Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 7 percent. Vail Book Mart engaged in the following transactions for 2016. Sales tax of 7 percent is collected on all sales. 1. Book sales, not including sales tax, for 2016 amounted to $271,000 cash 2. Cash sales of miscellaneous items in 2016 were $146,000, not including tax 3. Cost of goods sold was $209,000 for the year. 4. Paid $131,000 in operating expenses for the year. 5. Paid the sales tax collected to the state agency. Required: a. What is the total amount of sales tax Vail Book Mart collected and paid for the year? Sales tax collected b. Prepare the journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Exercise 4-9presented below is information related to martinez corp. for the year 2017.net sales $1,399,500 write-off of inventory due to obsolescence $80,440cost of goods sold 788,200 depreciation expense omitted by accident in 2016 43,600selling expenses 65,800 casualty loss 53,900administrative expenses 53,500 cash dividends declared 43,300dividend revenue 22,100 retained earnings at december 31, 2016 1,042,400interest revenue 7,420 effective tax rate of 34% on all items exercise 4-9 presented below is information relateexercise 4-9 presented below is information relate prepare a multiple-step income statement for 2017. assume that 61,500 shares of common stock are outstanding. (round earnings per share to 2 decimal places, e. g. 1.49.)prepare a separate retained earnings statement for 2017. (list items that increase retained earnings first.)

The following items could appear on a bank reconciliation: a. outstanding checks, $670. b. deposits in transit, $1,500. c. nsf check from customer, no. 548, for $175. d. bank collection of note receivable of $800, and interest of $80. e. interest earned on bank balance, $20. f. service charge, $10. g. the business credited cash for $200. the correct amount was $2,000. h. the bank incorrectly decreased the business's by $350 for a check written by another business. classify each item as (1) an addition to the book balance, (2) a subtraction from the book balance, (3) an addition to the bank balance, or (4) a subtraction from the bank balance.

Shelly bought a house five years ago for $150,000 and obtained an 80% loan. now the home is worth $140,000 and her loan balance has been reduced by $12,000. what is shelly's current equity?