in performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. oriole company enters sales and sales taxes separately on its cash register. on april 10, the register totals are sales $30,000 and sales taxes $1,500. 2. sheridan company does not segregate sales and sales taxes. its register total for april 15 is $22,260, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for each client.
Answers
The entry to record the sales transactions and related taxes for each client is :
Date Account title Debit Credit
April 10 Cash $ 31, 500
Sales revenue $ 30, 000
Sales tax payable $ 1 ,500
Date Account title Debit Credit
April 10 Cash $ 22, 260
Sales revenue $ 21, 000
Sales tax payable $ 1, 260
How to record the sales transaction?The sales amount would have to be credited to the Sales revenue account to show that the company made sales of $30, 000. Sales taxes would also need to be credited to the sales tax payable.
Then the cash account for Oriole Company would then be debited for the total of the sales and sales taxes.
The Sheridan Company will do the same thing but will have a sales tax amount of:
= 22, 260 x 6%
= $1, 260
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Related Questions
What is the total of the Penders monthly fixed expenses
Answers
The total of the Penders' monthly fixed expenses is $1,078.00.
How do we calculate the fixed expenses?A fixed expense is an expense whose total amount does not change when there is an increase in an activity such as sales or production.
These fixed expenses are the following:
Rent/Mortgage Loan: $675.00
Car Loan: $278.00
Electricity: $70.00
Heating: $65.00
Phone/Internet/Cable: $95.00
Water: $12.00
Life Insurance: $575.00
Home/Renter's Insurance: $840.00
Car Insurance: $475.00
Gasoline/Oil: $115.00
Real Estate/Property Taxes: $1,215.00
Car Registration: $54.00
Adding all of these fixed expenses together, we get a total of $1,078.00.
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Which of the following is NOT accurate as concerns the retailers and buyers of action-capture cameras? The buyers of action cameras in Latin America and the Asia-Pacific region are more sensitive to cross-brand price differences than are camera buyers in North America and Europe-Africa of action-capture cameras pay at least some attention to the media ads see for various action cameras brands and their purchasing decisions are to some they degree influenced by these ads. Most people shopping for action-capture cameras use the Internet to do considerable comparison shopping before making a decision about which camera brand to buy; as a consequence, they tend to be quite aware of the prices and P/Q ratings of different brands, the warranty differences among competing brands, and the fact that retailers have periodic weekly sales promotions that feature sizable discounts off the regular retail price. Most all chain-store retailers carry at least 2 and often 3-4 of the best-selling brands of action-capture cameras; however, the makers of weak-selling brands of action cameras have difficulty convincing major retail chains to devote much display space and merchandising efforts to their models. o People interested in purchasing a wearable action camera to record videos of their activities do no research to educate themselves about features, performance, and prices of the various brands and models.
Answers
The statement that is NOT accurate concerning the retailers and buyers of action-capture cameras is:
"People interested in purchasing a wearable action camera to record videos of their activities do no research to educate themselves about features, performance, and prices of the various brands and models."
This statement is not accurate because it suggests that people interested in purchasing wearable action cameras do not conduct any research to educate themselves about the features, performance, and prices of different brands and models. In reality, most consumers, including those interested in action cameras, tend to do considerable comparison shopping on the internet before making a purchasing decision. They are often aware of features, performance ratings, prices, and warranty differences among competing brands. They also pay attention to media ads for action cameras and may be influenced by them to some degree.
Therefore, the statement that people interested in purchasing wearable action cameras do no research is not accurate based on common consumer behavior.
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In testing inventory at an audit client in the retail industry, you note that some of the inventory is contracted to be held on consignment. As a result, which financial statement assertion is now relevant ?
a. Rights and obligations.
b. Completeness.
c. Existence or occurrence.
d. Valuation or allocation.
Answers
When inventory is tested with audit customers in the retail industry, we find that some of the inventory is contractually consigned. This means that a) rights and obligations settlement enforcement is now relevant as well.
Rights and obligations are the basic statements used in the preparation of financial statements to show that an organization has ownership over its stated assets and is obligated to pay its stated liabilities. For example, you can demand the right to have children or the right to make decisions about your children's education. An attendant duty is to properly educate them as good citizens, introduce them to the culture of their society, and teach them right and wrong. A right is what you want others to do to you, and a duty is what you ought to do for others.
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Subject: Accounting
Please answerr
On 1 May Sally owed William $400. On 21 May she purchased goods, list price $1440, subject to a trade discount of 25%. She returned one third of these goods on 24 May.How much did Sally owe William on 31 May? Include working.
A $630 B $720 C $1030 D$1120
Answers
Answer:
D) $1120
Explanation:
The goods Sally purchase were $1440, and with the 25% discount, she would have paid $1080, because 25% of $1440 is $360. Since she returned 1/3, she would have only spent $720, because $1080/3 is also $360. $720+$400 from the beginning would be $1120
Answer:
l believe the answer is a
There are several steps you can take to reduce the potential of being a victim
of consumer fraud, including.
Answers
Answer:
Here are some steps to be taken to avoid being a victim of consumer fraud:
Spot Imposters: Scammers often pretend to be someone else, especially one you can trust, like a government official.Online searching: Search about the company of product online to see if it is legit or not.Don't pay in advance: Scammers always try to get money in advance, in terms of taxes or fees.Discuss with someone: Before giving someone your money, talk to someone you trust or preferably to an expert.Personal information: Don't given any unknown person your personal information, money, or any kind of financial detailsTed's property is in foreclosure, but he has some equity in his property. An investor suggests that she and Ted enter into a sales contract for a substantially higher price than the investor would actually pay. The investor pockets the cash and allows the house to be foreclosed on. What sort of scheme is this
Answers
Based on the given information the sort of scheme is: Equity skimming.
What is Equity skimming?Equity skimming can be defined as the way in which an investor defraud or steal a person property equity because the property is in foreclosure.
Since the investor pockets the cash he received from Ted and allow the house to be foreclosed the investor is engaging in what is called equity skimming which is fraudulent acts.
Inconclusion the sort of scheme is: Equity skimming.
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A loan of $990 was repaid at the end of 6 months with a check for $1,010. What annual rate of interest was charged? The annual rate of interest was charged at %. (Round to two decimal places as needed
Answers
The annual rate of interest charged is approximately 4.04%.
To calculate the annual rate of interest charged, we can use the simple interest formula:
Interest = Principal x Rate x Time
Given that the loan amount (Principal) is $990, the repayment amount is $1,010, and the time is 6 months, we can calculate the interest as follows:
Interest = $1,010 - $990 = $20
Now, let's calculate the annual rate of interest using the formula:
Rate = (Interest / Principal) x (1 / Time) x 100
Rate = ($20 / $990) x (1 / (6/12)) x 100
Rate ≈ 4.04%
Therefore, the annual rate of interest charged is approximately 4.04%.
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which of the terms or phrases listed below is more associated with financial statements prepared in accordance with u.s. gaap than with international financial reporting standards?
Answers
Accumulated other comprehensive income is the terms or phrases which is more associated with financial statements prepared in accordance with U.S. GAAP than with International Financial Reporting Standards.
What's IFRS and its purpose?
The International Financial Reporting norms( IFRS) are a set of account rules for public companies with the thing of making company financial statements harmonious, transparent, and fluently similar around the world. This helps for auditing, duty purposes, and investing.
What's IFRS perpetration?Enforcing IFRS has an impact on all aspects of a company, including financial reporting systems, internal controls, levies, storeroom, operation compensation, cash operation, and legal, among others. It requires a metamorphosis that involves workers, processes, and systems.
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A company can raise money by doing all but which of the following?
A. Conducting an initial public offering
O B. Taking a loan
C. Providing stock options to executives
D. Issuing bonds
Answers
Answer:
B
Explanation:
Consider the demand curve illustrated in the figure to the right. Is demand elastic or inelastic? A. Demand is elastic at all prices above $9.00 and inelastic at all prices below $9.00. B. Demand is elastic at all prices above $7.00 and inelastic at all prices below $7.00 C. Demand is elastic (at all prices) D. Demand is inelastic at all prices above $9.00 and elastic at all prices below $9.00 E. Demand is inelastic (at all prices) At what price is total revenue maximized? Total revenue is maximized when price equals $_______.(Enter your response as a real number rounded to two decimal places)
Answers
The demand curve's elasticity determines how responsive the quantity demanded is to changes in price. Based on the given options, demand is elastic at all prices above $9.00 and inelastic at all prices below $9.00.
The elasticity of demand refers to the responsiveness of the quantity demanded to changes in price. When demand is elastic, a change in price leads to a proportionately larger change in quantity demanded. When demand is inelastic, a change in price results in a proportionately smaller change in quantity demanded.
Based on the options provided, A. "Demand is elastic at all prices above $9.00 and inelastic at all prices below $9.00" suggests that demand is elastic for prices above $9.00 and inelastic at prices below $9.00. However, it does not indicate the elasticity at exactly $9.00.
To determine the price at which total revenue is maximized, we need information on the elasticity at various price points. Without such information, we cannot determine the specific price at which total revenue is maximized.
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Quebec supplies roughly 75% of the world’s supply of what?
Answers
Answer:
Explanation:
Quebec supplies roughly 75% of the world's supply of maple syrup. The province of Quebec in Canada is known for its vast forests of maple trees and is responsible for the majority of the world's maple syrup production. The syrup is produced by tapping the trees, collecting the sap, and boiling it down to concentrate the sugar. Quebec's reputation for high-quality maple syrup, combined with its large-scale production, has made it the dominant global supplier of the sweet, sticky syrup.
JOHN KEEPS BEEHIVES AND SELLS 100 QUARTS OF HONEY PER MONTH. THE HONEY MARKET IS PERFECTLY COMPETITIVE AND THE PRICE OF A QUART OF HONEY IS $10.JOHN HAS AN AVERAGE VARIABLE COST OF $5 AND AN AVERAGE FIXED COST OF $3.AT 100 QUARTS PER MONTH.JOHN'S MARGINAL COST IS $10. SHOW YOUR WORK! a) Is john maximising his profit! If not what should john dot 富。 b) Calculate John's total revenue, total cost and total profit when he produces 100 quarts of honey Per Deck tractive side Domes Students, draw anywhere on this slide!
Answers
a) Is John maximizing his profit? If not, what should John do?John isn't maximizing his profit. To maximize profit, the production level of the business must be such that the difference between total revenue and total cost is the greatest. This is achieved by producing an additional unit if the marginal cost is less than the price at that level of production and reducing production if the marginal cost is more than the price at that level of production. Since John's marginal cost is $10, he is not maximizing his profit because he should only produce more than 100 quarts of honey if the price is more than $10. Since the price is less than the marginal cost, he should decrease his production to maximize his profit.b) John's total revenue, total cost, and total profit when he produces 100 quarts of honey. John's total revenue when he produces 100 quarts of honey is calculated by multiplying the total quantity of honey produced by the price per quart of honey, which is $10. Thus, John's total revenue when he produces 100 quarts of honey is:$10 × 100 = $1,000John's total cost is the sum of his fixed cost and his variable cost. The total variable cost is the variable cost per unit multiplied by the total number of units produced. John's total fixed cost remains the same regardless of how many units of honey he produces, while the total variable cost varies with the number of units produced. When John produces 100 quarts of honey, his total variable cost is:$5 × 100 = $500Therefore, his total cost when he produces 100 quarts of honey is:$3 + $500 = $503Finally, John's total profit is calculated as the difference between total revenue and total cost. Therefore, John's total profit when he produces 100 quarts of honey is:$1,000 - $503 = $497
show the vegetable market of nepal in pyramid
Answers
Due to massive increases in agriculture and production area over the last two decades, per capita vegetable consumption has increased to 105 kg from 60 kg. Nepal has reported 3,243,521 vegetable holdings. Vegetable crops are grown on a total of 232,295 hectares of cultivable land.
What is market?A market is a collection of systems, institutions, procedures, social relations, or infrastructures through which parties exchange goods and services. While parties can barter for goods and services, most markets rely on sellers offering their goods or services to buyers in exchange for money. The exchange of goods and services that occurs as a result of buyers and sellers coming into contact with one another, either directly or through mediating agents or institutions, is referred to as a market.A market is defined as the total number of buyers and sellers in the area or region under consideration. The area could be the entire planet, a country, a region, a state, or a city.To learn more about market, refer to:
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who immediately benefits from lower price limits?
A. Consumers
B. Small businesses
C. The federal government
D. Large corporations
Answers
Answer:
A. Consumers.
Explanation:
Price can be defined as the amount of money that is required to be paid by a buyer (customer) to a seller (producer) in order to acquire goods and services.
In sales and marketing, pricing of products is considered to be an essential element of a business firm's marketing mix because place, promotion and product largely depends on it.
Often times, the price of goods and services are primarily being set by the seller or service provider.
Price control can be defined as standard restrictions or regulatory conditions that are typically set and enforced by the government of a country.
This ultimately implies that, price controls are used to impose the minimum and maximum prices set by the government, which are to be charged for various goods and services in the market. This minimum price that can be charged such as minimum wage is known as price floor while the maximum price that can be charged such as rent control is known as price ceiling.
Hence, consumers immediately benefits from lower price limits because they would be able to purchase a large quantity of goods far less than its normal price.
Explanation:
Consumers immediately benefits from lower price limits
The tone a writer takes is referred to as the writing _____.
opinion
perspective
voice
none of the above
ITS NOT PERSPECTIVE
Answers
Type the correct answer in the box. Spell all words correctly.
What is the term for the account balances of commercial banks held by the central bank?
The account balances of commercial banks held by the central bank are termed _______
Answers
Answer:
Money Supply
Explanation:
Hope it helps, if its right it would be much appreciated if you could give me brainliest!
Answer: Money Supply
Explanation: The total amount of money-cash, coins, and balances in bank accounts-in circulation.
1. Clark is the kind of manager that values input from his team and likes to involve them in the decision-making process. He prefers to avoid micromanagement and works hard to make
sure that his employees are well taken care of and empowered to make decisions. Based on this, what kind of manager is Clark?
reductive manager
exploitative manager
о
confrontational manager
democratic manager
Answers
Answer:
democratic manager
Explanation:
A democratic manager invites participation from members in the decision-making process. In this leadership style, every member is encouraged to contribute their ideas and opinions. Members' involvement leads to increased feelings of recognition and satisfaction.
Democratic leadership is also referred to as participative leadership. It contrasts with autocratic leadership, where the leader makes all the decisions without consultation.
the types of companies that make particularly attractive acquisition targets when employing an unrelated diversification strategy are
Answers
The types of companies that make particularly attractive acquisition targets when employing an unrelated diversification strategy
are those that operate in different industries or have diverse product/service offerings. These companies can bring complementary expertise, resources, and customer bases to the acquiring company, reducing its reliance on a single industry or market. By diversifying into unrelated industries, the acquiring company can mitigate risks associated with economic fluctuations or industry-specific challenges, and potentially unlock new growth opportunities. Additionally, acquiring companies with strong management teams, established brand recognition, and scalable business models can further enhance the attractiveness of such acquisition targets for unrelated diversification strategies.
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Long-run unemployment in the classical model is considered to be impossible because O A. the government will intervene to aid the unemployed. O B. the labor supply is horizontal. O c. flexible prices and wages keep workers fully employed. O D. job placement and training programs are rampant in the United States.
Answers
Long-run unemployment in the classical model is considered impossible because of the answer C - flexible prices and wages keep workers fully employed.
According to classical economists, wages and prices are flexible in the long run and will adjust to clear markets, including the labor market. This means that any imbalances between the supply of labor and demand for labor will be quickly corrected through changes in wage rates, and there will be full labor employment. Therefore, unemployment is considered a temporary phenomenon in the classical model.
The government's intervention, labor supply, and job placement programs are not factors that classical economists believe influence long-run unemployment.
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A ceiling design that has a rectangular center that is either popped out or inverted to add an effect.
Answers
Answer:
tray ceilings
Tray Ceiling - Usually seen in dining rooms and kitchens, tray ceilings are built upwards in a cut out resembling a tray. It has a rectangular center that is either popped out or inverted to add an effect
Explanation:
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Valley Technology had Net Income for 2021 of $9,600,000. The firm invested $5,000,000 in manufacturing equipment during 2020 but made no additional capital investments in 2021. The equipment is being depreciated over five years using straight-line depreciation, starting in 2020. Assuming no other adjustments to cash flow than those mentioned here, create a statement of cash flows for 2021 with amounts in thousands. What is the Net Cash Flow in 2021
Answers
If Valley Technology had Net Income for 2021 of $9,600,000. The Net Cash Flow in 2021 is:$5,600,000.
Net cash flowCash Flow from Operating ActivitiesValley Technology Statement of Cash Flows For the year ended 2021
Cash Flow from Operating Activities:
Net Income $9,600,000
Add Depreciation Expense $1,000,000
($5,000,000/5)
Net Cash provided (used) by operating activities: $10,600,000
Cash Flow from Investing Activities:
Purchase of manufacturing equipment -$5,000,000
Net Cash provided (used) in Investing activities -$5,000,000
Cash Flow from Financing Activities:$0
Net cash flow in 2021 $5,600,000
Therefore If Valley Technology had Net Income for 2021 of $9,600,000. The Net Cash Flow in 2021 is:$5,600,000
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The function f(x) = 2,000(1 + )12t models the balance in a savings account.
The savings account had an initial balance of _ and compounds
_ at an interest rate of _
Answers
Answer:
In the exponential function f(x) = P(1 + )nt :
P = principal value
r = the annual interest rate
n = number of compounding periods in a year
t = time in years
For the given function, P = 2,000, r = 0.0225, or 2.25%, and n = 12. So, the interest compounds 12 times a year, or monthly.
Therefore, the savings account had an initial balance of $2,000 and compounds monthly at an interest rate of 2.25%.
Explanation:
Explanation from PLATO
If a bond is trading at a premium, what is the relationship between the bond's coupon rate, current yield and yield to maturity?
Answers
Bonds acquired at premiums often have lower yields to maturity than bonds purchased at market rates. This is further explained below.
What is a bond?Generally, Bonds are financial securities that reflect loans made to the issuer by the bondholders themselves. When it comes to borrowing money, governments (at all levels) and companies (of all sizes) often turn to bonds.
In conclusion, If you buy a bond at a discount, the yield to maturity will be lower than its coupon rate.
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The Kingdom of Mocha enjoys no absolute advantage in crude oil, diamonds, or wool. However, the Mochans manufacture high-quality bows and arrows. Which statement about the Mochans is true?
Answers
Answer:
The Mochans have a comparative advantage in the production of bows and arrows.
Explanation:
Comparative advantage is defined as the ability of a country to produce a product at a lower cost compared to other countries.
In such a situation it will be cheaper for other countries to buy the products than to produce it themselves.
In this scenario the Mochans manufacture high-quality bows and arrows, so they have comparative advantage in producing these goods.
However they have no absolute advantage in crude oil, diamonds, or wool. So they do not have comparative advantage in producing these products and will be better off buying them from other countries that produce them at a cheap rate
What organizational & technical failures led to the data breach
at Equifax? (Please put where you got your sources from, thank
you!)
Answers
The organizational and technical failures that led to the Equifax data breach in 2017 have been extensively discussed and investigated. Sources such as the U.S. House of Representatives Committee on Oversight and Government Reform Report highlight the key failures.
These include the company's failure to patch a known vulnerability in a timely manner, inadequate security practices such as weak passwords and lack of encryption, poor communication and response to the breach, insufficient monitoring and detection systems, and issues with executive leadership and governance.
These failures collectively allowed hackers to exploit vulnerabilities, gain unauthorized access to sensitive data, and compromised the personal information of millions of individuals.
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Assume you are making $989 monthly payments on your amortized mortgage. The amount of each payment that is applied to the principal balance:________.
a. Decreases with each succeeding payment.
b. Increases with each succeeding payment.
c. Is constant throughout the loan term.
d. Fluctuates monthly with changes in market interest rates
Answers
Answer:
I got you!
Explanation:
B. increases with each succeeding payment.
Formulas for comparing sale ties and buying power in a city
Answers
Answer:
Buying Power = Cash / Initial Margin Percentage
Explanation:
Buying power represents the actual will of the consumer to purchase goods. It is the sum of money which is available to the consumer in a city for purchase of goods and services. The consumer utility can be driven by purchasing power. It determines the ability of the people in a city or country to invest in the country's Gross Domestic Product.
Team players are sought-after employees
True
False
Answers
Answer:
true,
Explanation:
What are the financial activities related tourism
Answers
Having a tour leader sell you items such as maple syrup, jackets and other items related to Canada when visiting the country. This benefits the Canadian economy in three ways.
Paying for the tour to the tour leader make the tour provider profitable.
Paying local companies for souvenirs as listed above.
Paying transit and housing prices to have a place to stay when visiting the country and having transit to get to places
I don´t get it plzz help me
