Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales of the sales tax rate

image text in transcribed
A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales of the sales tax rate 65% and the balance in the Sales Revenue account amounted to $220500. what is the amount of the sales taxes owed to the taxing agency? O $11025 O $210000 O $10500 O $220500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook Of EDP Auditing

Authors: Michael A. Murphy, Xenia Ley Parker

2nd Edition

0791304116, 978-0791304112

More Books

Students also viewed these Accounting questions

Question

If alpha were changed to .01, would our final decision change?

Answered: 1 week ago