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BIM CO. sells products in a state where the sales tax rate is 10%. BIM began Year 2 with $100,000 in inventory and retained earnings.
BIM CO. sells products in a state where the sales tax rate is 10%. BIM began Year 2 with $100,000 in inventory and retained earnings. BIM CO. engaged in the transactions for Year 2.1. Cash sales, not including sales tax, Year 2 amounted to $30,000 cash 2. Cost of goods sold was $18,000 for the year 3. Paid $3,600 in operating expenses for the year 4. Paid $2,250 in sales tax collected to the state agency What is BIM CO's sales tax payable balance at the end of year 2?
1. Cash sales, not including sales tax, Year 2 amounted to $30,000 cash
2. Cost of goods sold was $18,000 for the year
3. Paid $3,600 in operating expenses for the year
4. Paid $2,250 in sales tax collected to the state agency
What is BIM CO's sales tax payable balance at the end of year 2?
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