A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales. If the sales tax rate is 5% and the balance in the Sales Revenue account amounted to $273000, what is the amount of the sales taxes owed to the taxing agency? $260000 $13000 $273000 $13650
Tennis Shoe Warehouse operates in a state with a 6.5% sales tax. For convenience, TennisShoe Warehouse credits Sales Revenue for the total amount (selling price plus sales tax) collectedfrom each customer. If Tennis Shoe Warehouse fails to make an adjustment for sales taxes,a. net income will be understated and liabilities will be overstated.b. net income will be overstated and liabilities will be overstated.c. net income will be overstated and liabilities will be understated.d. net income will be understated and liabilities will be understated.
X is a percentage tax business. X issued a VAT-invoice for goods sold in the amount of P12,400 inclusive of VAT. The goods were bought for P8,000 exclusive of VAT. How much is the VAT payable? * O PO P1,329 O P1,488 О Р369
Check my work Use me ToilowiLng mmoiTllation TOI tihe Cxercises pelowv. (Alyuj [The following information applies to the questions displayed below.] 1. On July 15, Piper Co. sold $25,000 of merchandise (costing $12,500) for cash. The sales tax rate is 5%. On August 1, Piper sent the sales tax collected from the sale to the government. 2. On November 3, the Milwaukee Bucks sold a six-game pack of advance tickets for $750 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). Exercise 9-3 (Algo) Financial statement impact of current liability transactions LO C2 Analyze each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. (Enter all amounts as positive values.) Date Assets Liabilities + July 15 + July 15 %3D August 1 %3D November 3 November 20 %3D
X is a percentage tax business. X issued a VAT-invoice for goods sold in the amount of P12,400 inclusive of VAT. The goods were bought for P8,000 exclusive of VAT. How much is the VAT payable? * О РО O P1,329 O P1,488 О Р369
A customer purchases $28.14 in prodcts only $12.83 is taxable. How much sales tax is owed if the tax rate is 10%?
What is the amount subject to business tax? 2 points Jackpruit, a seller of goods, had the following transactions in January 2020: 200,000 300,000 40,000 20,000 Cash sales P Credit/Installment sales (40% collected) Sales returns and allowances Freight-out charged to customers O PO P460,000 P480,000 P500,000
Questio 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>>
21. A non-VAT business reported the following: Sales P 2,500,000 Cost of Sales 1,000,000 Purchases, inclusive of VAT 560,000 How much is the amount of business tax payable? (NO Solutions)