Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / Two competing advertising agencies provide similar services, but record sales using

Two competing advertising agencies provide similar services, but record sales using

Two competing advertising agencies provide similar services, but record sales using different methods.

  1. Diversified Advertising records sales and sales taxes in separate accounts. For the month of March, sales total $10,000 and sales taxes are $600.
  2. Centralized Advertising records sales and sales taxes together. For the month of March, sales total $5,300, including a 6% sales tax.

 

Record sales revenue and the related sales tax payable for (1) Diversified Advertising and (2) Centralized Advertising.

 

 

 

130. On April 1, 2015, the Electronic Superstore borrows $22 million of which $4 million is due in 2016. Show how the company would report the $22 million debt on its December 31, 2015 balance sheet.

Jan 27 2020 View more View Less

Answer (UnSolved)

question Get Solution

Related Questions