Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Marigold General Store has total receipts for the month of $42400 including sales taxes. If the sales tax rate is 6%, what are Marigold's sales
Marigold General Store has total receipts for the month of $42400 including sales taxes. If the sales tax rate is 6%, what are Marigold's sales for the month? $39856 $40000 $44944 It cannot be determined Sunland's Pharmacy has collected $570 in sales taxes during March. If sales taxes must be remitted to the state government monthly, what entry will Sunland's Pharmacy make to show the March remittance? 570 Sales Tax Expense Cash 570 570 Sales Tax Expense Sales Taxes Payable 570 No entry required. Sales Taxes Payable 570 Cash 570 Sheffield Navigation began operations in 2020 and provides a one year warranty on the products it sells. They estimate that 19100 of the 409000 units sold in 2020 will be returned for repairs and that these repairs will cost $10 per unit. The cost of repairing 15700 units presented for service in 2020 was $157000. Sheffield should report no warranty obligation on December 31, 2020, since this is only a contingent liability. warranty expense of $157000 for 2020. warranty expense of $34000 for 2020. warranty liability of $191000 on December 31, 2020
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started