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Sales Tax Transactions
Journalize the entries to record the following selected transactions.
a. Sold $2,500 of merchandise on account, subject to a sales tax of 5%. The cost of merchandise sold was $1,480.
b. Paid $48,820 to the state sales tax department for taxes collected.
Compute the amount and percentage changes for Rivera Company's comparative balance sheets, and comment on the changes from 2013 to 2014.
types of cost information need to be reported to support different managerial purposes and decisions. What types of cost information are reported to support managerial purposes and decisions?
decision based on sell or process further of a product.missou mining company mines an iron ore called alpha. during the
question absorption costing versus variable costing. the mavis company uses an absorption-costing system based on
Colombo Enterprises has a defined benefit pension plan. At the end of the reporting year, the following data were available: beginning PBO, $75,000; service cost, $14,000; interest cost, $6,000; benefits paid for the year, $9,000; ending PBO, $89,000..
Develop a risk response and Determine the control activities - Provide a method of informing and communicating the results
Digregory makes all purchases on account, subject to the following payment pattern: If purchases for January, February, and March were $195,000, $175,000, and $225,000, respectively, what were the firm's budgeted payments in March?
Elephant Services leased an asset to Northridge Corporation on January 1, 2015. The cost of the asset to Elephant was $25,000. Compute the annual rental lease payments.
Currently plans to invest $1,800 in the Shariah compliance stock market. In average he earns 10% per year on his stocks. What will be the amount after 30 years if Hateem starts to invest the money at the beginning of each year?
Do you think that other types of organizations should have an act similar to the Sarbanes-Oxley Act? Why or why not? Should the government, nonprofits, and private companies be held to the same or similar standards? Or is it too costly and time-consu..
forecasting net income using pro forma income statementpro forma income statement at the end of last year roberts inc.
What is a contra-liability account mean in financial accounting?
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