Excise and Sales Tax Calculations
Adams Corporation initially records its sales at amou...
Excise and Sales Tax Calculations
Adams Corporation initially records its sales at amounts that exclude any related excise and sales taxes. During May, Adams recorded total sales of $750,000. An analysis of May sales indicated the following:
1. Thirty percent of sales were subject to both a ten percent excise tax and a five percent sales tax.
2. Sixty-five percent of sales were subject only to the sales tax.
3. The balance of sales was for labor charges not subject to either excise or sales tax.
Required:
a. Calculate the related liabilities for excise and sales taxes for May.
b. Prepare the necessary journal entry at May 31, to record the monthly payment of excise tas sales tax to the government.
Answers: 3
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