when paid. If Cantrell Has $12, 500 Of Cash Sales That Are Subject To An 10% Sales Tax, What Is The Journal Entry To Record The Cash Sales? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 1. Cantrell Company is required by law to collect and remit sales taxes to the state. The nationwide bank has fewer branches. This E-mail is already registered as a Premium Member with us. 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Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $12, 500 of cash sales that are subject to an 10% sales tax, what is the Journal entry to record the cash sales? Debit cash $8, 640; credit Sales $8,000; credit taxes Payable $640. Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This E-mail is already registered with us. If Cantrell has $7,000 of cash sales that are subject to an 6% sales tax, what is the journal entry to record the cash sales? Course Hero is not sponsored or endorsed by any college or university. If Cantrell has $8,000 of cash sales that are subject to an 8% sales tax, what is the journal entry to record the cash sales? Cantrell Company Is Required By Law To Collect And Remit Sales Taxes To The State. The consent decree prohibits Cantrell and McCarley from manufacturing, processing, packing, holding, or distributing drugs until they comply with the Federal Food, Drug, and Cosmetic Act (FD&C Act) and FDA regulations, in addition to other requirements. The entry to record the accrued benefits for the month would include a: Debit to Employee Benefits Expense $22,400.=. Engraved with the artists signature and number, this piece comes with a certificate of authenticity. Workplace Enterprise Fintech China Policy Newsletters Braintrust mint mobile vs cricket Events Careers boarding diary chapter 14 english Test yourself 32 cantrell company is required by law. 2003-2022 Chegg Inc. All rights reserved. Cantrell Company is required by law to collect and remit salestaxes to the state. The .gov means its official.Federal government websites often end in .gov or .mil. Debit Cash $8,640 Credit Sales $8,000 Credit Sales Taxes Payable $640 If the note is dishonored, what entry should Uniform Supply make on January 15 of the next year? Cantrell Company is required by law to collect and remit sales taxes to the state. The nation (600 characters/words) REFORM AND REVOLUTION by Ambeth. The Cantrell Company : April 2007. If Cant . Sales Taxes Payable = $4,500 0.06= $270, This site is using cookies under cookie policy . Payable $770. cash sales? Kindly login to access the content at no cost. Obligations not expected to be paid within the longer of one year or the company's operating cycle are reported as: ), This textbook can be purchased at www.amazon.com, Athena Company provides employee health insurance that costs $16,000 per month. Debit Cash $7,000; credit Sales $7,000; and record the taxes when paid. NEED HELP ASAP!!!!!!! We review their content and use your feedback to keep the quality high. Q: Cantrell Company Is Required By Law To Collect And Remit Sales Taxes To The State. If Cantrell has $11,000 of cash sales that are An increasing proportion of campaign advertising is now delivered partially or fully online to adolescent and young adult audiences, among whom the internet and smartphone use is nearly ubiquitous. 4. process your bookings and refunds. subject to an 7% sales tax, what is the journal entry to record the Debit Cash $11,000; credit Sales $10,230; credit Sales Taxes Cantrell Company is required by law to collect and remit salestaxes to the state. If Cantrell Has $12, 500 Of Cash Sales That Are Subject To An 10% Sales Tax, What Is The Journal Entry To Record The Cash Sales? 1. Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. 5. process any promotions or loyalty point campaigns associated with your booking. taxes to the state. Under section 503B, a compounder can elect to register as an outsourcing facility. subject to an 7% sales tax, what is the journal entry to record the If Cantrell has $9,500 of cash sales that are subject to an 9% sales tax, what is the journal entry to record the cash sales? You can specify conditions of storing and accessing cookies in your browser, Cantrell Company is required by law to collect and remit sales taxes to the state. Debit Cash $7,000; credit Sales $7,000; and record the taxes when paid. The evolution of the media landscape over the past two decades has altered the delivery of many public education campaigns. Which one of the Big 5 personality traits falls into Extraversion- Introversion Myers-Briggs Type? what is the journal entry to record the cash sales.png - Cantrell Company is required by law to collect and remit sales taxes to the state. Obligations to be paid within one year or the company's operating cycle, whichever is longer, are: Multiple Choice Current assets. . Cantrell Company is required by law to collect and remit sales taxes to the state. Credit to Employee Benefits Expense $16,000. Debit Accounts Receivable $13, 750; credit Sales $12, 500; credit Sales Taxes Payable $1, 250. (Use 360 days a year. "Spirit Flight" is a limited edition mixed media lucite sculpture by Kitty Cantrell. If Cantrell has $8,000 of cash sales that are subjected to an 8% sales tax, what is the journal entry to record the cash sales? The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. Our Mission is to provide investors of apartment . Wells Technical Institute (WTI)provides training to individuals who pay tuition, An asset's book value is $21,600 on January 1, Year 6. Equal and Uniform vs. "Sales Chasing" By: Robert McCulloch, Cantrell McCulloch, Inc. . Preparation of the journal entry to record the cash sales for Cantrell Company. Debit to Employee Retirement Program Payable $6,400. 50-state summary. Debit Cash $11,000; credit Sales $11,000; and record the taxes Cantrell Company is required by law to collect and remit sales taxes to the, 9 out of 10 people found this document helpful. Multiple Choice Cantrell Company is required by law to collect and send sales On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $9,900. must meet certain other conditions, such as reporting adverse events and providing the FDA with certain information about the products they compound. (Solved): 11 points Cantrell Company is required by law to collect and send sales taxes to the state. Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $8,500 of cash sales that are subject to an 7% sales tax what is the journal entry to record the cash sales? ( Required fields are red) Salutation: First Name: Last Name: Company Name: Your Role: Email Address . Bills. Debit Sales taxes Payable $640; debit Cash $7, 360; credit Sales . If Cantrell has $10,500 of cash sales that are subject to an 8% sales tax, what is the journal entry to record the cash sales? cash sales? Cantrell Company is required by law to collect and remit sales taxes to the state. Debit Accounts Receivable $11,770; credit Sales $11,000; credit . The site is secure. Accounts payable are: If Cantrell has $9,500 of. wide bank services only local customers. In addition, the, company contributes an amount equal to 4% of the employees' $160,000 gross salary to a retirement. Debit Sales Taxes Payable $770; debit Cash $10,230; credit Sales Sales Taxes Payable $770. (Agree or Disagree to the writer?) U.S. District Judge Kristine G. Baker for the Eastern District of Arkansas entered a consent decree of permanent injunction today between the U.S. and Cantrell Drug Company of Little Rock, Arkansas, and the companys Chief Executive Officer and co-owner, James L. McCarley, Jr. Cantrell Company required by law to collect and remit salestaxes, Cantrell Company required by law to collect and remit salestaxes : 1121658. The asset is being depreciated $1,000 per month using the straight-line method. Citation and references are required. Current liabilities. Assuming the asset is sold on July 1, Year 7 for $52,000, What is the critical value, t , for a 99% confidence interval with a sample size of 22? Business Accounting Accounting questions and answers Cantrell Company is required by law to collect and remit sales taxes to the state. As a public health agency, the FDA is committed to fully implementing the Drug Quality and Security Act for compounded drugs set forth by Congress that helps ensure compounded drugs are made under appropriate production standards, said FDA Commissioner Scott Gottlieb, M.D. If Cantrell has $10,000 of cash sales that aresubject to an 10% sales tax, what is the journal entry to recordthe cash sales? For Cantrell Company is required by law to collect and remit sales taxes to the state. 2-4 Use of social media is increasing among all age groups but is still . September 2022 The Cantrell Report : August 2022 The Cantrell Report : July 2022 The Cantrell Report : . Since Cantrell Company is been required to receive and remit the sales taxes in which If Cantrell has $4,500 of cash sales that are subject to an 6% sales tax this means we have to Debit Cash $4,770, Credit Sales $4,500 and Credit Sales Taxes Payable 270. 2.074 2.819 2.831 2.08. Cantrell Company is required by law to collect and send sales 5.6- An asset's book value is $72,000 on January 1, Year 6. Cantrell Company is required by law to collect and remit sales taxes to the state. What is, the maturity value of the note on March 1? Debit to Medical Insurance Payable $16,000. ESTIMATE: $1,600.00-$1,900.00. What is the major difference between a nationwide bank and a community bank? Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $5,500 of cash sales that are subject to an 8% sales tax, what is the journal entry to record the cash sales? If Cantrell has $8,000 of cash sales that are subject to an 8% sales tax, what is the journal entry to record the cash sales? Debit Accounts Receivable $13, 750; Credit Sales $12, 500; Credit Sales Taxes Payable $1, 250. 6. comply with legal obligations to which we are subject and cooperate with regulators and law enforcement bodies and for . The complaint filed with the consent decree alleges that Cantrell manufactured and distributed purportedly sterile drug products, such as injectable opioids and antibiotics, that were adulterated under the FD&C Act because the drugs were made under insanitary conditions and in violation of current good manufacturing practice (CGMP) requirements. 2. improve our services to provide you with better products. industrial products? Cantrell company is required by law to collect and remit sales taxes to the state. If Cantrell has $8,000 of cash sales that are subjected to an 8% sales tax, what is the journal entry to record the cash sales? Define and give examples of John Maxwell's 5 levels of leadership discussed in class., Shock Electronics sells portable heaters for $33 per unit and the variable cost to produce them is $21. This web page documents state laws in a limited number of areas related to data privacy, digital privacy and internet privacy : website privacy policies, privacy of online book downloads and reader browsing information, personal information held by Internet service providers, online marketing of certain products directed to minors, and employee email monitoring. The complaint was filed by the U.S. Department of Justice on behalf of the FDA. Well continue to take action against compounders who produce drugs under substandard conditions and put the health of patients at risk.. If Cantrell has $10,000 of cash sales that aresubject to an 10% sales tax, what is the journal entry to recordthe cash sales? The community bank services only local customers. Our Experts can answer your tough homework and study questions. Current liabilities. 3. deal with your enquiries and requests. ScholarOn, 10685-B Hazelhurst Dr. # 25977, Houston, TX 77043,USA. Operating cycle liabilities. $11,000. Drugs that are prepared, packed or held under insanitary conditions whereby they may have become contaminated with filth or rendered injurious to health are adulterated under the FD&C Act. taxes to the state. Cantrell Company is required by law to collect and remit sales taxes to the state. Cantrell Company is required by law to collect and remit sales taxes to the state. Cantrell is registered as an outsourcing facility under section 503B of the FD&C Act. If Cantrell has $10,000 of cash sales that are subject to an 10% sales tax, what is the journal entry to record the cash sales? The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. The community bank offers more services. when paid. The agency also is responsible for the safety and security of our nations food supply, cosmetics, dietary supplements, products that give off electronic radiation, and for regulating tobacco products. Under the consent decree, Cantrell cannot resume operations until it receives authorization from the FDA. Debit cash $8, 640; credit Sales $8,000; credit taxes Payable $640. School Boston University; Course Title AD 632; Uploaded By jdamato05. Kindly login to access the content at no cost. The asset is being depreciated $300 per month using the straight-line method. Compounder prohibited from manufacturing and distributing sterile drug products in violation of law, An official website of the United States government, Recalls, Market Withdrawals and Safety Alerts, Federal judge enters consent decree against Cantrell Drug Company, Compounding: Inspections, Recalls and Other Actions, FDA alerts health care professionals and patients not to use compounded drugs from Cantrell Drug Company; agency seeks action to stop production and distribution, Cantrell Drug Company Issues Voluntary Nationwide Recall of All Sterile Drug Products Due to Lack of Sterility Assurance, Cantrell Drug Company, Little Rock, AR, 483 Issued 03/22/2018, Cantrell Drug Company, Little Rock, AR. Experts are tested by Chegg as specialists in their subject area. This item requires special handling and may have a longer than usual turnaround. Payable $770. This preview shows page 21 - 22 out of 22 pages. Assuming the asset is sold on July 1, Year 7 for $14,200, the, From the article below, devise your position paper supported by facts. The consent decree requires Cantrell to cease operations until it completes corrective actions, including hiring a qualified independent expert to inspect its facility to ensure the company is complying with the FD&C Act and CGMP requirements. The Drug Quality and Security Act, signed into law on Nov. 27, 2013, added a new section -- 503B to the FD&C Act. Debit Sales Taxes Payable $770; debit Cash $10,230. a Debit Accounts Receivable $11,340; credit Sales $10,500; credit Sales Taxes Payable $840. Ms Amps estimate that the fixed costs are $96, Spirit Flight by Cantrell, Kitty. Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $4,500 of cash sales that are subject to an 6% sales tax, what is the journal entry to record the cash sales. What are the most common marketing channels for consumer products? C) Debit Cash $9,095 credit Sales $8,500; credit Sales Taxes Payable $595 . The consent decree prohibits Cantrell and McCarley from manufacturing, processing, packing, holding, or distributing drugs until they comply with the Federal Food, Drug, and Cosmetic Act (FD&C Act . Debit Cash $8,640; credit Sales $8,000; credit Sales Taxes Payable $640. 11 points Cantrell Company is required by law to collect and send sales taxes to the state. The Cantrell Company specializes in the listing and sale of multifamily properties in the Texas and Oklahoma markets. If Cantrell has $12,000 of cash sales that are subject to an 9% sales tax, what is the journal entry to record the cash sales? program. matrix algebra calculator; valspar fresh cotton rare disease conferences 2022 rare disease conferences 2022 Cantrell Company Is Required By Law To Collect And Remit Sales Taxes To The State. Debit Cash $11,770; credit Sales $11,000; credit Sales Taxes Debit Notes, Required information Skip to question [The following information applies to the questions displayed below.] Pages 62 Ratings 100% (2) 2 out of 2 people found this document helpful; If Cantrell | Course Hero American River College ACCT ACCT 301 what is the journal entry to record the cash sales.png - Cantrell Company is required by law to collect and remit sales taxes to the state. Before sharing sensitive information, make sure you're on a federal government site. Question: Cantrell Company is required by law to collect and send sales taxes to the state. If Cantrell has $11,000 of cash sales that are subject to an 7% sales tax, what is the journal entry to record the cash sales? Debit Accounts Receivable $13, 750;. We further specialize in the sale of middle market properties that do not sell themselves and need the promotional expertise and match making abilities of an experienced broker. Cantrell Company is required by law to collect and remit sales taxes to the state. Multiple Choice Debit Cash $11,000; credit Sales $11,000; and record the taxes when paid. Debit Cash $11,000; credit Sales $11,000; and record the taxes If Cantrell has $7,000 of cash sales that are subject to an 6% sales tax, what is the journal entry to record the cash sales? If Cantrell has $11,000 of cash sales that are cash sales that are subject to an 9% sales tax, what is the journal entry to record the cash sales? The Sales Taxes Payable will be : Sales Sales Tax Rate 483 Issued 06/29/2017, Warning letter: Cantrell Drug Company 1/21/15. Debit Sales Taxes Payable $420; debit Cash $6,580; credit Sales . Explanation: Since Cantrell Company is been required to receive and remit the sales taxes in which If Cantrell has $4,500 of cash sales that are subject to an 6% sales tax this means we have to Debit Cash $4,770, Credit Sales $4,500 and Credit Sales Taxes Payable 270. If Cantrell has $9,500 of cash sales that are subject to an 9% sales tax, what is the journal entry to record the cash sales? Measures approximately 15" x 7" x 14". Outsourcing facilities must comply with CGMP requirements, are inspected by the FDA according to a risk-based schedule and Earned revenues. Test Yourself 32 Cantrell Company is required by law to collect and remit sales. Generally Accepted Accounting Principles. 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