Solved: Amount of sales taxes payable to the state for month, Accounting Basics

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Amount of sales taxes payable to the state for month

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Question 1) On October 1, 2006, Parton Industries borrowed $12 million cash to provide working capital. The loan was made by Second Bank under a short-term line of credit. Parton issued an 8-month, "noninterest-bearing note." 8% is the bank's stated "discount rate." Parton's fiscal period is the calendar year. In Parton's 2006 income statement interest expense for the note will be:

Question 2) Chaney Co. is a retail store operating in a state with a 5% retail sales tax. The retailer may keep 1% of the sales tax collected. Chaney Co. records the sales tax in the Sales account. The amount recorded in the Sales account during May was $147,000.

The amount of sales taxes payable (to the nearest dollar) to the state for the month of May is:

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Solution Preview :

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Accounting Basics: Amount of sales taxes payable to the state for month

Reference No:- TGS01738155

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Solution Preview :

Prepared by a verified Expert

Accounting Basics: Amount of sales taxes payable to the state for month

Reference No:- TGS01738155

Recent Questions Asked Accounting Basics

Q : Holes company-variable costs

Q : Income tax expense section of the income statement

Q : Compute the full cost of the ending inventory

Q : Developing a customer base as a prepaid assets

Q : Amount of sales taxes payable to the state for month

Q : Describe alternative overhead allocation systems

Q : Transactions in the divorce agreement

Q : Case scenario of winterton group

Q : Expense deduction on individual income tax return

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