Business, 15.11.2019 02:31 uwunuzzles

Exas roadhouse opened a new restaurant in october. during its first three months of operation, the restaurant sold gift cards in various amounts totaling $3,500. the cards are redeemable for meals within one year of the purchase date. gift cards totaling $728 were presented for redemption during the first three months of operation prior to year-end on december 31. the sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. texas roadhouse will remit sales taxes in january.

required:

1. & 2. record (in summary form) the $3,500 in gift cards sold (keeping in mind that, in actuality, the firm would record each sale of a gift card individually) and the $728 in gift cards redeemed. (hint: the $728 includes a 4% sales tax of $

Answers: 2

Show answers

Other questions on the subject: Business

Business, 21.06.2019 16:40, josephfoxworth

Acme published a story about paul and as a result paul sued acme for damage to his reputation, emotional distress, and punitive damages. paul won an award of $20,000 for damages, $5,500 for emotional distress, and $50,000 for punitive damages. what amount must paul include in his gross income

Answers: 1

continue

Business, 22.06.2019 19:00, whitbol

The demand curve determines equilibrium price in a market. is a graphical representation of the relationship between price and quantity demanded. depicts the relationship between production costs and output. is a graphical representation of the relationship between price and quantity supplied.

Answers: 1

continue

Business, 22.06.2019 22:40, songulakabulut1992

Which of the following will not cause the consumption schedule to shift? a) a sharp increase in the amount of wealth held by households b) a change in consumer incomes c) the expectation of a recession d) a growing expectation that consumer durables will be in short supply

Answers: 1

continue

Business, 23.06.2019 01:00, jerzie53

Gideon company uses the allowance method of accounting for uncollectible accounts. on may 3, the gideon company wrote off the $2,000 uncollectible account of its customer, a. hopkins. on july 10, gideon received a check for the full amount of $2,000 from hopkins. on july 10, the entry or entries gideon makes to record the recovery of the bad debt is

Answers: 1

continue

You know the right answer?

Exas roadhouse opened a new restaurant in october. during its first three months of operation, the r...