User Account

All Pages

The cost of the merchandise sold

Assignment Help Accounting Basics
Reference no: EM13981785

1. Illustrate the effects on the accounts and financial statements of recording the following selected transactions:

a.  Sold $11,250 of merchandise on account, subject to a sales tax of 6%. The cost of the merchandise sold was $6,750.

b.  Paid $63,120 to the state sales tax department for taxes collected.

Reference no: EM13981785

Questions Cloud

Problem regarding the average world stock fund : Assume these data constitute a random sample of such funds, and use them to test the claim that the average world stock fund made more than 25% for its investors during this period.
Find the frequency and maximum height of the motion : The strings are both 80.0 cm long. The upper ball has a mass of 2.00 kg, and is pulled to the right such that the string makes an angle θo = 25.0o to the vertical. The lower ball has a mass of 1.50 kg. Find the frequency and maximum height of the ..
Find the distance between the two adjaicent lines formed : If the source contains the three isotopes of krypton, 82Kr, 84Kr, and 86Kr, and the ions are singly charged, find the distance between the two adjaicent lines formed by the three isotopes on the photographic plate.
Discuss the difficulty with making assumptions : Discuss the difficulty with making assumptions in a negotiation and why information is important to a successful negotiation process for both sides. Also, how can creative thinking, building of trust, and making appropriate concessions help those..
The cost of the merchandise sold : Sold $11,250 of merchandise on account, subject to a sales tax of 6%. The cost of the merchandise sold was $6,750.
Problem regarding the stock split causes excess returns : Is there evidence that a stock split causes excess returns for the month following the split? Redo the problem, using the sign test. Compare the results of the sign test with those of the Wilcoxon test.
What was the analytical engine : Search the Web and find the answers to the following questions. For each question, make sure you include the /urls you used to find your answers: Who is often called the "Father of Computing" and when did he live? What was the "Analytical Engine"? Wa..
Is it loosing or gaining time at the new location : During the move, the length of the clock's pendulum did not change; however, the clock lost accuracy. Assuming the clock was perfectly accurate at its original location, is it loosing or gaining time at the new location? How many seconds per day?
What is the company eva : 1.What is the company's EVA?a. $67,200 b. $82,600 c. $64,400 d. $70,000e. $83,300

Reviews

Write a Review

Accounting Basics Questions & Answers

  Following companies is likely to own

Give some examples of long term operational assets that each of the following companies is likely to own:

  Sumter company uses the weighted-average method in its

sumter company uses the weighted-average method in its process costing system. the following data pertain to operations

  On september 4 seller company sold goods to buyer company

on september 4 seller company sold goods to buyer company for 3600 with terms of 310 net 30 fob shipping point. the

  Luby office supply company reccently changed its system of

luby office supply company reccently changed its system of internal control over cash disbursements. the system

  Cumulative effect of the accounting change

Assume that the income tax rate for all years is 30%. The cumulative effect of the accounting change should be reported by Playtime in its 2013

  Regal products has a budget of 900000 in 20x3 for

regal products has a budget of 900000 in 20x3 for prevention costs. if it decides to automate a portion of its

  Compute cost of goods available for sale

1. Compute cost of goods available for sale and the number of units available for sale.

  Friou corporation manufactures and sells a single product

friou corporation manufactures and sells a single product. the company uses units as the measure of activity in its

  Consolidation of cash-detailed solution-aedion company

Aedion Company owns control over Breedlove, Inc. Aedion reports sales of $300,000 during 2004 while Breedlove reports $200,000. Inventory costing $20,000 was transferred from Breedlove to Aedion (upstream) during the year for $40,000.

  Communicate the financial health of an organization

Describe the purpose of each financial statement. Determine which one (1) is the most effective in communicating the financial health of an organization.

  During march the production department of a process

during march the production department of a process manufacturing system completed a number of units of a product and

  Prepare journal entries to record the following

prepare journal entries to record the following transactions and events of kash company. 2011 jan. 2 purchased 30000

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd