Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During the first quarter, the company registered sales. None of these transactions include the sales tax of 6%. (4 points) October $61,000 November $70,000 December

image text in transcribed
During the first quarter, the company registered sales. None of these transactions include the sales tax of 6%. (4 points) October $61,000 November $70,000 December $84,000 12. Son October the company registered sales and tax how this event will affect the accounting equation (Financial a) Increase Cash by $64,660, increase Sales Tax Payable by $3,660, and increase Retained Earnings by $61,000. Increase Sales Revenue and increase Net Income by $61,000. The cash flow will be affected by $64,660 inflow. b) Increase Cash by $61,336, increase Sales Tax Payable by $366, and increase Retained Earnings by $61,000. Increase Sales Revenue and increase Net Income by $61,000 The cash flow will be affected by $61,336 inflow. c) Increase Cash and increase Retained Earnings by $61,000. Increase Sales Revenue and increase Net Income by $61,000. The cash flow will be affected by $61,000 Inflow. You MUST show your calculations: (4 points) 13. On November the company registered sales and tax, how this event will affect the accounting equation (Financial Statements-horizontal)? a) Increase Cash by $74,200, increase Sales Tax Payable by $4,200, and increase Retained Earnings by $70,000. Increase Sales Revenue and increase Net Income by $70,000. The cash flow will be affected by $74,200 inflow. b) Increase Cash by $74,420, increase Sales Tax Payable by $420, and increase Retained Earnings by $70,000. Increase Sales Revenue and increase Net Income by $70,000. The cash flow will be affected by $74,420 inflow. c) Increase Cash and increase Retained Earnings by $74,200. Increase Sales Revenue and increase Net Income by $74,200. The cash flow will be affected by $74,200 inflow. You MUST show your calculations: (4 points) 14. On December the company registered sales and tax how this event will affect the accounting equation (Financial a) Increase Cash by $89,040, increase Sales Tax Payable by $5,000, and increase Retained Earnings by $34,000. Increase Sales Revenue and increase Net Income by $84,000. The cash flow will be affected by $89,040 inflow. b) Increase Cash by $89,400, increase Sales Tax Payable by $5,400, and increase Retained Earnings by $34,000. Increase Sales Revenue and increase Net Income by $84,000. The cash flow will be affected by $89,400 inflow. c) Increase Cash and increase Retained Earnings by $89,400. Increase Sales Revenue and increase Net Income The cash flow will be affected by $89.400 inflow. $89,400

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

Automotive Audits Principles And Practices

Authors: D. H. Stamatis

1st Edition

0367696592, 978-0367696597

More Books

Students also viewed these Accounting questions

Question

Using Language That Works

Answered: 1 week ago

Question

4. Are my sources relevant?

Answered: 1 week ago