Posner Co. is a retail store operating in a state with a 7% retail sales tax....
Posner Co. is a retail store operating in a state with a 7%
retail sales tax. The retailer may keep 2% of the sales tax
collected. Posner Co. records the sales tax in the Sales Revenue
account. The amount recorded in the Sales Revenue account during
May was $754350.
The amount of sales taxes (to the nearest dollar) for May is
| $52806. |
| $49350. |
| $67893. |
| $62286. |
Homework Answers
| The Sales Revenue account is inclusive of 7% retail sales tax. | ||
| Amount of sales taxes | 49350 | =754350/107*7 |
| Option B $49350 is correct | ||
Add Answer to:
Posner Co. is a retail store operating in a state with a 7%
retail sales tax....
Posner Co. is a retail store operating in a state with a 7% retail sales tax....
Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $754,350. The amount of sales taxes (to the nearest dollar) for May is
Raney Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Raney Co. records the sales tax in the Sales account. The amount recorded in the Sales account during May was $556,500.
Raney Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Raney Co. records the sales tax in the Sales account. The amount recorded in the Sales account during May was $556,500.The amount of total sales taxes collected (to the nearest dollar) for May isa. $32,722b. $31,500c. $33,390d. $35,392e. None of the above, the answer is __________________________.
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Balance, Dec. 31, 2021
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a
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