Business, 26.02.2020 02:05 lorrainelopez
Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 7 percent. Vail Book Mart engaged in the following transactions for 2016. Sales tax of 7 percent is collected on all sales. 1. Book sales, not including sales tax, for 2016 amounted to $271,000 cash 2. Cash sales of miscellaneous items in 2016 were $146,000, not including tax 3. Cost of goods sold was $209,000 for the year. 4. Paid $131,000 in operating expenses for the year. 5. Paid the sales tax collected to the state agency. Required: a. What is the total amount of sales tax Vail Book Mart collected and paid for the year? Sales tax collected b. Prepare the journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Answers: 1
Business, 22.06.2019 02:00
Answer the following questions using the information below: southwestern college is planning to hold a fund raising banquet at one of the local country clubs. it has two options for the banquet: option one: crestview country club a. fixed rental cost of $1,000 b. $12 per person for food option two: tallgrass country club a. fixed rental cost of $3,000 b. $8.00 per person for food southwestern college has budgeted $1,800 for administrative and marketing expenses. it plans to hire a band which will cost another $800. tickets are expected to be $30 per person. local business supporters will donate any other items required for the event. which option has the lowest breakeven point?
Answers: 1
Business, 22.06.2019 11:00
The following information is available for ellen's fashions, inc. for the current month. book balance end of month $ 7 comma 000 outstanding checks 700 deposits in transit 4 comma 500 service charges 120 interest revenue 45 what is the adjusted book balance on the bank reconciliation?
Answers: 2
Business, 22.06.2019 21:50
Q3. loral corporation manufactures parts for an aircraft company. it uses a computerized numerical controlled (cnc) machining center to produce a specific part that has a design (nominal) target of 1.275 inches with tolerances of ± 0.020 inch. the cnc process that manufactures these parts has a mean of 1.285 inches and a standard deviation of 0.005 inch. compute the process capability ratio and process capability index, and comment on the overall capability of the process to meet the design specifications.
Answers: 1
Business, 23.06.2019 00:10
Kcompany estimates that overhead costs for the next year will be $4,900,000 for indirect labor and $1,000,000 for factory utilities. the company uses direct labor hours as its overhead allocation base. if 100,000 direct labor hours are planned for this next year, what is the company's plantwide overhead rate?
Answers: 3
Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 7 p...
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