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

image text in transcribed

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 $441000, what is the amount of the sales taxes owed to the taxing agency? O $21000 O $441000 O $420000 O $22050

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 And Finance

Accounting And Finance

Authors: Michael J. Jones

1st Edition

1118932072, 9781118932070

More Books

Students also viewed these Accounting questions

Question

★★★★★
Use H rather than F to test the weight change data recorded in Review Question 16.13 on page 381. WEIGHT CHANGES DIET EXERCISE BEHAVIOR MODIFICATION 4 10 18 12 10 -3 12 63

Answered: 1 week ago

Question

★★★★★
Changes in the method used to coat the tablets in Problem 8-6 lowered the percentage of rejects from 5.6% to 2.0%. How many tablets should be taken for inspection if the permissible relative standard...

Answered: 1 week ago

Question

★★★★★
1.29 How Long Is the Line? To decide on the number of service counters needed for stores to be built in the future, a supermarket chain wanted to obtain information on the length of time (in minutes)...

Answered: 1 week ago

Question

★★★★★
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2011, the end of its fiscal year, included the following account balances. Manufacturings 2011 financial statements were...

Answered: 1 week ago

Question

★★★★★
12. Smithson took action against the estate of Upton for nonpayment of a promissory note. Smithson filed the action in federal court under its diversity jurisdiction. The estate claims Upton paid the...

Answered: 1 week ago

Question

★★★★★
Question 7 Life cycle costing. The study period is 30 years. Suppose a new building costs $10 million. Of the initial cost, $5million is paid for in cash, and $5 million is borrowed from the bank at...

Answered: 1 week ago

Question

★★★★★
3. (10 points) In this question you will see that soft-SVM can be formulated as solving a regularized ERM rule, which uses a popular error function called hinge loss (see https:...

Answered: 1 week ago

Question

★★★★★
Suppose that Ivanhoe International Ltd. had the following records: 2025 2024 Ending inventory $48650 $27490 Cost of goods sold 222100 210890 What is Ivanhoe's average days in inventory for 2025?...

Answered: 1 week ago

Question

★★★★★
1 . If Custom Call Services does transition to a PTO policy, what are some things that Stan should consider including in the policy to address concerns about absenteeism ?

Answered: 1 week ago

Question

★★★★★
what is the work content and components of the project. It can be described by naming all the activities performed?

Answered: 1 week ago

Question

★★★★★
Gas mixtures. A mixture composed of CO and H2 is contained at 283 kPa. Calculate the partial pressure of the H in kPa in this mixture if the mole fraction of CO is 68 %. Provide the answer to three...

Answered: 1 week ago

Question

★★★★★
1. Some of your past research has focused on the causes of turnover. Based on this research, what can managers do to improve employee retention?

Answered: 1 week ago

Question

★★★★★
Did you use the correct logo and placement to be consistent with the brand? [yes or no]

Answered: 1 week ago

Question

★★★★★
Did you check all the numbers, names, telephone numbers, web addresses, and locations for accuracy?

Answered: 1 week ago

Previous Question Next Question