Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Question
Chapter 4, Problem 7SEA
To determine
Identify the amount of sales on the income statement for the year ended June 30, 2010 and also state the amount of cash received by Company J from the sales.
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In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales.
Crane Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales
$23,000 and sales taxes $1,150.
1.
2.
Sunland Company does not segregate sales and sales taxes. Its register total for Alpril 15 is $11,340, which includes a 8% sales
tax.
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales.
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Sandhill Co. enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $27,000 and sales taxes $1,350.
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Carla Vista Co. does not segregate sales and sales taxes. Its register total for April 15 is $19,080, which includes a 6% sales tax.
Prepare the entry to record the sales transactions and related taxes for Sandhill Co.
Date
Account Titles and Explanation
Debit
Credit
Apr. 10
enter an account title to record the sales transactions and related taxes for Sandhill Co. on April 10enter an account title to record the sales transactions and related taxes for Sandhill Co. on April 10
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales.
Oriole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales
$30,000 and sales taxes $1,500.
1.
2.
Sheridan Company does not segregate sales and sales taxes. Its register total for April 15 is $18,550, which includes a 6%
sales tax.
Show Transcribed Text
(b)
Your answer is partially correct.
Prepare tabular summaries to record the sales transactions and related taxes for Sheridan Company. Include margin explanations
for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a
negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
Apr. 15 $
Assets
Cash
18,550
$
C
Liabilities
Sales Taxes Pay.
$
Pd. in Cap.
Common Stock
$
Reven
Chapter 4 Solutions
Financial Accounting
Ch. 4 - Prob. 1YTCh. 4 - Prob. 2YTCh. 4 - Suppose at the end of the year Pendleton Corp.s...Ch. 4 - Prob. 4YTCh. 4 - Prob. 5YTCh. 4 - Prob. 6YTCh. 4 - Prob. 7YTCh. 4 - Prob. 1QCh. 4 - Prob. 2QCh. 4 - Prob. 3Q
Ch. 4 - Prob. 4QCh. 4 - What does true cash balance refer to?Ch. 4 - Identify and explain the financial statements on...Ch. 4 - Describe how accounts receivable arise. What does...Ch. 4 - Prob. 8QCh. 4 - Define net realizable value, book value, and...Ch. 4 - Explain the difference between the direct...Ch. 4 - If a company uses the allowance method of...Ch. 4 - Describe the two allowance methods used to...Ch. 4 - Which method of calculating the allowance for...Ch. 4 - Which method of calculating the allowance for...Ch. 4 - What are the advantages and disadvantages of...Ch. 4 - What is the difference between accounts receivable...Ch. 4 - What is the formula to calculate the accounts...Ch. 4 - How does a firm use its accounts receivable...Ch. 4 - Prob. 19QCh. 4 - Prob. 20QCh. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - Prob. 3MCQCh. 4 - Prob. 4MCQCh. 4 - Prob. 5MCQCh. 4 - Prob. 6MCQCh. 4 - Prob. 7MCQCh. 4 - Prob. 8MCQCh. 4 - Prob. 9MCQCh. 4 - Prob. 1SEACh. 4 - Prob. 2SEACh. 4 - Prob. 3SEACh. 4 - Prob. 4SEACh. 4 - Prob. 5SEACh. 4 - Prob. 6SEACh. 4 - Prob. 7SEACh. 4 - Prob. 8SEACh. 4 - Prob. 9SEACh. 4 - Prob. 10SEBCh. 4 - Prob. 11SEBCh. 4 - Prob. 12SEBCh. 4 - Prob. 13SEBCh. 4 - Prob. 14SEBCh. 4 - Prob. 15SEBCh. 4 - Prob. 16SEBCh. 4 - Prob. 17SEBCh. 4 - Prob. 18SEBCh. 4 - Prob. 19EACh. 4 - Prob. 20EACh. 4 - Prob. 21EACh. 4 - Prob. 22EACh. 4 - Prob. 23EACh. 4 - Prob. 24EACh. 4 - Prob. 25EACh. 4 - Prob. 26EACh. 4 - Prob. 27EACh. 4 - Prob. 28EACh. 4 - Prob. 29EACh. 4 - Prob. 30EACh. 4 - Prob. 31EACh. 4 - Prob. 32EBCh. 4 - Prob. 33EBCh. 4 - Prob. 34EBCh. 4 - Prob. 35EBCh. 4 - Prob. 36EBCh. 4 - Prob. 37EBCh. 4 - Prob. 38EBCh. 4 - Prob. 39EBCh. 4 - Prob. 40EBCh. 4 - Prob. 41EBCh. 4 - Prob. 42EBCh. 4 - Prob. 43EBCh. 4 - Prob. 44EBCh. 4 - Prob. 45PACh. 4 - Prob. 46PACh. 4 - Prob. 47PACh. 4 - Prob. 48PACh. 4 - Prob. 49PACh. 4 - Prob. 50PACh. 4 - Prob. 51PACh. 4 - Prob. 52PACh. 4 - Prob. 53PBCh. 4 - Prob. 54PBCh. 4 - Prob. 55PBCh. 4 - Prob. 56PBCh. 4 - Prob. 57PBCh. 4 - Prob. 58PBCh. 4 - Prob. 59PBCh. 4 - Prob. 60PBCh. 4 - Prob. 1FSACh. 4 - Prob. 2FSACh. 4 - The following information has been adapted from...Ch. 4 - Prob. 1CTPCh. 4 - Prob. 2CTPCh. 4 - The information given here was taken from Yahoo!...Ch. 4 - Prob. 1IECh. 4 - Prob. 2IECh. 4 - The information given here was taken from Yahoo!...
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