Sales Tax Grey's Furniture sold 50 couches to Shepherd Inc. for $980 each plus an additional state sales tax of 8%. Shepherd Inc. purchased on credit Required: Provide the journal entry to record the sale. If an amount box does not require an entry, leave it blank. Accounts Receivable ______.
Sales Taxes Payable (State) ______.
Sales Revenue ______.
Answers
A.)Accounts Receivable: $49,000 B.)Sales Taxes Payable (State): $3,920 C.)Sales Revenue: $45,080
In the journal entry to record the sale of 50 couches to Shepherd Inc. with an additional state sales tax of 8%, the "Accounts Receivable" account is debited for the total selling price of the couches, which is $49,000.
This represents the amount Shepherd Inc. owes to Grey's Furniture for the purchase.
The "Sales Taxes Payable (State)" account is debited for the amount of state sales tax charged on the sale, which is calculated as 8% of the selling price, resulting in $3,920.
On the other hand, the "Sales Revenue" account is credited for the net amount of the sale, which is the selling price of the couches minus the sales tax. In this case, the sales revenue is $49,000 - $3,920 = $45,080.
The journal entry reflects the increase in the "Accounts Receivable" account as Grey's Furniture has made a sale on credit and Shepherd Inc. has a liability to pay for the couches.
The "Sales Taxes Payable (State)" account represents the amount of sales tax collected from the customer, which Grey's Furniture will eventually remit to the state tax authorities.
Lastly, the "Sales Revenue" account records the revenue generated from the sale of the couches, reflecting the selling price net of the sales tax.
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Related Questions
if the required reserve ratio
Answers
Answer:
4
Explanation:
Formula: 1 / Reserve money ratio -> 1 / 0.25 = 4
Upload your project on monetary policy below.
Answers
Answer:
The answer is search for a actual iq engineering four your actual response so you can abort the situacion in a more brainy momentum.
Explanation:
Guaranteed benefits under government programs such as Social Security or Medicare are called
A.
automatic stabilizers.
B.
controllable expenditures.
C.
entitlements.
D.
discretionary spending.
Answers
Guaranteed benefits under government programs such as Social Security or Medicare are called c) entitlements.
Entitlements are a category of government spending where individuals are granted specific benefits by law or through eligibility requirements. These benefits are considered mandatory spending, meaning they are not subject to the annual appropriations process and must be provided to eligible recipients.
Social Security and Medicare are prime examples of entitlement programs. Social Security provides retirement, disability, and survivor benefits, while Medicare offers health insurance coverage for older adults and certain disabled individuals. Both programs operate on a "pay-as-you-go" system, with current workers' contributions funding the benefits for current recipients.
Entitlement programs differ from discretionary spending, which includes items like defense and education that are subject to annual budget decisions. Automatic stabilizers, such as unemployment benefits and food assistance, are a separate category of government spending designed to mitigate economic fluctuations by increasing spending during recessions and decreasing it during expansions. Controllable expenditures, on the other hand, are expenses that can be directly influenced by policymakers through budgetary decisions. Entitlements are distinct from these categories due to their mandatory nature and legal obligations to provide benefits to eligible individuals.
Therefore, the correct answer is c) entitlements.
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A separately identifiable collection of things about which the organization wants to collect and store information is a
Answers
Answera
Explanation:
the anser is a
Alyiah works as a marketer for the California Seashell company, which is opening a new store with new product offerings. Alyiah is working on a marketing campaign plan for this new store and has finished her promotional mix and detailed budget portion of the campaign plan. She turns her attention to the communication action plan and is creating the template to capture all of the pertinent information. Which types of information should Alyiah make sure to include in the communication action plan?
Answers
Answer:
She can include information such as timing, type of activity, brief description, audience and owner.
Explanation:
The communication action plan is undertaken for a number of reasons. The objective of the communication action plan is for the assessment, development and implementation of the internal and external communications plan of the business.
The communication action plan would be useful in the maximization of brand equity, brand performance, and the awareness created by the brand, which in line with the mission, vision, and values of the company.
What can be said about the culture of services?
I. Processes are invisible
II. Processes are well defined
III. More scientific
IV. Not well defined or documented
A. I, II, and III only
B. I, II, and IV only
C. II, III, and IV only
D. All of the above
Answers
In the service culture, processes are invisible and procedures are not well defined or documented. This culture is focused on customer service, to provide the best experience.
Therefore, processes are invisible, that is, the customer is not able to identify internal processes if they are not useful, but they must perceive the service as a mystery where all their needs are promptly met.
In the service culture, this is also not well defined or documented, so as not to create standardization of the service, but a personalized service that meets the needs of each customer individually.
Therefore, in the service culture, the focus is on offering the best experience for the customer, through the creation of value, excellent service and employees capable of satisfying their needs.
The service culture is capable of generating greater competitiveness, customer loyalty and positioning for a company.
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April is studying finance in college. She wants to enter a career that will analyze the risk of a company. Which career pathway would be best suited for this?
A. Brokerage Clerk
B. Risk Management Specialist
C. Tax Preparer
D. insurance Sales Agent
Answers
Answer:
It would be B: Risk Management Expert
Explanation:
It makes more sense since she wants to enter a career that will analyze risk for a company
Answer: B
Explanation:
Does the Way Your Classroom Is Decorated Affect Your Learning?
Answers
What is not a criterion when evaluating financial service providers?
A. financial service provider's history
B. benefits or lack thereof
C. past and current employees
D. emerging technologies
Answers
That which is not a criterion when evaluating financial service providers is this: C. past and current employees.
What are the criteria for evaluating financial service providers?To successfully evaluate the qualification of a financial service provider, the customer must be able to look at their present and past history. They should consider their ability to incorporate emerging technologies into their businesses.
It is not really the business of the consumer to dig out the past and current employees of the business. He should be interested in other relevant factors like the above.
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50 pts! I really need help on this. Ignore the distribution part. Dont waste my points ;-; Will give Brainliest
Market Analysis: Research three countries you would like to distribute your game to and summarize the games, their prices, and how they are distributed in those markets (your competition). If you find that you might have chosen a market that is already too competitive, this is the time to identify another country and change your plan.
Countries I chose:
Japan
United States
Great Britain (UK)
Answers
Answer:
Japan 183-192billon dollars per year
USA 18.4 billion dollars
UK 5.05billion dollars
On March 17th, Rollo's Antiques accepted a credit card for a $1,000 purchase. The credit card company charges a 2% service fee. The entry to record this transaction would include a A : credit to Service Charge Expense of $20. B : debit to Cash of $1,000. C : debit to Service Charge Expense of $20. D : credit to Cash of $980.
Answers
Answer:
C : debit to Service Charge Expense of $20
Explanation:
The complete journal entry used to record this transaction would be:
March 17, 202x, sales revenue
Dr Cash 980 (assuming the transaction is processed automatically)
Dr Service charge (or Credit card) expense 20
Cr Sales revenue 1,000
Since the credit card company is charging you a 2% commission ($20), we must consider it an expense. Remember that all expenses must be debited.
Morshed and Jui couple have two children. The age of first child is 10 years old and the Morshed couple
is expecting that their first child Alex will go to university after 8 years. And the university expected cost
after years will be approximate BDT 200,000. 00 per year, according to that to complete the four years degree
they need BDT 1,000,000. 00, how much should the couple begin depositing annually at the end of each year
to accumulate enough funds to pay each year’s tuition fees to continue Alex education? Assume that they can
earn a 6% annual rate of return on their investment
Answers
Investment refers to the purchase of goods that are not consumed today, but are used in the future to generate income.
A cost is an expenditure that a company incurs to produce and sell a product. In this case, Morshed and Jui couple are expecting their first child to go to university after 8 years. The university expected cost after years will be approximate BDT 200,000.00 per year, according to that to complete the four years degree they need BDT 1,000,000.00.To accumulate enough funds to pay each year’s tuition fees to continue Alex education, the couple must deposit BDT 80,245 annually.
This is because they will have to pay BDT 200,000 for each year of education. If they are aiming to accumulate BDT 1,000,000 over 8 years, they need to start investing now. Assuming a 6% annual rate of return on their investment, the couple needs to deposit BDT 80,245 at the end of each year. The formula for calculating the annual deposits required to achieve the desired future value of an investment is as follows:FV = PMT x [{(1 + r)n - 1} / r]where FV = future value of investment; PMT = annual payment; r = interest rate; and n = number of years.
Using this formula, we can calculate the PMT value as follows:1,000,000 = PMT x [{(1 + 0.06)8 - 1} / 0.06]Simplifying the equation, we get:PMT = 80,245Therefore, the couple needs to deposit BDT 80,245 at the end of each year to accumulate enough funds to pay each year’s tuition fees to continue Alex's education.
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Which of the following statements is correct? The dead weight loss caused by monopoly
Answers
you own 100 shares in each of three companies, each company pays a dividend. gillete pays 1.15 per share in dividends, general electric pays .79 per share in dividends and hersheys food pays .84 per share in dividends how much do you collect from all 3 companies in dividend
Answers
Answer:
$278
Explanation:
100 * 1.15 = $115
100 * .79 = $79
100 * .84 = $84
$278
Hope this helps
What is the solution to this equation x+15=28
Answers
Answer:
13
Explanation:
Trust me
what is the law of demand and supply
Answers
Answer:The law of supply and demand is a theory that explains the interaction between the sellers of a resource and the buyers for that resource. The theory defines what effect the relationship between the availability of a particular product and the desire (or demand) for that product has on its price.
Explanation:
_____ occur when the average unit cost of a good or service begins to increase as the capacity and/or volume of throughput increases.
Answers
The Economies of scale occur when the average unit cost of a good or service begins to increase as the capacity and/or volume of throughput increases.
Hope It's Help
to decide how much an insurance policy should cost a customer, underwriters use ________, such as historical industry trends and loan characteristics, to predict risk levels.
Answers
To decide how much an insurance policy should cost a customer, underwriters use: Data analytics.
Data analytics can be defined as the systematic computational collection, modelling and analysis of raw data, in order to discover trends, patterns, and draw conclusions about the information that are contained in the data.
An insurance policy can be defined as a contractual agreement between an insurer and an insured (policyholder), in which the claims, terms and conditions binding on both parties are listed in details.
Thus, it is a contract in which an insurer indemnifies an insured (policyholder) against losses in the event of certain dangers or problems.
Underwriting refers to a process through which an insurer determines the risks of insuring a customer and establishing the required cost (price).
Basically, underwriters use data analytics to predict risk levels and determine how much an insurance policy should cost a particular customer. Some examples of the data used by underwriters are:
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which of the following is indicated when a company uses a purchase discount account in a periodic inventory system?
Answers
one thing that is indicated when a company uses a purchase discount account in a periodic inventory system is: The company received discounts from its suppliers for paying within a specified period of time.
When a company uses a purchase discount account in a periodic inventory system, it is indicated that the company is taking advantage of early payment discounts offered by suppliers. This account is used to track the discounts received on purchases, which can help the company save money on their inventory purchases.
A purchase discount account is an account that records the discounts received by a buyer from a seller for paying within a specified period of time1. A purchase discount is also known as a cash discount or an early payment discount1. A purchase discount account is a contra account that reduces the cost of purchases on the income statement1.
Under a periodic inventory system, a company does not update the inventory account when purchases or sales are made. Instead, the company posts purchases of inventory to an expense account called Purchases2. The Purchases account is usually grouped with the income statement expense accounts in the chart of accounts2.
When a company receives a purchase discount under a periodic inventory system, it records the following journal entry:
Debit Accounts Payable for the full amount of the invoice
Credit Cash for the amount paid after deducting the discount
Credit Purchase Discounts for the amount of the discount
For example, suppose a company purchases inventory worth $10,000 on credit with terms of 2/10, n/30. This means that the company can receive a 2% discount if it pays within 10 days, or pay the full amount within 30 days. If the company pays within 10 days, it will record the following journal entry:
Debit Accounts Payable for $10,000
Credit Cash for $9,800 ($10,000 x 0.98)
Credit Purchase Discounts for $200 ($10,000 x 0.02)
The Purchase Discounts account is a temporary account that will be closed at the end of the accounting period. The balance of this account will be deducted from the Purchases account to calculate the net cost of purchases on the income statement.
Therefore, one thing that is indicated when a company uses a purchase discount account in a periodic inventory system is: The company received discounts from its suppliers for paying within a specified period of time.
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the complete question is:
Indicate which of the following accounts would be included in the chart of accounts of a merchandising company using either the
(a) Periodic inventory system or
(b) Perpetual inventory system.
If the account would be included in the chart of accounts of a company using the periodic and perpetual systems, indicate (c) For both.
(1) Cost of Merchandise Sold
(2) Purchases Discounts
(3) Sales
(4) Merchandise Inventory
(5) Sales Discounts
(6) Purchases Returns and Allowances
(7) Delivery Expense
(8) Sales Returns and Allowances
(9) Transportation In
(10) Purchases
On August 22, Year 4, Martha purchases a computer to use in her childcare business. She sells the computer on December 28, Year 4, for $2,000 when the machine has an adjusted tax basis of $1,700. What is the amount and character of the gain on the sale
Answers
The amount is $300 and character of the gain on the sale is ordinary income.
Ordinary income
Using this formula
Gain on the sale=Cost of computer -Adjusted tax basis
Let plug in the formula
Gain on the sale=$2,000-$1,700
Gain on the sale=$300 (ordinary income)
Therefore the amount is $300 and character of the gain on the sale is ordinary income.
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Nancy is a high school senior and is in the process of selecting a university to attend in the fall. She has narrowed it down to two options. School A is in-state about 30 minutes away from where she lives, has a great program for her major, and is offering her a scholarship. School B is out-of-state in an exciting urban city. The program there is also good, but the cost of attending is much higher due to it being an out-of-state school.
Nancy is leaning towards School B but is afraid of making the wrong choice. She has invested a lot of time in visiting School A since it’s so close by, and has connected with current students, professors, and counselors at the school. She hasn’t had the chance to do so yet with School B. Some of her closest friends are going to an out-of-state school and she’s worried that if she attends School A, she’ll miss out on some of the experiences her friends may have. In addition, Nancy follows both of the school’s social media accounts. School B constantly posts glowing testimonials from current students and photos that demonstrate how much fun campus life is. School A, on the other hand, does not have as active of a social media presence.
Nancy needs to make a decision soon. Help her out by:
A)Identifying which of the following 8 cognitive biases might be influencing her. Use specific examples to provide evidence of these biases. (Loss Aversion, Endowment Effect, Sunk Costs, Overconfidence, Herd Mentality, FOMO, Confirmation Bias, Hedonic Adaptation)
b) Coming up with THREE things Nancy can do to combat the influence of these biases and make sure she is making a decision that will serve her best interests.
Answers
Nancy can make a list of pros and cons of each school. It will help her in decision making. She can also decide to visit School B and understand the atmosphere there and can also reach out to alumni to get inner incite.
What is cognitive biases?The tendency of the human brain to streamline information processing through a filter of personal experience and preferences results in cognitive bias, which is a systematic thought process.
The brain uses filtering as a coping technique to quickly organise and digest massive amounts of information. Although the process works well, its flaws can lead to mental mistakes.
In essence, cognitive biases enable people to navigate daily life more quickly, but they can also lead to incorrect interpretations and conclusions.
Cognitive biases frequently result from issues with memory, attention, and other mental errors.
These frequently include unconscious decision-making processes, which makes it simple for people to be impacted without consciously doing so.
Heuristics are the filtering process-coping mechanism used to quickly digest vast amounts of information.
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Ph 897.00
780.00
help po
Answers
Answer: Ph 1,677.00
Explanation:
Judging by the structure of this question, I believe this is an addition problem.
Add the numbers using the method in the picture:
897.00
+ 780.00
1,677.00
= Ph 1,677.00
to be considered an official record the document must be:
Answers
To be considered an official record, the document must be authentic and reliable, and it must be accepted as evidence in a legal or administrative proceeding.
What is an official document?An official document is a document that is issued by a government agency, organization, or other official body and that is used to record or communicate information that is considered to be important or official in nature. Official documents can take many forms, including written documents, electronic records, and physical documents such as certificates, licenses, and diplomas.
They may be used to document a wide range of activities and transactions, including legal proceedings, government policies and regulations, financial transactions, and other official business. In general, official documents are considered to be authentic and reliable sources of information, and they are often accepted as evidence in legal or administrative proceedings.
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A man walks around a circular park 4 times in 12 minutes. The radius of the park is 49m. Find the speed of the man in km/h.
Answers
how does each factor influence the effectiveness of punishment
Answers
The effectiveness of punishment can be influenced by several factors. Two key factors are the consistency of the punishment and the timing of its implementation. Consistency ensures that the individual understands the consequences of their actions and is more likely to change their behavior.
Influence can play a significant role in the effectiveness of punishment. If the person administering the punishment has a strong and positive relationship with the person being punished, the punishment is likely to have a greater impact. This is because the person being punished may feel more remorseful and motivated to change their behavior if they know they have disappointed someone they care about. On the other hand, if the person administering the punishment is not respected or trusted, the punishment may be seen as unjust or ineffective, and may even result in resentment or retaliation. Additionally, the severity and consistency of punishment can also influence its effectiveness. If the punishment is too lenient, it may not be seen as a deterrent for future bad behavior. Conversely, if the punishment is too severe or inconsistent, it may be seen as unfair and may even push the person being punished towards more extreme behavior. Overall, the influence of relationships, severity, and consistency should be considered when determining the most effective form of punishment for a given situation.
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Each factor can influence the effectiveness of punishment in different ways.
Let me break it down for you step-by-step:
1. Severity of punishment: The harshness or intensity of the punishment can impact its effectiveness. If punishment is too severe, it may not be perceived as fair, and its effectiveness might be reduced. On the other hand, if the punishment is not severe enough, it may not serve as a strong deterrent.
2. Consistency: The consistency of punishment refers to how reliably a punishment is applied. Consistent punishment is more effective because it creates a clear connection between the undesired behavior and its consequences, making it more likely that the individual will avoid repeating the behavior in the future.
3. Immediacy: The time between the undesired behavior and the punishment can also affect its effectiveness. Punishments that occur immediately after the behavior are generally more effective, as they create a clear association between the behavior and its negative consequences.
4. Certainty: Certainty refers to the likelihood that a punishment will be applied when a rule is broken. A higher certainty of punishment is more effective, as it reinforces the idea that undesirable behavior will consistently result in negative consequences.
5. Individual differences: Personal factors, such as an individual's temperament, values, and previous experiences, can also influence the effectiveness of punishment. For example, some people may respond more to punishment than others due to their unique characteristics.
In summary, the effectiveness of punishment can be influenced by several factors, including severity, consistency, immediacy, certainty, and individual differences. Understanding how these factors interact can help in designing and implementing more effective punishment strategies.
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Which one of the following is not a recognized form of business?
B Corp
Cooperative
S Corp
T Corp
Answers
Option (d), T Corp is not a legally recognized type of corporation.
T Corp: What is it?To local governments in New South Wales that are judged to be financially secure, TCorp offers long-term, competitively priced infrastructure loans in conformity with credit conditions. Learn more.
New South Wales Treasury Corporation is the primary source of funding for the state of New South Wales's public sector (TCorp). Its major objective is to provide financial services to the government of New South Wales as well as other public agencies and companies.
The option that comes next is not a category of company organization.The primary kind of business structure is not limited unregistered businesses. This type of business formation does not exist. All legal forms of business entities, including corporations, partnerships, and sole proprietorships, are acceptable.
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Most new jobs in the United States will be in the a manufacturing industries:
b. goods-producing industries
C. service-producing industries
d. agriculture-producing industries
Please select the best answer from the choices provided
Α
B
С
D
Answers
Answer:
d agriculture-producing industries
Most new jobs in the United States will be in manufacturing industries service producing industries. The correct option is c.
In the United States, manufacturing is an important economic sector. The United States is the world's third-biggest manufacturer (after the People's Republic of Chine and the European Union), with a record high real output of $2.00 trillion (adjusted for inflation in 2009 dollars) in Q1 2018, significantly above the $1.95 trillion peak before the Great Recession in 2007.The manufacturing industry in the United States employed 12.35 million people on December 2016 versus 12.56 million in December 2017, a 1.7% rise.
Manufacturing, while still a significant portion of the US economy, contributed less to GDP in Q1 2018 than the 'Finance, insurance, real estate, rental, other leasing' sector, the 'Government' sector, or the 'Professional and business services' sector.
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Which of the following things can help you get a lower interest rate when you receive a loan?
A. A low credit score
B. A history of defaulting
C. Using all of your available credit
D. Collateral
Answers
Answer:
D. Collateral
Explanation:
Collateral refers to an asset offered to a lender to secure a loan. Borrowers use properties, motor vehicles, or other valuable items to convince lenders to advance credit facilities. Collateral reduces the risk of lending. If the borrower default, lenders have the option of selling the collateral to recover their money.
Because collateral makes a loan less risky, the interest charged is low. A high-interest rate reflects a high-risk borrower.
Answer:
D. Collateral
Explanation:
Consider what you already know about saving. What are some reasons you should be intentional about saving money? In other words, what should you save for?
Answers
The reasons you should be intentional about saving money is that one may not know when bad or sudden offer will com and as such saved money will help to solve the issue.
What are some reasons you should be intentional save money?There are a lot of reasons to save Money as it is one of the way to Motivate you to start a new adventure. Others are:
Saving help to give a person freedom. Saving gives financial security. Saving implies that one can take any calculated risks.Learn more about saving from
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list three ways you can find jobs in the hidden job market
Answers
Answer:
get active on social media use flex jobs and go to conferences
Answer:
networking, direct contact, and research.
Explanation:
edge 2021 ;)