Essay
Francisco Company began 2013 with a balance of $320 in Sales Tax payable. During the year, the company recorded taxable sales of $82,500. The ending balance in Sales Tax payable was $345 Francisco's sales tax rate is 5%.
a) How much sales tax did Francisco collect during 2013?
b) How much sales tax did Francisco pay during 2013?
Correct Answer:
Verified
a) $82,500 × 5% = $4...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q66: If a company is located in an
Q89: Which of the following is not an
Q90: Wayne Company received proceeds of $145,920 from
Q91: When do the effects of product warranties
Q93: Belize Company borrowed $25,000 from First National
Q95: The current ratio is computed as follows:<br>A)Current
Q96: Carnegie Company experienced an accounting event that
Q97: Monthly remittance of sales tax:<br>A)Reduces stockholders' equity.<br>B)Is
Q98: Blankenship Company estimated that its warranty expense
Q99: On October 1, 2012, Haywood Company borrowed