Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during the current year, casual wear co. had total

During the current year, Casual Wear Co. had total retail sales of $800,000 and collected...

70.2K

Verified Solution

Question

Accounting

image
During the current year, Casual Wear Co. had total retail sales of $800,000 and collected a 5% state sales tax on all sales. At the end of the prior year, Casual Wear had $4,500 in sales taxes that had not been remitted to the state authorities. During the current year, Casual Wear remitted $39,500 in state sales tax. What amount should be recorded in Casual Wear's current year financial statements? $40,000 in sales tax revenue. 539 500 in sales tax expense. 5840,000 in sales revenue. $5,000 in sales tax payable

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

f(x)=e^x/(x+1) Find the vertical and horizontal asymptotes using limits. Also, intervals of increase and decrease, local extrema....

Basic Math
Q

Notes 2.7 Using CRT notation, show what is going on for all the combinations you considered...

Advance Math
Q

A bobbin of mass M 3 kg consists of a central cylinder of radius r...

Physics
Q

In a survey, 23 people were asked how much they spent on their child's last...

Basic Math
Q

help please Scribners Corporation produces fine papers in three production departments-Pulping, Drying,...

Accounting
Q

Sultan Company uses an activity-based costing system. At the beginning of the year, the company...

Accounting
Q

What is the minimum number of years over which computers may be depreciated under MACRS?

Accounting
Q

Information related to Kerber Co. is presented below. 1. On April 5, purchased merchandise on...

Accounting
Q

Required Information [The following information applies to the questions displayed below] Randy's...

Accounting
Q

r Q1: Dayo buys a 10 month strangle. The put is struck at Kp =...

Finance
Q

Yaross Company acquires 200 shares of Quigby Co. stock at $80/share. The investment is designated...

Finance
Q

The number of compounding periods in one year is called compounding frequency. The compounding frequency...

Finance