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. $9,832

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. $9,832

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 6RE: Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of...

See similar textbooks

Related questions

Q: A paper mill sales representative receives 6% of his total sales as commission. His sales last week…

A: Given information is: Sales = $8965 Commission on Sales = 6%

Q: Total sales for Appliance Center were $205,000 for the week. These sales included a 6% sales tax.…

A: Actual sales = Total sales / (1 + Sales tax rate)

Q: For questions 24-25, use the following information; Posner Co. is a retail store operating in a…

A: Hi! Thank you for the question, As per the honor code, we'll answer the first question since the…

Q: A service provider had the following data during the month: Revenue, including VAT…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: At the end of March, account balances are: 190 Def. VAT: 20.000 TL. 191 Ded. VAT: 30.000 TL, 391…

A: Tax Payable:- It is the payment which one made on the income earned within the country or from…

Q: In its first period of trading a business has charged sales tax of $12,000 on its credit sales and…

A: We have the following information: Sales tax charged on credit sales: $12,000 Sales tax charged on…

Q: Mason Corp. operates in a province with a 8% PST. The store must also collect5% GST on all sales.…

A: Accounts receivable is the ledger that represents the amount of sales made on credit and pending for…

Q: The following information relates to Eva Co's sales tax for the month of March 20X3: $ 109,250 Sales…

A: We have the following information: Sales (including sales tax): $109,250 Purchases (net of sales…

Q: rchandise, and the total amount is credited to Sales. During January, Sales was credited $318,000.…

A: Adjustment entry is required to be passed at the end of the period to properly provide for the…

Q: In January, gross earnings in Sheridan Company were $78,000. The 7.65% FICA tax rate consists of the…

A: FICA : It is a mandatory payroll tax and it includes Medicare tax and social security tax.

Q: Required information (The following information applies to the questions displayed below,) 1. On…

A: The accounting equation states that assets equal to sum of liabilities and equity.

Q: For February, sales revenue is P700,000; sales commissions are 5% of sales; the sales manager's…

A: Selling expenses are all the expenses which incurred by the sales department.These expenses are like…

Q: Compute the gross income

A: sales = 336000 assume VAT @12% VAT = 336000*12%/112% = 36000

Q: During the month of September,Dalgona Supply store sold $58,000 of inentory,with $12,000 sold on…

A: The question is based on the concept of Financial Accounting.

Q: Alpha Company makes all its sales on account. Accounts receivable payment experience is as follows:…

A: A cash budget is an estimation of expected cash receipts and disbursements based on experience. It…

Q: Maelstrom limited sells only on credit. They started business in June 2021. The sales are collected…

A: A financial plan that managers use to estimate revenues and expenses for a particular period of time…

Q: Sales Transactions J. K. Bijan owns a retail business and made the following sales on account during…

A: General Journal Date Description Post. Ref. Debit ($) Credit ($) Aug 1 Accounts Receivable/…

Q: [The following information applies to the questions displayed below.] 1. On July 15, Piper Company…

A: The accounting equation can be defined as the equation that explains the relationship between the…

Q: Besoluck company has sales of P480,000 and P450,000 for September 4 points and October respectively.…

A: Reserve for doubtful accounts represents the estimation of the management for the accounts…

Q: Salam Company has total receipts for the month of $16,170 including sales taxes. If the sales tax…

A: Sale tax means that tax levied by government on the sale or purchase of goods. Sale revenue means…

Q: In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the…

A: Net pay: It can be defined as the amount that is being received by the employees for taking home. It…

Q: The following information relates to Eva Co's sales tax for the month of March 2015: 2$ 109,250…

A: Sales tax on sales = [Sales / (1 + sales tax rate)] x sales tax rate = [109250/(1+0.15)]*15% =…

Q: Elegant Electronics sells a cellular phone on September 2 for $374. On September 6, Elegant sells…

A: Taxes are the amount of dues that needs to be paid by individual or business to the government. This…

Q: A salesperson is paid 10% of all sales plus 6% of all sales over $6500. Find the salesperson's…

A: Sales revenue is the revenue generated after selling the goods tot he customers. The sales revenue…

Q: In January, gross earnings in Bonita Company were $106,000. The 7.65% FICA tax rate consists of the…

A: Formula: Net Pay = Gross pay - all deductions. Deductions are carried out from gross pay derives the…

Q: Radio Station DWLAA has an annual gross receipts ranging from 4,000,000 to 5,000,000. During the…

A: In this question, we will find the VAT payable under the VAT system.

Q: McDowell Industries sells on terms of 3/10, net 30. All sales for the year are on credit amount to…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Juneau limited purchases all of its inventory on credit and always pays suppliers in the month…

A: Cash paid to suppliers = Total invoice value of purchases - Cash discount received

Q: SumOne Limited is a retail store with a 30 June year-end. The company recorded the following: 2021…

A: The short-term provisions are referred to as the current liability which is expected to be settled…

Q: 2.Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $51,889. The…

A: a) Sales Revenue Given, Sales are inclusive of Sales Tax of 7.5% So, Sales are 100% and Sales tax…

Q: An invoice for $400 dated December 7 has sales terms of 2/10 ROG. The merchandise arrived December…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Giga Inc has the following information: Unearned service revenue=$16,680 Sales tax payable=$8,490…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: . Suppose the gross sales of Lukah’s Coffee Shop for the month of April is Php 50,000. How much is…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: adows Company makes all of its sales on account. Meadows collect its accounts as follows: 70% in the…

A: Given, following pattern of collection - 70% in the month of sale, 25% in the month following sale,…

Q: NYFG, Inc.I has sales including sales taxes for the month of $742,000. If the sales tax rate is 6%,…

A: Sales tax is charged on the sales revenue. It is a consumption-based tax imposed by the government.…

Q: Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Mr. Masipag had annual gross receipts not exceeding P100,000. During the month, he made the…

A: Under current tax regulations, marginal income earners are self-employed individuals deriving gross…

Q: What are the accounting entries required to record sales on credit of $10,000, on which sales tax is…

A: Lets understand the basics. Journal entry is required to make to record financial event and…

Q: How much is the VAT payable?

A: VAT is the Value Added Tax applied over the sale and purchase of goods. There is two VAT: Input VAT…

Q: The following information relates to Eva Co's sales tax for the month of March 20X3: $ Sales…

A: We have the following information: Sales (including sales tax): $109,250 Purchases (net of sales…

Q: s regi Complete the journal entry for the sales. sales. sales taX at a 107o rate. Account Debit…

A: 10. Journal Entry Date Particulars LF Debit ($) Credit ($) xxx Sales 436.36 Sales…

Q: Required information (The following information applies to the questions displayed below) The…

A: Sales tax: Sales tax is one type of indirect tax that needs to pay on selling goods or rendering…

Question

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. $9,832

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Blossom's Salon has total receipts for the month of $Unresolved including sales taxes. If the sales tax rate is 4%, what are Blossom's sales for the month? $26824.48 $24761.52 It cannot be determined. $24800.00
Windsor's Boutique has total receipts for the month of $27510 including sales taxes. If the sales tax rate is 5%, what are Windsor's sales for the month? $26200 $26135 $27510 It cannot be determined.
NYFG, Inc.l has sales including sales taxes for the month of $445,200. If the sales tax rate is 6%, how much does NYFG owe for sales tax? Select one: a. $31,200 b. $26,712 c. $25,200 d. $45,200 e. $445,200
The following information relates to Eva Co's sales tax for the month of March 20X3: $ 109,250 Sales (including sales tax) Purchases (net of sales tax) 64,000 Sales tax is charged at a flat rate of 15%. Eva Co's sales tax account showed an opening credit balance of $4,540 at the beginning of the month and a closing debit balance of $2,720 at the end of the month. What was the total sales tax paid to regulatory authorities during the month of March 20X3?
Bramble General Store has total receipts for the month of $34980 including sales taxes. If the sales tax rate is 6%, what are Bramble's sales for the month? O $32881 O $37079 O It cannot be determined O $33000
Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $51,889. The stores are located in a state that has a sales tax of 6-%. (Round your answers to the nearest cent.) (a) As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. $4 (b) As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue. $4
Union Apparel has sales including sales taxes for the month of $550,700. If the sales tax rate is 6%, what are Union Apparel's sales for the month? Multiple Choice $517,658 $550,700 $519,828 $519,528
Enter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule the journal. If an amount box does not require an entry, leave it blank. Oct. 1 Jim White made a $600 payment on account. 8 Cash sales for the week, $3,000, plus sales tax. 10 Kristin Ludwin made a $600 payment on account. 15 Melissa Perez made a $3,570 payment on account. 17 Cash sales for the week, $2,600, plus sales tax. 25 Sue Lee paid $860 on account. 30 Matt Chang paid $934 on account. CASH RECEIPTS JOURNAL Page 1 Accounts Sales Tax Account General Receivable Payable Date Credited Post. Ref. Credit Credic Sales Credit Credit Cash Debit Oct. 1 Jim White 8 Cash sales 10 Kristin Ludwin 15 Melissa Perez 17 Cash sales 25 Sue Lee 30 Matt Chang
2.Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $51,889. The stores are located in a state that has a sales tax of 7 1 2 %. (Round your answers to the nearest cent.) (a) As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. $ (b) As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue. $
Enter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule the journal. If an amount box does not require an entry, leave it blank Feb. 2 John Door made an $890 payment on account. 7 Cash sales for the week, $2,140, plus sales tax. 11 Tom Chovin made a $600 payment on account. 14 Grace Borsetti made a $1,540 payment on account. 18 Cash sales for the week, $2,300, plus sales tax. 24 Peter Chan paid $540 on account. 28 Jean Amore paid $350 on account. CASH RECEIPTS JOURNAL Page 1 Accounts Sales Tax General Receivable Sales Payable Cash Account Credited Post. Ref. Credit Credit Credit Credit Debit Date Feb. 2 John Door 7 Cash sales 11 Tom Chovin 14 Grace Borsetti 18 Cash sales 24 Peter Chan 28 Jean Amore
Jason’s Doughnut Shop had cash sales for the day of $700. In addition, all sales are subject to an 8% sales tax. What journal entry should be made to record the day’s sales and sales taxes? Show your calculations.
Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $251,450 What is the amount of sales taxes (round to nearest dollar) for May? What is the amount of sales taxes payable (round to nearest dollar) to the state for the month of May?