题目

Information relating to Lauren Co's transactions for the month of May 20X4 is shown below:

                                                    $

Sales (including sales tax)       140,000*

Purchases (net of sales tax)     65,000

Sales tax is charged at a flat rate of 20%. Lauren Co's sales tax account had a zero balance at the beginning of the month and at the end of the month.

* Lauren Co's sales for the month of $140,000 included $20,000 of sales exempt from sales tax. What was the total sales tax paid to regulatory authorities at the end of May 20X4 (to the nearest $)?

A

$7,000

B

$20,000

C

$23,333

D

$13,000

扫码查看暗号,即可获得解锁答案!

点击获取答案
Chapter13Salestax

$7,000

                                          SALES TAX CONTROL ACCOUNT

Purchases ($65,000 x 20%)                     $                                 $ 

                                                              13,000                      Sales ($120,000 x 20% / 120%)

                                                              20,000.                     Paid to tax authority 

                                                                7,000                        20,000

                                                              20,000

多做几道

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

 The accruals concept

C

The going concern concept

D

 The business entity concept

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

 The going concern concept

D

The business entity concept

According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful

representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error

A

1 and 2

B

2 and 3

C

 1 and 4

D

3 and4

Which of the following accounting concepts means that similar items should receive a similar accounting treatment?

A

Going concern

B

Accruals

C

Matching

D

Consistency

Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy

Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for

Financial Reporting?

A

1 and 2 only

B

2 and 4 only

C

3 and 4 only

D

1 and 3 only

最新试题

该科目易错题

该题目相似题