Sales tax and record journal entry

Assignment Help Accounting Basics

Reference no: EM1357387

Wiley Inc operates in a state with a 6% sales tax. State law requires that the sales tax collected during the month be remitted during the following month prior to the 20th day of the month. If remitted on a timely basis, the retailer may keep 2% of the sales tax collected.

On May 10, 2007, Wiley, Inc remitted $91,450 to the state tax division for April 2007 sales. Calculate the amount of Wiley's April 2007 sales subject to sales tax, and, record the journal entry that would be made when the tax is paid:

Reference no: EM1357387

Questions Cloud

Compute the company total costs : Compute the company's total costs, and graph the revenue curve and the total cost curve. Do the curves have the shape you expect. Over what range of production is the company making prots.

Payroll entries-oates company : Oates Company's payroll for the week ending January 15 amounted to $50,000 for Office Salaries and $100,000 for Store Wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following..

Analyzing a business : Suppose your friend, Michelle, has just purchased a buy. Because Michelle knows that you have just received your Associate's in Management at a university, she has asked for you for help in evaluating the company.

Explain employee relations : Explain Employee Relations Please respond to the following- Analyze the importance of determining whether an employee issue is related to behavior or performance

Sales tax and record journal entry : On May 10, 2007, Wiley, Inc remitted $91,450 to the state tax division for April 2007 sales. Calculate the amount of Wiley's April 2007 sales subject to sales tax, and, record the journal entry that would be made when the tax is paid:

What minimum horsepower must a motor have : A 70 kg man (rad=0.25m) standing on a 10-kg disc (rad=0.4m) with his arms extended (rad=0.9m) holding a 15-kg weight in each hand. What is the rotational inertia of man with weights.

Elucidate the consumer surplus at the equilibrium price : Supply is the world supply. Elucidate the consumer surplus at the equilibrium price. What is the producer surplus.

Explain compensation and benefits acute care hospital : Explain Compensation and Benefits Please respond to the following - Suggest a key factor to be considered in the creation of a competitive compensation

Design-program and implement pcs system : You are hired to design, program and implement the PCS system which management calls the Sales and Inventory Management System.

User Account

All Pages