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The Rebel Book Store sells books and other supplies to students in a state where the sales tax rate is 7 percent. The Rebel Book Store engaged in the following transactions for 2013. Sales tax of 7 percent is collected on all sales.
1. Book sales, not including sales tax, for 2013 amounted to $215,000 cash. 2. Cash sales of miscellaneous items in 2013 were $160,000, not including tax. 3. Cost of goods sold amounted to $195,000 for the year. 4. Paid $95,000 in operating expenses for the year. 5. Paid the sales tax collected to the state agency. Required:
a. What is the total amount of sales tax the Rebel Book Store collectedand paid for the year? b. Prepare the journal entries for the above transactions. c. What is the Rebel Book Store's net income for the year?
Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. Journalize the transactions in the general journal.
could you work this problem out step by step to show how to get answers? otter a partnership is not a taxpaying entity.
the red white amp blue partnership was begun with investments by the partners as follows red 129000 white 159000 and
wellston medical clinic has two service departments building operations and utilities and three operating departments
the job cost sheet is used to accumulate the three product costs direct material direct labor and factory overhead.
task name phase 2 discussion boarddeliverable length 500 words plus chart of accountsdetails primary task response
Currently, net income is $78,400.
retro company is authorized to issue 10000 shares of 8 100 par value preferred stock and 500000 shares of no-par common
Please evaluate and explain to Mr Kristos Le Droit (the new treasurer of LOACH) what was right and what was wrong in the above action.
concepts associated with making capital investment decisions such as cash flows
Under the lower-of-cost-or-market rule, the cost of inventory is reduced if the market value falls below the initial cost of the inventory.Why not increase the cost of inventory if the market value is higher than the initial cost of the inventory?
The company produces two products, Gert and Mill. Gert requires 60,000 machine hours and 20,000 direct labor hours, while Mill requires 40,000 machine hours and 30,000 direct labor hours. Using activity-based costing, machining costs assigned to e..
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