Question
A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales. If the sales tax rate
A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales. If the sales tax rate is 5% and the balance in the Sales Revenue account amounted to $514500, what is the amount of the sales taxes owed to the taxing agency?
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Management and Cost Accounting
Authors: Alnoor Bhimani, Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan
6th edition
1292063467, 978-1292063461
