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

Question

1 Approved Answer

Ambrose golf merchandise stores operates in Massachusetts where sales taxes are 6.5% of sales.When Ambrose collected 33,841 on sales made this month including the sales

Ambrose golf merchandise stores operates in Massachusetts where sales taxes are 6.5% of sales.When Ambrose collected 33,841 on sales made this month including the sales price and sales taxes.The company uses a periodic inventories system.Prepare the journal entry to record sales for the current month.What is the amount of sales Ambrose will remit to taxing authorities?

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting Decision Making and Performance Management

Managerial Accounting Decision Making and Performance Management

Authors: Ray Proctor

4th edition

273764489, 978-0273764489

More Books

Students also viewed these Accounting questions

Question

★★★★★
Who has a greater opportunity cost of enjoying leisurea janitor or a brain surgeon? Explain. Can this help explain why doctors work such long hours?

Answered: 1 week ago

Question

★★★★★
The following is an example of a CPA firm's quality control procedure requirement: "Any person being considered for employment by the firm must have completed a basic auditing course and have been...

Answered: 1 week ago

Question

★★★★★
Summarize key skills and behaviors for a psychologist conducting a clinical interview.

Answered: 1 week ago

Question

★★★★★
Able Control Company, which manufactures electrical switches, uses a standard cost system and carries all inventory at standard cost. The standard factory overhead cost per switch is based on direct...

Answered: 1 week ago

Question

★★★★★
Juliette formed a new business to sell sporting goods this year. The business opened its doors to customers on June 1. Determine the amount of start-up costs Juliette can immediately expense (not...

Answered: 1 week ago

Question

★★★★★
An instructor for a test preparation course claims that the course will improve the test scores of students. The table shows the critical reading scores for 14 students the first two times they took...

Answered: 1 week ago

Question

★★★★★
Delorean Ltd operates a distillery that produces a well-known brand of gin. Delorean Ltd has issued capital of $10 million consisting of 1,000,000 ordinary shares. The company's constitution does not...

Answered: 1 week ago

Question

★★★★★
The article does provide support for the relevant OSHA standards surrounding the topic. The article discusses the findings of a study on electrical safety beliefs and practices. The study found that...

Answered: 1 week ago

Question

★★★★★
Comparison of APPLE and MICROSOFT corporate governance. To what extent the corporate governances are similar and to what extent they are different, how they reflect good governance principles such as...

Answered: 1 week ago

Question

★★★★★
Victor and George are friends who have recently graduated from Greenstreet University with a degree in fashion design. They discuss an idea of setting up a fashion design business in London. Having...

Answered: 1 week ago

Question

★★★★★
research at least 2 of the following codes of ethics: (ISC)2 Code of Ethics The International Council of Electronic Commerce Consultant (EC-Council) System Administration, Networking, and Security...

Answered: 1 week ago

Question

★★★★★
SoroS L02 Pr & L03 Pr a Amazo ASU P E Unit G Qui X x At a pa Grades E Semes Dashb All To Build02 E Google Paraph Search Google C asuprepaz.instructure.com/courses/60691/quizzes/401600/take O I Update...

Answered: 1 week ago

Question

★★★★★
7. What does it mean when we say that the words we use to denote a situation set limits on the solutions we can create at a later point?

Answered: 1 week ago

Question

★★★★★
8. Give examples from your own everyday life that the reference point you use has significance for the actions you take.

Answered: 1 week ago

Question

★★★★★
6. Give examples of when we give a situation a new name, the situation is perceived differently.

Answered: 1 week ago

Previous Question Next Question