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 $294,000, what is the amount of the sales taxes owed to the taxing agency?
a.$280,000
b.$294,000
c.$14,700
d.$14,000
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Advanced Financial Accounting
Authors: Richard Baker, Theodore Christensen, David Cottrell
9th edition
78110920, 978-0077899165, 77899164, 978-0077484255, 77484258, 978-0078110924
