Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(4 points) 15. At the end of the quarter the company remitted the sales tax withheld to the municipality, how this event will affect the

image text in transcribed
image text in transcribed
(4 points) 15. At the end of the quarter the company remitted the sales tax withheld to the municipality, how this event will affect the accounting equation (Financial Statements-horizontal)? a) Decrease Cash and decrease Sales Tax Payable by $12,900. The cash flow will be affected by $12,900 outflow. b) Decrease Cash and decrease Sales Tax Payable by $6,186. The cash flow will be affected by $6,186 outflow. c) Decrease Cash and decrease Sales Tax Payable by $5,820. The cash flow will be affected by $5,820 outflow. You MUST show your calculations: During the first quarter, the company registered sales. None of these transactions include the sales tax of 6%. October $61,000 November $70,000 December $84,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Auditing

Authors: Knapp, Rittenberg

1st Edition

1133731244, 978-1133731245

More Books

Students also viewed these Accounting questions

Question

2. Always guess when you can eliminate some of the alternatives.

Answered: 1 week ago

Question

1. Discuss the four components of language.

Answered: 1 week ago

Question

f. What stereotypes were reinforced in the commercials?

Answered: 1 week ago