(a) Introduction: The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities. To calculate: Total bill for the May, 2019.

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Answer 1

Question

Chapter 8, Problem 77APSA

To determine

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the May, 2019.

To determine

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

To determine

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

To determine

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

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eBook Sales Tax Far and Wide Broadband provides Internet connection services to customers living in remote areas. During February 2020, it billed a customer a total of $295,000 before taxes. Weston also must pay the following taxes on these charges: State of Kansas sales tax of 6% Federal excise tax of 0.2% State of Kansas excise tax of 0.4% Required: Assuming Far and Wide collects these taxes from the customer, what journal entry would Far and Wide make when the customers pay their bills? If an amount box does not require an entry, leave it blank. (Record sale)

Sales Tax Far and Wide Broadband provides Internet connection services to customers living in remote areas. During February 2020, it billed a customer a total of $295,000 before taxes. Weston also must pay the following taxes on these charges: State of Kansas sales tax of 6% Federal excise tax of 0.2% State of Kansas excise tax of 0.4%

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Answer 2

Question

Chapter 8, Problem 77APSA

To determine

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the May, 2019.

To determine

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

To determine

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

To determine

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 77APSA

To determine

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the May, 2019.

To determine

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

To determine

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

To determine

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 77APSA

To determine

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the May, 2019.

To determine

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

To determine

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

To determine

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 77APSA

To determine

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the May, 2019.

To determine

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

To determine

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

To determine

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

Answer 6

Chapter 8, Problem 77APSA

To determine

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the May, 2019.

Answer 7

Chapter 8, Problem 77APSA

To determine

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the May, 2019.

Answer 8

To determine

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

Answer 9

To determine

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

Answer 10

To determine

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

Answer 11

To determine

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

Answer 12

To determine

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

Answer 13

To determine

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 8 - Prob. 1DQ Ch. 8 - Prob. 2DQ Ch. 8 - Prob. 3DQ Ch. 8 - Prob. 4DQ Ch. 8 - Prob. 5DQ Ch. 8 - Prob. 6DQ Ch. 8 - Prob. 7DQ Ch. 8 - Prob. 8DQ Ch. 8 - Prob. 9DQ Ch. 8 - Prob. 10DQ

(a) Introduction: The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities. To calculate: Total bill for the May, 2019.

Solution Summary: The author explains that companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the May, 2019.

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.

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Chapter 8 Solutions

(a) Introduction: The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities. To calculate: Total bill for the May, 2019.

Solution Summary: The author explains that companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

(a) Introduction: The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities. To calculate: Total bill for the May, 2019.

(b) Introduction: The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities. To record: Journal entry for billing the customers.

(c) Introduction: The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities. To record: Journal entry for receiving payment from the customers.

(d) Introduction: The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities. To record: Journal entry to record payment to tax authorities.

Want to see the full answer?

Chapter 8 Solutions

(a)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To calculate:

Total bill for the May, 2019.

(b)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for billing the customers.

(c)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry for receiving payment from the customers.

(d)

Introduction:

The companies collect taxes from customers on sale of goods or rendering services. They record collected taxes as liabilities until they pay off to the tax authorities.

To record:

Journal entry to record payment to tax authorities.