For questions 24-25, use the following information;Posner Co. is a retail store operating in a state with a 7% retail sales tax. Posner made creditsales of $750,000 which are subject to 7% sales tax,24. Total receivables were recorded for how much? 750,o0025. Sales Tax Payable is recorded for how much?49. o65For questions 26 & 27, use the following information:ABD Company pays a weekly payroll of $285,000 that includes federal taxes withheld of $38,100, FICAtaxes withheld of $23,670, and 401(k) withholdings of $27,000. (Although not required, preparingjournal entries may help you answer questions 26 & 27)26. What is the effect of assets from the transaction(s)?• TWO ANSWERS REQUIRED - (Increase of decrease and $ how much)27. What is the effect of liabilities from the transaction(s)?TWO ANSWERS REQUIRED - (Increase or decrease and $ how much)

For questions 24-25, use the following information; Posner Co. is a retail store operating in a state with a 7% retail sales tax. Posner made credit sales of $750,000 which are subject to 7% sales tax, 24. Total receivables were recorded for how much? 750,000 25. Sales Tax Payable is recorded for how much? 49. 665

For questions 24-25, use the following information; Posner Co. is a retail store operating in a state with a 7% retail sales tax. Posner made credit sales of $750,000 which are subject to 7% sales tax, 24. Total receivables were recorded for how much? 750,000 25. Sales Tax Payable is recorded for how much? 49. 665

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 7MCQ

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