Compute sales taxes payable and make the entry to record

Assignment Help Accounting Basics
Reference no: EM131128937

1. Leister Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,540. All sales are subject to a 5% sales tax. Compute sales taxes payable, and make the entry to record sales taxes payable and sales.

Reference no: EM131128937

Questions Cloud

A certain kind of appliance requires repairs : A certain kind of appliance requires repairs on the average once every 2 years. Assuming that the times between repairs are exponentially distributed, what is the probability that such an appliance will work at least 3 years without requiring rep..
The revenue earned by playing the first home game : Emporia State University sells 4,000 season basketball tickets at $180 each for its 12-game home schedule. Give the entry to record
Compare and contrast three to five diversity theories : Analyze key instances in which you have experienced each diversity theory in action in your own life, focusing on events that took place in a K-12 environment.
What will be the difference after 30 years between two optio : If an investor wants to contribute $15,000 before taxes to an IRA, what will be the difference after 30 years between the two options? Assume that the investor is currently in the 25% tax bracket, and that the IRA will earn 6% per year.
Compute sales taxes payable and make the entry to record : Leister Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,540. All sales are subject to a 5% sales tax.
Understanding of biological function : A marker-free holographic technique that instead relies on complex deconvolution has been implemented and commercialized, which provides access to the non-invasive 3-dimensional imaging of live single cells.
Defend assumptions and instructional goals particular : Defend or debate assumptions and instructional goals of a particular approach to multicultural education identified by the Grant and Sleeter studies referenced in the textbook, versus other approaches.
Prepare the journal entry to record accrued interest : Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
What should michelle negotiation strategy be : Develop a negotiation plan, including the characteristics of the opening offer, reservation price, tactics, tradeoffs, they should make, how to react if the seller bring up issues before you are ready to discuss them (such as whether you have a tr..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the cost of goods available for sale

Determine the cost of goods available for sale. Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIF..

  Balance sheet total for retained earnings

A for-profit nursing home has beginning-of-period retained earnings of $40,000. Net income for the period totals $75,000 and dividends declared during the period total $15,000. The balance sheet total for retained earnings will be what amount?

  Comma between the account title

You are to prepare the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.

  In a period of rising prices for a specific product does

in a period of rising prices for a specific product does the fifo or lifo inventory costing method yield the higher

  The hardest time estimating warranty costs?

What industries do you think have the hardest time estimating warranty costs?

  Perpetual inventory system

Prepare the journal entries to record these transactions on Bernadina Companys books under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the o..

  What rules or heuristics would you include

Imagine that you are developing the rules for an expert system to select the strongest candidates for a medical school. What rules or heuristics would you include?

  Equivalent unit or equivalent production comprises the

1 which of the following statements is true a process costing is ordinarily applied where all the operations are

  What value of gm is realized

An NMO Stransistor operated with an overdrive voltage of 0.25 V is required to have a gm equal to that of an npn transistor operated at IC = 0.1 mA. What must ID be? What value of gm is realized?

  Lets discuss the difference between bonds and note payable

lets discuss the difference between bonds and note payable. how do we account for bonds when they are issued a par at a

  However one of these customers subsequently made a payment

supreme sales company which sells only on account had a 100000 balance in its accounts receivable and a 4000 balance in

  Computing present value of given lottery

You just received notice that you have won the $2 million Indiana Lottery. You will receive $100,000 per year for 20 years with your first payment received today.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd