In a particular state, the sales tax rate is 5 percent of sales. The retailer is allowed

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In a particular state, the sales tax rate is 5 percent of sales. The retailer is allowed to record both the selling price and the tax in the same account. Explain how to compute the sales tax due when this method is used.

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College Accounting A Contemporary Approach

ISBN: 978-0077639730

3rd edition

Authors: David Haddock, John Price, Michael Farina

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Question Posted: May 25, 2016 04:28 AM

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In a particular state, the sales tax rate is 5 percent of sales. The retailer is allowed

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To gross up the sales divide total of Sales account by 105 percen...View the full answer

College Accounting A Contemporary Approach

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