Question
Fig Company had cash sales of $66,900 (including taxes) for the month of June. Sales are subject to 1% of Municipality sales tax, and 105%
Fig Company had cash sales of $66,900 (including taxes) for the month of June. Sales are subject to 1% of Municipality sales tax, and 105% of state sales tax.
Instructions
a. Calculate the sale, Municipality sales tax and state sales tax.
b. Prepare the journal entry to record the sale.
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Financial Accounting
Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad
2nd Canadian edition
133375536, 9780133845396, 133845397, 978-0133375534
