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Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is $8$ percent. Vail Book Mart engaged in the following transactions for Year $1.$ Sales tax of $8$ percent is collected on all sales.

Book sales, not including sales tax, for Year $1$ amounted to $$250,000$ cash.

Cash sales of miscellaneous items in Year $1$ were $$85,000,$ not including tax.

Cost of goods sold was $$190,000$ for the year.

Paid $$117,000$ in operating expenses for the year.

Paid the sales tax collected to the state agency.

Required

a$.$ What is the total amount of sales tax Vail Book Mart collected and paid for the year?

b$.$ Prepare the journal entries for the preceding transactions.

c$.$ What is Vail Book Mart's net income for the year?

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What is the total amount of sales tax Vail Book Mart collected and paid for the year?

Sales tax collected and paid