Business, 15.02.2021 20:30 BaileyElizabethRay

Listed below are selected transactions of Sage Department Store for the current year ending December 31. a. On December 5, the store received $520 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15.
b. During December, cash sales totaled $823,200, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month.
c. On December 10, the store purchased for cash three delivery trucks for $115,700. The trucks were purchased in a state that applies a 5% sales tax.
d. The store determined it will cost $102,800 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Ayayai estimates the fair value of the obligation at December 31 is $90,600.

Required:
Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 04:10

What is the difference between secure bonds and naked bonds?

Answers: 1

Answer

Business, 22.06.2019 11:40

During 2016, nike inc., reported net income of $3,760 million. the company declared dividends of $1,022 million. the closing entry for dividends would include which of the following? select one: a. credit cash for $1,022 million b. credit dividends for $1,022 million c. debit net income for $1,022 million d. credit retained earnings for $1,022 million e. debit dividends for $1,022 million

Answers: 1

Answer

Business, 22.06.2019 14:00

Which of the following would be an accurate statement about achieving a balanced budget

Answers: 1

Answer

Business, 22.06.2019 20:10

Russell's is considering purchasing $697,400 of equipment for a four-year project. the equipment falls in the five-year macrs class with annual percentages of .2, .32, .192, .1152, .1152, and .0576 for years 1 to 6, respectively. at the end of the project the equipment can be sold for an estimated $135,000. the required return is 13.2 percent and the tax rate is 23 percent. what is the amount of the aftertax salvage value of the equipment assuming no bonus depreciation is taken

Answers: 2

Answer

You know the right answer?

Listed below are selected transactions of Sage Department Store for the current year ending December...

Questions