Question
Entity E does not account for sales taxes separately when making sales. The sales tax rate is 5%. If the total amount collected was $68,250,
Entity E does not account for sales taxes separately when making sales. The sales tax rate is 5%. If the total amount collected was $68,250, how much was the sales tax? Round to the nearest dollar if necessary.
$3,250 | ||
$65,000. | ||
$3,413. | ||
$68,250 |
Step by Step Solution
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Step: 1
To find the sales tax amount we can set up the equation textTotal Amount textSales Amount textSale...
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Fundamental financial accounting concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
8th edition
978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365
