CHP 8 Prob Sheet1

Pe 813 sales tax periwinkle company sold merchandise

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Unformatted text preview: t of the payable accounts related to salaries expense and payroll tax expense to (1) the federal government, (2) the state government and (3) the employees. PE 8 ­13 Sales tax Periwinkle Company sold merchandise for $448; this price does not include sales tax. The state sales tax rate is 6.25%. Make the journal entry necessary to record this transac6on. PE 8 ­14 Property Taxes Azure Company paid $10,800 in advance for one year of property taxes on September 24. The property taxes are for the one ­year period beginning October 1. Make the journal entries necessary to record (1) the payment of the property taxes and (2) the year ­end adjus6ng entry on December 31. PE 8 ­15 Income tax expense Which on of the following statements correctly describes income tax expense? a. The amount of cash paid for income taxes during the year b. The amount of income tax owed as of the end of the year. c. The amount of cash that will be paid for income taxes next year. d. The amount...
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This note was uploaded on 01/29/2014 for the course ACC 221 taught by Professor Julieancius during the Spring '12 term at Wisc La Crosse.

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