FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 $861000, what is the amount of the sales taxes owed to the taxing agency O $41000 O $861000 O $820000 O $43050

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

Accounting Tutor For Beginners Simple Approach To Understanding And Learning Accounting By Any One

Accounting Tutor For Beginners Simple Approach To Understanding And Learning Accounting By Any One

Authors: Hamad Ali

1st Edition

979-8864820025

More Books

Students also viewed these Accounting questions

Question

★★★★★
We now have the tools to solve the chapter Focus Problem. In the book A Guide to the Development and Use of the MyersBriggs Type Indicators by Myers and McCaully, it was reported that approximately...

Answered: 1 week ago

Question

★★★★★
Which ONE of the following is NOT what the PX Framework shows us? The various interactions with people along a Veteran's journey are interconnected and interdependent. Improving capacity in each of...

Answered: 1 week ago

Question

★★★★★
What is the role of the suprachiasmatic nucleus (SCN) in sleep? a. It induces REM sleep approximately every 90 minutes during sleep. b. It causes the pineal gland to increase the production of...

Answered: 1 week ago

Question

★★★★★
The following table shows orders to be processed at a machine shop as of 8: 00 a. m. Monday. The jobs have different operations they must go through. Processing times are in days. Jobs are listed in...

Answered: 1 week ago

Question

★★★★★
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...

Answered: 1 week ago

Question

★★★★★
Inventory is a complex accounting and auditing area for a number of reasons. Additionally, there are a number of fraud risks associated with inventory. This question relates only to the complexity of...

Answered: 1 week ago

Question

★★★★★
Budget cash receipts for the months of January, February, and March. Budgeted sales, all on account: November $ 65,000 December January February March 60,000 82,000 70,000 90,000 Collection of...

Answered: 1 week ago

Question

★★★★★
Given the following encoding rule for each letter: n 010 110 k 101 Suppose Alice want to encrypt and send "ok" (110 101)_to Bob using a one-time pad 101 111, so Bob will get the ciphertext as 011...

Answered: 1 week ago

Question

★★★★★
1.The standard price per unit is; Material 6 kg @Rp750; Labor 10 Hours @Rp480; BOP on the basis of 70% of Working Hours with a rate per working hour @Rp250 for variable BOP and fixed BOP budgeted is...

Answered: 1 week ago

Question

★★★★★
Developer Company is constructing a 2-Tower residential condominium. Tower 1 sells 20 units while tower 2 sells 30 units. Both towers will share in the common amenities and occupy the same land area....

Answered: 1 week ago

Question

★★★★★
LMP Limited is a company founded by a group of marketing consultants. They had taken advantage of their clients career placement services, and thought they could offer additional supplemental...

Answered: 1 week ago

Question

★★★★★
3 What kinds of presentations do you think would work best as podcasts? What kinds would not work well? Are podcasts useful outside academia?

Answered: 1 week ago

Question

★★★★★
Consider your specific speech purposewhat are your objectives for your informative speech? Now consider what types of presentation aids might help you achieve your purpose. How might you use aids to...

Answered: 1 week ago

Question

★★★★★
2 Imagine that you have to give an informative speech about a sexual topic in front of your nursing class. How would you approach the subject? Would you handle it differently if you were speaking in...

Answered: 1 week ago

Previous Question Next Question