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- Sly's Salon has total receipts for the month of $9,275 including sales taxes. If the sales tax rate is 6%, what are Sly's sales for the month? Select one: a. $8,719 b. $8,750 C It cannot be determined. d. $9,832The following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March. Record the journal entry or entries for each of the following sales transactions. Glow Industries sells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light. The terms of the sale are 5/15, n/40, invoice dated May 9. On May 13, the customer discovers 50 of the lights are the wrong color and are granted an allowance of $10 per light for the error. On May 21, the customer pays for the lights, less the allowance.Prepare journal entries for the following transactions of Dulce Delights. Apr. 10 Sold 350 ice cream buckets with a sales price of $12 per bucket to customer Livia Diaz. Livia paid using her in-house credit account; terms 2/10, n/30. The cost for this sale to Dulce Delights is $4.50 per bucket. Apr. 13 Sold 310 ice cream buckets with a sales price of $13.50 per bucket to customer Selene Arnold. Selene paid using her Max credit card. The cost for this sale to Dulce Delights is $4.50 per bucket. Max Credit Card Company charges Dulce Delights a 5% usage fee based on the total sale per transaction. Apr. 20 Livia Diaz paid her account in full with a cash payment, less any discounts. Apr. 25 Max Credit Card Company made a cash payment in full to Dulce Delights for the transaction from April 13, less any usage fees. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. Apr. 10 To record sale of ice cream buckets 0C Apr. 10 To…
- Stork Enterprises delivers care packages for special occasions. They charge $50 for a small package, and $95 for a large package. The sales tax rate is 5%. During the month of May, Stork delivers 43 small packages and 33 large packages. A. What is the total tax charged to the customer per small package? What is the overall charge per small package? If required, round your answers to two decimal places. Total tax charged $fill in the blank 1 per small package Overall charge $fill in the blank 2 per small package B. What is the total tax charged to the customer per large package? What is the overall charge per large package? If required, round your answers to two decimal places. Total tax charged $fill in the blank 3 per large package Overall charge $fill in the blank 4 per large package C. How much sales tax liability does Stork Enterprises have for the month of May? If required, round your answers to two decimal places. $fill in the blank 5 D. What account is used to…The following transactions were selected from among those completed by Bennett Retailers in November and December: Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,600 (total); terms 3/10, n/30. 25 Sold two items of merchand:ise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,100 (total); terms 3/10, n/30. 29 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. 6 Customer D paid the account balance in full. 20 Customer B paid in full for the invoice of November 20. Dec Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. (Do not round your intermediate calculations. Round your answer to the…Sadia sells car first aid kits by mail order. The cost to her of each kit purchased from the manufacturer is £12.50. Her selling price per kit is £18.25. At the beginning of August 20X1 she has 180 kits in inventory. She sells 250 kits during August 20X1 and has 153 left in inventory at the end of the month. What is Sadia’s gross profit for the month of August 20X1? A. £1 437.50 B. £4 562.50 C. £1 282.25 D. £2 787.50
- Corey's Campus Store has P50,000 of inventory on hand at the beginning of the month. During the month, the company buys P80,000 of merchandise and sells merchandise that had a cost of P30,000. How much is the unsold inventory? Show your solution.Langston’s purchased $3,100 of merchandise during the month, and its monthly incomestatement shows a cost of goods sold of $3,000. What was the beginning inventory if the endinginventory was $1,250?Lakeesha Barnett owns and operates a package mailing store in a college town. Her store, Send It Packing, helps customers wrap items and send them via UPS, FedEx, and the USPS. Send ItPacking also rents mailboxes to customers by the month. In May, purchases of materials (stamps, cardboard boxes, tape, Styrofoam peanuts, bubble wrap, etc.) equaled $11,450; the beginning inventory of materials was $1,050, and the ending inventory of materials was $950. Pay-ments for direct labor during the month totaled $25,570. Overhead incurred was $18,130 (including rent, utilities, and insurance, as well as payments of $14,050 to UPS and FedEx for the delivery services sold). Since Send It Packing is a franchise, Lakeesha owes a monthly franchise fee of 5 percent of sales. She spent $2,750 on advertising during the month. Other adminis-trative costs (including accounting and legal services and a trip to Dallas for training) amounted to $3,650 for the month. Revenues for May were $102,100.Required:1.…
- Stork Enterprises delivers care packages for special occasions. They charge $35 for a small package, and $95 for a large package. The sales tax rate is 7%. During the month of May, Stork delivers 28 small packages and 41 large packages. A. What is the total tax charged to the customer per small package? What is the overall charge per small package? If required, round your answers to two decimal places. Total tax charged $_________ per small package Overall charge $_________ per small package B. What is the total tax charged to the customer per large package? What is the overall charge per large package? If required, round your answers to two decimal places. Total tax charged $__________ per large package Overall charge $__________ per large package C. How much sales tax liability does Stork Enterprises have for the month of May? If required, round your answers to two decimal places. $__________ D. What account is used to recognize this tax situation for the month of…Firm A is a merchandiser selling small devices. At the beginning of October, it has 400 devices in the warehouse. Each cost is 2.5 dollars. On Oct.5th, the firm purchased 300 new devices with a price of 3 dollars each. On Oct.10th, the firm sold 500 devices. On Oct.15th, the firm purchased 400 new devices with a price of 3.5 dollars each. On Oct.20th, the firm sold 200 devices. On Oct.25th, the firm sold 300 devices. On Oct.30th, the firm purchased 250 new devices with a price of 4 dollars each. Please determine the cost of merchandise sold during October and show the calculation process. Use LIFO Perpetual method.Merry Maidens Cleaning generally charges $300 for a detailed cleaning of a normal-size home. However, to generate additional business, Merry Maidens is offering a new-customer discount of 10%. On May 1, Ms. E. Pearson has Merry Maidens clean her house and pays cash equal to the discounted price.Required:Record the revenue recognized by Merry Maidens Cleaning on May 1.