Last month the sweet tooth candy shop had total sales including sales tax of 61,889. The stores are located in a state that has a sales tax of 6 1/2%. Round your answer to the nearest cent. A- as the accountant for the sweet tooth calculate the amount of sales revenue in dollars for the Shoppes last month? B-as the accountant for the sweet tooth, calculate the amount of sales tax in dollars that must be sent to the state department of revenue?

Last month the sweet tooth candy shop had total sales including sales tax of 61,889. The stores are located in a state that has a sales tax of 6 1/2%. Round your answer to the nearest cent. A- as the accountant for the sweet tooth calculate the amount of sales revenue in dollars for the Shoppes last month? B-as the accountant for the sweet tooth, calculate the amount of sales tax in dollars that must be sent to the state department of revenue?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 7MCQ

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Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $54,889. The stores are located in a state that has a sales tax of 7 1/2%. (Round your answers to the nearest cent.) (a)As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. (b)As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue.
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At the end of the first quarter, the accountant for David Fly Fishing Outfitters determines that the total sales tax payable for the quarter is $3,240.50. When the sales tax is paid to the state, the accountant debits Sales Tax Payable and credits Cash for the total amount due.
ASK YOUR TEACHER PRACTICE ANOTHER Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $51,889. The stores are located in a state that has a sales tax of 6–%. (Round your answers to the nearest cent.) (a) As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. %24 (b) As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue. $ 3372.79
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Last month the sweet tooth candy shops had total sales including sales tax of $61,889. The stores are located and a state that has a sales tax of six and one half percent round your answer to the nearest cent? A-as the accounting for the sweet tooth, calculate the amount of sales revenue in dollars for the shops last month? (I put 58,111.73 it was wrong) B-as the account for the sweet tooth, calculate the amount of sales tax in dollars that must be sent to the state department of revenue? (I put 3777.27 it was wrong)
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In providing accounting services to small businesses, you encounter the following situations. Sunland Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $6,100 plus GST of $305 and PST of $488. 2. Jennifer Corporation receives its annual property tax bill in the amount of $8,400 on May 31. (i) During the month of March, Ayayai Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,820 for income taxes. (ii) Ayayai's employer portions were $3,254 for CPP and $1,327 for El for the month. 1. 3. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit…