in performing accounting services for small businesses, you encounter the following situations pertaining to cash sales.
1. Blossom company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $28,000 and sales taxes $1,400
2. Oride Company does not segregate sales and sales taxes. its register total for April 15 is $16,430, which includes of 6% sales tax
Answers
Blossom Company separates sales and sales taxes on its cash register. Oride Company does not segregate sales and sales taxes on its cash register.
In the situations you've described, let's break down the accounting treatment for each case:
Blossom Company:
Blossom Company separates sales and sales taxes on its cash register. On April 10, the register totals are $28,000 for sales and $1,400 for sales taxes.
To record this transaction, you would debit the Cash account for the total amount received, which is $28,000, and credit the Sales account for $28,000. Additionally, you would credit the Sales Tax Payable account for the amount of sales taxes collected, which is $1,400.
The journal entry would be as follows:
Debit: Cash $28,000
Credit: Sales $28,000
Credit: Sales Tax Payable $1,400
Oride Company:
Oride Company does not segregate sales and sales taxes on its cash register. The register total for April 15 is $16,430, which includes a 6% sales tax.
To determine the sales amount, you need to back out the sales tax from the register total. Since the sales tax rate is 6%, you can divide the total by 1.06 to find the sales amount.
Sales amount = Register total / (1 + Sales tax rate)
Sales amount = $16,430 / 1.06 = $15,500
To record this transaction, you would debit the Cash account for the total amount received, which is $16,430, and credit the Sales account for $15,500. The remaining $930 represents the sales tax collected.
The journal entry would be as follows:
Debit: Cash $16,430
Credit: Sales $15,500
Credit: Sales Tax Payable $930
Remember to consult with a professional accountant or refer to the applicable accounting standards or regulations for specific guidance on recording and reporting transactions.
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Related Questions
A US based company is attempting to merge with a French National conglomerate. With IFRS and GAAP being so different, what would be some of the challenges the two sides may face with the merger from an accounting standpoint?
Answers
The merger between a US-based company and a French National conglomerate can pose several challenges from an accounting standpoint due to the differences between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). Some of the challenges they may face include:
Accounting Principles: IFRS and GAAP have different underlying principles and concepts. IFRS is principles-based, emphasizing substance over form, while GAAP is rules-based, providing specific guidelines for various transactions. The differences in accounting principles can lead to variations in the recognition, measurement, and presentation of financial information.
Financial Statement Presentation: IFRS and GAAP have different requirements for financial statement presentation. The formats and classifications of items on the balance sheet, income statement, and cash flow statement may vary between the two sets of standards. This can make the comparison and consolidation of financial statements challenging.
Revenue Recognition: IFRS and GAAP have differing guidance on revenue recognition, particularly in areas such as the timing of revenue recognition, multiple-element arrangements, and percentage-of-completion method for long-term contracts. Aligning the revenue recognition policies of the merging entities can be a complex task.
Valuation of Assets and Liabilities: IFRS and GAAP may have different rules for the valuation of assets and liabilities, such as inventory, property, plant, and equipment, intangible assets, and financial instruments. Differences in valuation methodologies can impact the reported values of assets and liabilities, which can have implications for financial ratios, financial performance, and tax implications.
Business Combinations and Goodwill: IFRS and GAAP have different requirements for accounting for business combinations and the subsequent treatment of goodwill. For example, IFRS allows for the option of measuring goodwill at cost or using the impairment model, while GAAP follows a more strict impairment-only model. This can result in differences in the recognition and measurement of goodwill and the related impact on financial statements.
Disclosures: IFRS and GAAP have varying disclosure requirements, with differences in the level of detail and specific disclosures mandated for certain transactions and events. Harmonizing the disclosure requirements can be a complex task to ensure compliance with both sets of standards.
These are just a few examples of the challenges that may arise during the merger process from an accounting standpoint. It is crucial for the merging entities to have a thorough understanding of the differences between IFRS and GAAP and work closely with accounting professionals and advisors to address these challenges effectively and ensure accurate financial reporting and compliance with relevant regulations.
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commenced business with the balance at bank 125,000 (journal entry)
Answers
bank a/c Dr
to capital a/c
Defamatory statements published on Internet bulletin boards, e-mails, and the like, are considered libel due to the somewhat permanent nature of the medium. This often is vital to a successful suit for defamation as damages are presumed to exist in the case of libel and do not have to be proven to the court.
The remaining question becomes who should be sued. This is the hard part. Sections of the Communications Decency Act of 1996 and several court
decisions provide protections to Internet service providers and bulletin board operators. Such parties generally are considered to be immune from suits
brought to make up for the harm done by such statements. However, they may be held liable if it can be shown that they exercised editorial or full control of
the material posted or transmitted or, at least, had knowledge of the specific defamatory contents. Such a showing has proven very difficult to accomplish.
Think about it
Why do you think it has been so difficult for people to win libel suits against Internet bulletin board operators or Internet service providers?
Answers
Answer:
Sorry i can not answer it...
Scenario: Money Creation The reserve requirement is 20%. Leroy receives $1,000 as a graduation present and deposits the money in his checking account. The bank does NOT want to hold excess reserves. Reference: Ref 14-5 (Scenario: Money Creation) Look at the scenario Money Creation. Immediately after the deposit, reserves _____ and demand deposits _____ by $1,000. Group of answer choices increase by $1,000; increase decrease by $200; increase decrease by $1,000; decrease increase by $1,000; decrease
Answers
Communication can most usefully be understood as a(n) Multiple Choice
a) innate human ability.
b) art form for which a chosen few possess raw talent.
c) skill acquired gradually through practice.
d) blunt tool that will always fail to accomplish its goal.
Answers
Communication can most usefully be understood as an innate human ability. Thus the correct option is A.
What is communication?Communication is referred to the exchange of information between two individuals in the form of conversation, opinion, suggestion, or advice with the help of medium or direct interaction.
By allowing us to connect with others and share our problems and perceptions, communication aids in the development of interpersonal relationships. It enables us to convey our emotions.
The likelihood of conflict is reduced when messages are conveyed clearly since there is no possibility for misinterpretation or message modification and helps in better achievement of objectives, especially in team building activities.
Therefore, option A is appropriate.
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Ofac requires depository institutions that hold blocked property to file annual reports by.
Answers
Ofac requires depository institutions that hold blocked property to file annual reports by September 30th.
What is annual report?It should be noted that annual report is a document which describes the financial condition of a company for the previous year.
In this case, Ofac requires depository institutions that hold blocked property to file annual reports by September 30th.
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Check all of the following that are correct that can have a single owner ? MARK YOU THE BRAINLIEST!
Answers
The establishment/items that can ave a single owner includes:
Sole proprietorshipPrivate corporationNon-profit corporationWhat is a single owner?This refers to any form of establishment that can be owned and operated by a natural person.
Therefore, in the list, the Sole proprietorship, Private corporation and Non-profit corporation are establishment that can have a single owner.
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Police are investigating the site of a convenience store robbery. The glass door was
broken, and it looks as if several packages of cigarettes are missing from behind the
counter. One police officer notices a man walking past the store and gets an odd
feeling about him. He stops the man and insists on searching his pockets. Inside the
man's pockets, police find several packs of cigarettes. They arrest the man and
charge him with the crime. Unfortunately, the judge throws out the charges. What is
MOST likely the judge's reason for dismissal?
A-The man is under 18 years old.
B-The man did not have money to post bail.
C-The policeman did not have probable cause to search the man.
D-The policeman did not have enough evidence that the man was the robber.
Answers
The MOST likely judge's reason for dismissal is the policeman did not have enough evidence that the man was the robber. Thus the correct option is D.
What is Robbery?Theft or robbery is defined as the stealing of someone else's property without their permission and using force or a threat of force that exhibits fear in them to perform any action against them.
To prove a crime against someone requires one to submit enough evidence which helps to establish the claim as the justice system is based on evidence not on arguments.
In the given case, police found the activity of the men suspicious as they found cigarette packets from him. There is no evidence that he has stolen the cigarette packets might be possible he has purchased them.
So due to a lack of evidence against the person the Judge dismissal the case. Therefore, option D is appropriate.
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In addition to competition for food, what is another example of a density dependent process that can affect population growth rates?
Answers
Predation, inter- and intraspecific competition, waste buildup, and diseases including parasitic diseases are the most density-dependent biological (biotic) factors. Generally speaking, a population's mortality rate increases with population density.
What is Density-dependent regulation?When population growth rates are controlled by population density, this is known as density-dependent processes in population ecology.
Predation, intra- and interspecific competition, waste accumulation, and diseases including parasitic diseases are the most density-dependent biological (biotic) factors.
Normal mortality rates increase with population density.
The reproduction rates of the individuals, for instance, will often be lower during intra- and interspecific competition, slowing the rate of population expansion.
Because the predator has a harder time discovering its food supply, low prey density also raises the mortality of the prey.
Results from a study on the giant intestinal roundworm (Ascaris lumbricoides), a parasite of humans and other mammals, provide as an illustration of density-dependent control.
The information indicates that the parasite is less fertile in denser populations since there were fewer eggs present.
The fact that females would be smaller in groups with increased density due to scarce resources and hence lay fewer eggs is one explanation for this phenomena.
In a 2009 study, the concept that female weight had any bearing on the outcome was evaluated and refuted.
There is still more research that needs to be done to determine the exact reason why this organism's fecundity is density-dependent.
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would anyone be willing to give away tickets for a concert please?
Answers
Which of these is an example of business ownership?
A. A wage earner at a company
B. A day trader of stocks
C. A hair salon franchisee
D. A freelance journalist
Answers
Answer:
a hair salon franchise
Explanation:
i just did the question
A rising GDP and a falling unemployment rate are most likely indicators that an economy is in which phase of the business cycle?
answer: expansion
Answers
A rising GDP and a falling unemployment rate are most likely indicators that an economy is in the expansion phase of the business cycle.
During the expansion phase, the economy experiences an increase in economic activity and employment opportunities, resulting in a rise in GDP and a decline in unemployment rate. This phase is typically characterized by increased consumer and business spending, rising stock prices, and increasing confidence in the economy. The expansion phase is usually followed by the peak, recession, and trough phases in the business cycle.
The business cycle refers to the fluctuation of economic activity in an economy over time. It is typically characterized by alternating periods of expansion and contraction, with the peak, recession, and trough phases in between. Various factors contribute to the business cycle, including consumer spending, business investment, and government policies.
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Carrie owns a boutique shop that sells decorative, handmade pottery. She's choosing an online ad campaign to allow a seamless shopping experience for her potential customers. What's one benefit that Shopping campaign ads will offer Carrie?
Answers
The main benefit that the shopping campaign ads will offer Carrie is that it will help to give detailed information about her product before they click the ads,
Basically, the shopping campaigns ads is a advert placed online or website to attract prospective customer
This ads campaigns help business-owners to promote their products because its gives the users detailed information about what they are selling even before they click on the ad.In conclusion, the main benefit that the shopping campaign ads will offer Carrie is that it will help to give detailed information about her product before they click the ads,
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A cost-benefit analysis is a valuable tool in economic decision making
because it:
A. encourages particular decisions through the use of incentives.
B. eliminates the opportunity costs associated with a decision.
C. helps balance the positive and negative consequences of a
decision
D. increases the marginal benefits and reduces the marginal costs of
a decision.
Answers
Answer:
C. Helps balance the positive and negative consequences of a decision.
Explanation:
A cost-benefit analysis C. helps balance the positive and negative consequences of a decision.
What cost-benefit analysis?Cost-benefit analysis can be described as an analysis that can be used to determine if and by how much a policy's benefits surpass its costs when compared to other options.
This allows various policies to be ranked in terms of their cost-benefit ratio.
Therefore, cost-benefit analysis is a valuable tool in economic decision-making because it helps balance the positive and negative consequences of a decision.
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Outline the previous attempts by Caribbean countries at economicintegration.
Answers
While there have been several attempts at economic integration in the Caribbean, the success of these efforts has been limited by political tensions, economic disparities, and external pressures.
Caribbean countries have made several attempts at economic integration in the past, with varying degrees of success.
One of the earliest attempts was the formation of the West Indies Federation in 1958, which aimed to create a political and economic union between several British colonies in the Caribbean. However, the federation collapsed just four years later due to political tensions and disagreements among its member states.
Another attempt was the Caribbean Free Trade Association (CARIFTA), which was established in 1965 and aimed to create a free trade area among its member states. CARIFTA later evolved into the Caribbean Community (CARICOM) in 1973, which expanded beyond trade to include cooperation in areas such as foreign policy, health, education, and culture. However, CARICOM has faced challenges in implementing its goals due to the diversity of its member states and the lack of political will for deeper integration.
In the 2000s, several Caribbean countries signed onto the Economic Partnership Agreement (EPA) with the European Union, which aimed to create a free trade area between the two regions. However, the EPA has faced criticism for its potential negative impact on Caribbean economies and its failure to address issues such as intellectual property rights and sustainable development.
Overall, while there have been several attempts at economic integration in the Caribbean, the success of these efforts has been limited by political tensions, economic disparities, and external pressures.
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6. Describe at least three things a bank would consider about you when deciding whether to give you a loan. (1-3 sentences. 3.0 points)
Answers
Explanation:
Your Credit History
Your Ability To Pay The Loan
Your Cash Flow History
Which savings option divides your investment among multiple companies
Answers
Answer:
Mutual funds
Explanation:
I just did it in school a p e x and I searched.
If my revenue is one million and my expenses are 1,386,000, what's my profit in percentage
Answers
The profit in percentage given the revenue and the expenses is -38.60%
What is the profit in percentage?Percentage is the fraction of a number expressed as a value out of 100. The sign that is used to represent percentage is %. In order to convert a number to percentage, multiply by 100.
Profit is the difference between revenue and expenses. Revenue is the total income earned by a company before any deductions are made. Expenses include all the cost incurred in running a business.
Profit = revenue - expenses
1,000,000 - 1,386,000 = -386,000
Profit in percentage = (profit / revenue) x 100
(-386,000 / 1,000,000) x 100 = -38.6%
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. A(n) _____ is a special kind of warehouse designed to speed the flow of goods and avoid unnecessary storing costs
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A(n) distribution center is a special kind of warehouse designed to speed the flow of goods and avoid unnecessary storing costs.
A distribution center is a facility that is specifically designed to efficiently receive, store, and distribute goods to the end user. These facilities are strategically located to reduce transportation costs and speed up delivery times. They often use advanced technology such as automation and conveyor systems to improve efficiency and accuracy. By consolidating inventory and reducing the need for excessive storage space, distribution centers help to reduce costs for both manufacturers and retailers, while also improving customer service levels.
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Turn to Part C of the Systems Analyst's Toolkit and review the concept of net present value (NPV). Determine the NPV for the following: An information system will cost $175,000 as an initial investment to implemented over a six month period and will produce no savings during the last six months of first year once it has gone online. When the system goes online, the company will save $27,750 during the second year of operation. For the next four years, the savings will be $39,250,$45,500,$48,500, and $40,250, respectively per year. Assuming a 4.25% discount rate, what is the NPV of the system? Explain in detail whether.or.not this a good investment (one four sentence paragraph at a minimum).
Answers
The NPV of the system is the sum of the present values of the cash flows minus the initial investment, which needs to be calculated based on the given data.
To calculate the NPV, we need to discount the future cash flows to their present values and subtract the initial investment. Using a discount rate of 4.25%, we can calculate the present value of each cash flow and sum them up. The present value of each cash flow is calculated by dividing the cash flow by (1 + discount rate) raised to the corresponding period. After calculating the present values, we subtract the initial investment of $175,000. If the resulting NPV is positive, it indicates that the project is a good investment. If the NPV is negative, it suggests that the project may not be worthwhile.
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Which best describes the future growth potential of the marketing, sales, and service career cluster?.
Answers
The statement that best describes the future growth potential of the marketing, sales, and service career cluster is that growth is expected to grow much more quickly than average. Option D
What is future growth potential of the marketing?While most people are aware of how crucial marketing and sales are to a company's growth, it can be difficult to stay current because what works today might not work tomorrow.
In the near future, the Marketing, Sales, and Service Career Cluster will see a significant increase in relevance. These industries are a part of the tertiary sector, which is expanding at the highest rate among the other two sectors.
Hence, this is also due to the fact that enterprises in this rapidly developing global environment depend on these industries for survival and expansion.
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Complete question
Which best describes the future growth potential of the Marketing, Sales, and Service career cluster?
Growth is expected to decline.
Growth is expected to grow less quickly than average.
Growth is expected to be about average.
Growth is expected to grow much more quickly than average.
Which are major situational considerations or variables in determining whether or not to involve a group in the decision-making process? Select all that apply. Complexity of the problem Time constraints Organizational complexity Availability of information
Answers
Answer:
The correct answer will be Option B "Organizational complexity ".
Explanation:
A Complex organization does indeed have a broader organizational structure or even more personnel in each group, mission, or team. Complexity can sometimes be susceptible to multiple actors, various organizational structures, as well as different service will be produced that would need to be implemented.The other given choices are not related to the given scenario. So that the above would be the appropriate choice.
Question 1
All of the below are examples of noteworthy news that could generate positive media mentions, EXCEPT
Hiring a new employee
A partnership with a local nonprofit that you donate to
Growth of your business into new markets or product lines
A new product or service rollout
Answers
Answer:
A new product or service rollout
Explanation:
While a new product or service rollout can be important for a business, it is not necessarily noteworthy news that would generate positive media mentions. Positive media mentions typically come from news that is unique, impactful, or of significant interest to the public, such as a partnership with a local nonprofit or growth of a business into new markets or product lines. Hiring a new employee is also noteworthy news, as it can demonstrate growth and success for a business.
one important intangible yet highly important advantage an investment from a large corporate partner gives a start-up is:
Answers
One important intangible yet highly important advantage an investment from a large corporate partner gives a start-up is credibility.
A startup is a new firm founded by an entrepreneur in order to bring a new product or service to market. These types of companies are usually characterised by their high risk and the uncertainty of the business model. In addition, startups often require substantial funding in order to develop and grow their ideas.
This is where corporate partners come in to play. Investments from large corporate partners help startups gain credibility, which is crucial for their success. When a startup secures funding from a well-established company, it lends credibility to their business model, technology, and management team. This helps to establish a reputation for the startup and makes it easier to secure additional funding in the future.
Large corporate partners also bring valuable expertise and resources to the table, which can be beneficial to the startup's growth and development. Overall, an investment from a large corporate partner is an important intangible advantage that can help startups succeed.
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Owner must share their profits.
True or false
Answers
Answer:
True
Explanation:
The purchase by a household in China of a CD produced in the United States is included in U.S.
Answers
Net exports is the purchase by a household in china of a CD produced in the united states is included in the U.S
It is easy to figure out a nation's net exports: To calculate the nation's net exports, add up all of its exports and subtract all of its imports. A positive or negative net export number represents a trade surplus or deficit, respectively. When the currency exchange rate is poor, a nation's export prices are more competitive abroad. Typically, countries with comparative advantages like abundant natural resources or a skilled labor force are net exporters. Saudi Arabia and Australia are two examples of net exporters.
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ford motor co. has separate work units for individual car owners, for businesses, and for agriculture. ford’s organizational structure is based upon
Answers
Ford motor co. has separate work units for individual car owners, businesses, and agriculture. ford’s organizational structure is based upon customer divisions.
Customer divisions simply refer to when activities are grouped based on the customers or clients. In this case, there are different work units for the customers.
The reason for this is to enhance customer relationships and ensure that customers are attended to. It also helps to improve the revenue of the company since there are happier customers.
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When trying to assess whether an applicant will be a good performer, managers utilize interviews, background information, paper-and-pencil tests, and references, which are known as _____
Answers
When trying to assess whether an applicant will be a good performer, managers utilize Selection Tools.
What selection tools?Selection is the process that managers in all organizations use to determine:
The qualifications of job applicants. Their performance potential.The known selection tools include:
Paper-and-pencil testsPhysical abilities testPerformance testsBackground informationInterviewsReferences.Thus, when trying to assess whether an applicant will be a good performer, managers utilize interviews, background information, paper-and-pencil tests, and references, which are known as Selection Tools.
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typically, when a going concern issue exists the auditor should:
Answers
Typically, when a going concern issue exists the auditor should: Issue an unmodified opinion with an emphasis-of-matter paragraph.
When an auditor identifies a going concern issue, it means that there is uncertainty about the entity's ability to continue operating in the foreseeable future. In such cases, the auditor has a responsibility to assess the going concern assumption, which assumes that the entity will continue its operations and meet its obligations.
The auditor should perform additional procedures to gather sufficient and appropriate evidence regarding the entity's ability to continue as a going concern. This includes evaluating management's plans, forecasts, and other relevant information. The objective is to determine whether there are events or conditions that cast significant doubt on the entity's ability to continue operating.
If the auditor concludes that there is substantial doubt about the entity's ability to continue as a going concern, this should be disclosed in the auditor's report. The disclosure alerts users of the financial statements about the uncertainty and provides them with important information for their decision-making.
In summary, when a going concern issue exists, the auditor should conduct additional procedures to assess the entity's ability to continue as a going concern and disclose any significant doubt in the audit report to ensure transparency and inform the users of the financial statements about the potential risks involved.
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Elizabeth's minimum monthly payment on her credit card is the higher of 2.5%
or $12. If her balance at the end of the month is $5800, what is the minimum
amount Elizabeth must pay to keep her account in good standing?
O A. $25
O B. $12
OC. $45
O D. $580
Answers
Answer:
$145
Explanation:
Minimum monthly payment at the rate of 2.5%
= 2.5/100 × $5,800
=$145
Between $12 & $145,
$145 is higher hence will be the minimum amount Elizabeth must pay to keep her account in good standing.