Penny's Inc. had sales of $33,600 including sales tax.
If the tax payable were $1,600 the sales tax must be 5%
If the sales revenue recorded were $30,000 the sales tax must be 10%
If the tax payable were $1,800 the sales tax must be 5%
The sales revenue must have been $31,000 and the tax rate 10%
If the sales tax was 10%, the taxes payable would be $3,160
Question 20
1 pts
Wiamer Construction collects cash in advance for their projects and also pays their expenses in advance. Given this information you would
expect Wiamer to have:
A credit balance in Unearned Revenue and a debit balance in prepaid expenses
A debit balance in Unearned Revenue and a debit balance in prepaid expenses
A debit balance in Unearned Revenue and a credit balance in prepaid expenses
A credit balance in Unearned Revenue and a credit balance in prepaid expenses