Herb sells office equipment for $1,000 cash. The applicable…

Herb sells office equipment for $1,000 cash. The applicable sales tax rate is 7%. Herb uses a periodic inventory system. Which of the following journal entries to record this sale is correct?   Accounts Debit Credit A Equipment $1,070                  Sales Revenue   $1,000                Sales Tax Payable   $70 B Cash $1,070                  Sales Revenue   $1,070 C Cash $1,070                   Sales Tax Payable   $1,070 D Cash $1,070                  Sales Revenue   $1,000                Sales Tax Payable   $70

Newtel, Inc. reported net income of $5.6 million. At the beg…

Newtel, Inc. reported net income of $5.6 million. At the beginning of the year, 6.8 million shares of common stock were outstanding and at the end of the year, 7.2 million shares were outstanding. No dividends were declared and there are no preferred shares. The Earning Per Share (EPS) is approximately: