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I need help with a few accounting questions Kathy's Corner Store has total cash sales for the month of $37,000 excluding sales taxes. If the
I need help with a few accounting questions
Kathy's Corner Store has total cash sales for the month of $37,000 excluding sales taxes. If the sales tax rate is 3%, which journal entry is needed? (Ignore Cost of Goods Sold.) O A. debit Cash $38,110, credit Sales Revenue $38,110 O B. debit Cash $38,110, credit Sales Revenue $37,000 and credit Sales Tax Payable $1,110 C. debit Cash $35,890, debit Sales Tax Receivable for $1,110 and credit Sales Revenue for $37,000 OD. debit Cash $37,000 and credit Sales Revenue $37,000 Montana Company sold merchandise with a retail price of $33,000 for cash. Montana Company is required to collect 3% state sales tax. The total cash received from customers was O A. $33.990 OB. $990 O C. $32,010 OD. $33,000 On January 1, 2018, bonds with a face value of $99,000 were sold. The bonds mature on January 1, 2028. The face interest rate is 6%. The bonds pay interest semiannually on July 1 and January 1. The market rate of interest is 8%. What is the market price of the bonds on January 1, 2018? The present value of $1 for 20 periods at 4% is 0.456. The present value of an ordinary annuity of $1 for 20 periods at 4% is 13.59. The present value of $1 for 20 periods at 3% is 0.554. The present value of an ordinary annuity of $1 for 20 periods at 3% is 14.878. (Round your final answer to the nearest dollar.) O A. $101,970 O B. $85,506 OC. $99,034 OD. $99,000Step by Step Solution
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