Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. abc company sells products in a state where the sa

ABC Company sells products in a state where the sales tax rate is 5 percent....

70.2K

Verified Solution

Question

Accounting

image
ABC Company sells products in a state where the sales tax rate is 5 percent. ABC began Year 2 with 550.000 in irivemtory ins Retained Earnings. ABC Company engaged in the following transactions for Year 2 . 1. Cash sales, not including sales tax, for Year 2 amounted to $40,000cash. 2. Cost of goods sold was $24,000 for the year. 3. Paid $4,800 in operating expenses for the year. 4. Paid $1,500 in sales tax collected to the state agency. What is ABC Company's Sales Tax Payable balance at the end of Year 2? $1,500 $500 $2,000 $0

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What is LTP? What are some of the presynaptic changes observed? What are some of the postsynaptic...

Biology
Q

Who was the first absolute monarch of Russia?A. Feodor IB. Ivan IVC. Vasily IIID. Dmitry...

Biology
Q

2 170 In the circuit shown both capacitors are Q 170 identical Now the plates...

Physics
Q

1 21 2 3 4 18 of 25 1 point Attemp 2 2 St

Geometry
Q

Graph the polynomial given below by first selecting the number fo points that you will...

Algebra
Q

b Find the Fourier series for f x cos x sin 2x cos 3x sin...

Algebra
Q

Which of the following is equivalent to the expression below Select all that apply In...

Algebra
Q

please HELP!!! E8-2 (Algo) Determining Financial Statement Effects of Bad Debt...

Accounting
Q

Seascape Company has two products: Product A has a contribution margin per unit of $5...

Accounting
Q

Sharp Screen Films, Incorporated, Is developing its annual financlal statements at December 31, current year....

Accounting
Q

Cook Company processes and packages frozen seafood. The year just ended was Cook's first year...

Accounting
Q

DateTransactionJournalApril 3Paid salary of $4,800 to D. Gooden by issuing Check Number 932.April 9Sold merchandise...

Accounting