What are the journal entries to record the sales

Assignment Help Financial Accounting

Reference no: EM131264847

Carolina Furniture World is required by law to collect and remit sales taxes to the state. If Furniture World has $78,000 of cash sales that are subject to a 6% sales tax and a gross margin percentage of 40%, what are the journal entries to record the sales?

Reference no: EM131264847

Questions Cloud

Company sells fixed asset : A company sells a fixed asset (equipment) for $30,000. The asset originally cost $80,000 and had accumulated depreciation of $55,000 at the time of the sale. Select the journal entry to recognize the sale. Debit Cash $30,000 Debit Accumulated Depreci..

Reduction of corporate income taxes : Although reduction of individual taxes is often encouraged, there is great controversy over reduction of corporate income taxes. Every April, you can find news stories about corporations that don’t pay any income taxes. Post an evaluation of the impl..

Use high-low costing method-what is variable cost per hour : Miller Landscaping is attempting to estimate costs for future projects. Miller has compiled data and decided to use the high-low costing method. The low value is $286,720 for 4,096 hours and the high value is $494,900 for 7,070 hours. What is the var..

What is the value for the fixed quantity : Williams Inc. produces fluorescent lightbulbs for commercial use. The accounting manager is attempting to estimate the total cost for the next quarter using the high-low method. He has compiled data and found the high and low costs are $65,000 and $3..

What are the journal entries to record the sales : Carolina Furniture World is required by law to collect and remit sales taxes to the state. If Furniture World has $78,000 of cash sales that are subject to a 6% sales tax and a gross margin percentage of 40%, what are the journal entries to record th..

Determine the tax consequences to vic : Vic, who was experiencing financial difficulties, was able to adjust his debts as follows: Vic is an attorney. Vic owed his uncle $25,000. The uncle told Vic that if he serves as the executor of the uncle’s estate, Vic’s debt will be canceled in the ..

What is the present breakeven point in? revenues : The McKnight Company manufactures and sells pens.? Currently, 5,000,000 units are sold per year at $0.50 per unit. Fixed costs are $1,140,000 per year. Variable costs are $0.20 per unit. Consider each case? separately: What is the current annual oper..

Calculate the relative value units procedure : JOB Order Costing and Relative Value Units U2 Reference Lab must calculate the relative value and cost per procedure given that the total lab expense is $943,241: Calculate the Relative Value Units Procedure A B C D E F G. Calculate total Relative Va..

Raised the average fuel efficiency standard : The National Highway Traffic Safety Administration raised the average fuel efficiency standard to 35.5 miles per gallon (mpg) for cars and It trucks by the year 2016. The rules will cost consumers an average of $926 extra per vehicle in the 2016 mode..

User Account

All Pages