Homework Answers
| SOLUTION: 1 = WILDHORSE CO. | ||||||||||||
| ASSETS | = | LIABILITIES | + | STOCKHOLDER'S EQUITY | ||||||||
| Cash | = | Sales Tax Payable | + | Common Stock | + | Rvenue | - | Expenses | - | Dividends | ||
| Apr - 10 | $ 28,875 | = | $ 1,375 | + | 0 | + | $ 27,500 | - | 0 | - | 0 | |
| SOLUTION: 2 = CARLAVISTA CO. | ||||||||||||
| ASSETS | = | LIABILITIES | + | STOCKHOLDER'S EQUITY | ||||||||
| Cash | = | Sales Tax Payable | + | Common Stock | + | Rvenue | - | Expenses | - | Dividends | ||
| Apr - 15 | $ 16,350 | = | $ 1,350 | + | 0 | + | $ 15,000 | - | 0 | - | 0 | |
| WORKING NOTES: | ||||||||||||
| CALCULATION OF SALES TAX PAYALBE ON APRIL 15 TRANSACTION. | ||||||||||||
| Total transaction value = | $ 16,350 | |||||||||||
| Sales Tax = $16,350 X 9 / 109 = | $ 1,350 | |||||||||||
| Sales revenue $ 16,350 - $ 1,350 = | $ 15,000 | |||||||||||
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?
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Exercise 10-4
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1.
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2.
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register total for April 15 is $17,120, which includes a 7% sales
tax.
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related taxes for...
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?
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Exercise 10-4
In providing accounting services to small businesses, you encounter
the following situations pertaining to cash sales.
1.
Furcal Company enters sales and sales taxes separately on its
cash register. On April 10, the register totals are sales $28,700
and sales taxes $1,435.
2.
Crystal Company does not segregate sales and sales taxes. Its
register total for April 15 is $17,120, which includes a 7% sales
tax.
Prepare the entries to record the sales transactions and
related taxes for...
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