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I want an answer and explanation to question 6 Cantrell Company is required by law to collect and remit sales taxes to the state. On

image text in transcribedI want an answer and explanation to question 6

Cantrell Company is required by law to collect and remit sales taxes to the state. On this year's Black Friday, Cantrell had a total of $60,000 in cash sales that were subject to an 8% sales tax. What is the journal entry to record the cash sales on this Black Friday? Debit Cash $60,000; credit Sales $60,000; and record the taxes when paid. Debit Cash $64,800; credit Sales $60,000; credit Sales Taxes Payable $4,800. Debit Accounts Receivable $60,000; credit Sales $55,200; credit Sales Taxes Payable $4,800. Debit Sales Taxes Expense $4,800; debit Cash $60,000; credit Sales $64,800. Question 6 GT Inc. hires Sophia for a monthly salary of $8,838. The following information is related to GT and its employees. - The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45% of all GT's employee earnings each calendar year. - The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. - The federal income tax rate for employees with a monthly salary below $10,000 is about 16%. Thus, the amount withheld from Sophia's earnings was $1,414.08 each month. What is Sophia's Net Pay each month after GT Inc. withholds all the related tax liabilities for her? (Round your intermediate calculations to two decimal places.) $6,217.53$6,327.81

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