A business commenced with capital in cash of $1,000. Inventory costing $800 plus sales tax ispurchased on credit, and half is sold for $1,000 plus sales tax, the customer paying in cash at once. The sales tax rate is 20%. What would the accounting equation after these transactions show?
A、Assets $1,800 less Liabilities $200 equals Capital $1,600
B、Assets $2,200 less Liabilities $1,000 equals Capital $1,200
C、Assets $2,600 less Liabilities $800 equals Capital $1,800
D、Assets $2,600 less Liabilities $1,000 equals Capital $1,600
A、Assets $1,800 less Liabilities $200 equals Capital $1,600
B、Assets $2,200 less Liabilities $1,000 equals Capital $1,200
C、Assets $2,600 less Liabilities $800 equals Capital $1,800
D、Assets $2,600 less Liabilities $1,000 equals Capital $1,600
【参考答案及解析】
Assets $ Opening cash 1,000 Cash received $(1,000 + 200 sales tax) 1,200 Closing cash 2,200 Inventory $(800 - 400) 400 2,600 Liabilities Opening liabilities Sales tax payable $(200 - 160) 40 Purchase inventory $(800 + 160 sales tax) 960 Closing liabilities 1,000 Capital Opening capital 1,000 Profit on sale of inventory $(1,000 - 400) 600 Closing capital 1,600
Assets $ Opening cash 1,000 Cash received $(1,000 + 200 sales tax) 1,200 Closing cash 2,200 Inventory $(800 - 400) 400 2,600 Liabilities Opening liabilities Sales tax payable $(200 - 160) 40 Purchase inventory $(800 + 160 sales tax) 960 Closing liabilities 1,000 Capital Opening capital 1,000 Profit on sale of inventory $(1,000 - 400) 600 Closing capital 1,600