Question Details

Sales taxes collected by a retailer are reported as 



	1.	A company receives $261, of which $21 is for sales tax. The journal entry to record the sale would include a

	2.	A retail store credited the Sales account for the sales price and the amount of sales tax on sales. If the sales tax rate is 5% and the balance in the Sales account amounted to ¥315,000,000 what is the amount of the sales taxes owed to the taxing agency?


	3.	On January 1, 2011, Howard Company, a calendar-year company, issued $800,000 of notes payable, of which $200,000 is due on January 1 for each of the next four years. The proper statement of financial position presentation on December 31, 2011, is


	4.	On January 1, 2011, Donahue Company, a calendar-year company, issued $400,000 of notes payable, of which $100,000 is due on January 1 for each of the next four years. The proper statement of financial position presentation on December 31, 2011, is

	5.	Ed- Bookstore has collected $750 in sales taxes during April. If sales taxes must be remitted to the government monthly, what entry will Ed's Bookstore make to show the April remittance?

	6.	Layton Company does not ring up sales taxes separately on the cash register. Total receipts for October amounted to $31,500. If the sales tax rate is 5%, what amount must be remitted to the state for October's sales taxes?

	7.	Valerie's Salon has total receipts for the month of $16,430 including sales taxes. If the sales tax rate is 6%, what are Valerie's sales for the month?


	8.	The amount of sales tax collected by a retail store when making sales is

	9.	A retail store credited the Sales account for the sales price and the amount of sales tax on sales. If the sales tax rate is 5% and the balance in the Sales account amounted to ¥252,000,000, what is the amount of the sales taxes owed to the taxing agency?


10.	The current portion of long-term debt should 

	11.	Sales taxes collected by a retailer are reported as 


	12.	Julie's Boutique has total receipts for the month of $29,295 including sales taxes. If the sales tax rate is 5%, what are Julie's sales for the month?

13.	A cash register tape shows cash sales of €2,500 and sales taxes of €150. The journal entry to record this information is 
 

	14.	Oakley Company does not ring up sales taxes separately on the cash register. Total receipts for February amounted to $42,900. If the sales tax rate is 4%, what amount must be remitted to the state for February's sales taxes?

15.	Any balance in an unearned revenue account is reported as a(n)

16.	Pickett Company typically sells subscriptions on an annual basis, and publishes six times a year. The magazine sells 60,000 subscriptions in January at $15 each. What entry is made in January to record the sale of the subscriptions?

	17.	Hilton Company issued a four-year interest-bearing note payable for $300,000 on January 1, 2011. Each January the company is required to pay $75,000 on the note. How will this note be reported on the December 31, 2012 statement of financial position?

	18.	The current ratio is
.



	19.	Hardy Company has current assets of $90,000, current liabilities of $100,000, long-term, assets of $180,000 and long-term liabilities of $80,000. Hardy Company's working capital and its current ratio are:


	20.	Each of the following is correct regarding bonds except they are





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