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Sales taxes should be recognized when the underlying event takes place.
A state requires "large" merchants (i.e., those with sales over a specified dollar amount) to report and remit their sales taxes within fifteen days of the end of each month. It requires "small" merchants to report and remit their taxes within fifteen days of the end of each quarter.
In January 2012, large merchants remitted sales taxes of $400 million owing to sales of December 2011. In February 2012, they remitted $280 million of sales taxes owing to sales of January 2012. In January small merchants remitted sales taxes of $150 million owing to sales of the fourth quarter of 2011
1. Prepare an appropriate journal entry to indicate the impact of the transactions on the state's fund financial statements for the year ending December 31, 2011.
2. Suppose, instead, that 10 percent of the taxes received by the state were collected on behalf of a city within the state. It is the policy of the state to remit the taxes to the city 30 days after it receives them. Prepare an appropriate journal entry to indicate the impact of the transactions on the city's fund financial statements for the year ending December 31, 2011.
Record the following transactions of a company in a general journal form: Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share.
The MedView brochure said, "Only 45 scans per month to cover the monthly equipment rental of $18000." *The footnote at the bottom of the brochure read: *"Assumes a reimbursable fee of $475 per scan."
When the analysis is a based on an entire group or in other words all of the members of the group under study then the population is in place. A sample is taken when this population is too large to measure each one of the members.
Johnson alarm systems had $800,000 of retained earnings on December 31, 2004. The company paid dividends of $60,000 in 2004 and had retained earnings of $640,000 on December 31, 2003.
The Jefferson Plaza Hotel is a deluxe four star establishment. Late on Friday, it had 10 of its 200 rooms available when the desk clerk received a call from the Riley Hotel.
The ABC stock was purchased for $1,800 and sold for $3,200. In 2010 (the year of sale), Jack should report what amount of net capital gain and net ordinary income?
What is Bluebird's deemed paid foreign tax credit related to the dividend received (before consideration of any limitation)?
Prepare the journal entry for the issuance when the market price of the common shares is $ 168 each and market price of the preferred is 210 each. (Round to nearest dollar.)
The quantity demanded falls to 300 units per week. Use the formula for arc elasticity to compute elasticity along this portion of the curve.
MBA 640 Exam 1, Spring 1, 2014: Compute the unit product cost for one barbeque grill for each of the costing methods described in Chapter 9. Prepare an income statement for the year using the absorption approach.
Compute the equivalent units of production for the first department for April, assuming the company uses the weighted-average method of accounting for units and costs.
prepare a Balance Sheet, given details attached below, Acid Test Ratio : 2.5, Current Ratio : 1.5, Net working capital Rs. 10, 00,000, Fixed Assets ?, Share holders fund Rs. 15, 00,000, Stock\ Inventory ?
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