What would balance of the current liability in the sales tax

Assignment Help Accounting Basics
Reference no: EM133180822

Question - A local retailer selling general merchandise collects sales taxes for the city and state. The city sales tax is 4%, and the state sales tax is 2%. The retailer remits sales tax to the city and state on the fifth day of the month following the month of sale, so all June sales would be paid on July 5. If the retailer sold $250,000 of general merchandise in February and $240,000 in March, what would the balance of the current liability in the sales tax payable account be as of March 31?

Reference no: EM133180822

Questions Cloud

How much is the loss on excess freight to be recognized : The Manila branch sells 40% of the merchandise to outside entities during the rest of December 31, 2022. How much is the loss on excess freight to be recognized
Identify the km issues related to memory loss : Harry Hartfield is looking over some new travel brochures and consulting a recent Google search. Retirement is only five days away and he cannot wait to see the
Describe the racial identity models : Describe the racial identity models and discuss your own identity and what influences impacted how you see yourself in relation to these models
Difference between need and process theories of motivation : 1. What is the difference between Need and Process theories of motivation?
What would balance of the current liability in the sales tax : If the retailer sold $250,000 of general merchandise in February and $240,000 in March, what would the balance of the current liability in the sales tax
Customer service representative : What level of education should be necessary for a customer service representative, and why?
Explain non-unionized workplace : Marianna's Boat Motor Manufacturing is located in Woodstock, Ontario. It is a non-unionized workplace that manufactures and distributes motors for personal wate
How much is the cash to be paid to the seller of service : Such purchase was subjected to Final Withholding VAT. The purchase price is P175,000. How much is the cash to be paid to the seller of service
Several customer service representative positions : A hiring manager needs your advice and assistance in filling several customer service representative positions.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Net present value of the investment in this machinery

flights inc. is considering buying some specialized machinerythat would enable the company to obtain a six-year

  What are total current assets

The following accounts were included on Megan's Style Consultants adjusted trial balance at December 31, 2010: What are total current assets?

  Determine the effective rate of interest

On January 1, 2021, Darnell Window and Pane issued $18.5 million of 10-year, zero-coupon bonds for $6,515,413. Determine the effective rate of interest

  What the Berk basis in this land

Fred Berk bought a plot of land with a cash payment of $40,000 and a mortgage of $50,000. What the Berk basis in this land

  Find and compute the cost of goods transferred out

The Matsui Lubricants plant uses the FIFO method to account. Compute the cost of goods transferred out and the ending inventory using the FIFO method

  Compute the dividends to preferred stock and common stock

Compute the dividends to preferred stock and common stock for 2008, as well as the dividends per share of common stock

  Which audit procedures not consistent with audit approach

Substantive Audit approach on the audit at a major retailer. Which of the following audit procedures are not consistent with this audit approach

  Explain the auditors responsibilities

The financial year of your audit client Bartex Lid, a company that both manufactures and imports toys for resale, ended on 31 December 2019. Your audit report.

  What is difference between sales and cash receipts journal

What is the difference between Sales and Cash receipts Journal? What is cost of goods sold? Is it an asset, expense, liability or revenue in accounting

  Control alt design acquired 30 of the outstanding common

control alt design acquired 30 of the outstanding common stock of walter company on january 1 2012 by paying 800000

  Calculate the total cost for purchases of the mobility aids

Trade discounts on purchase 5% Handling costs relating to imports $5,000. Calculate the total cost for purchases of the mobility aids

  Compute the Sharrod deductible loss

Kaiwan, Inc., a calendar year S corporation, is partly owned by Sharrod, whose beginning stock basis is $32,000. Compute the Sharrod deductible loss

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