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Use the following information for questions 9 and 10. Posner Co. is a retail store operating in a state with a 7% retail sales tax.
Use the following information for questions 9 and 10. Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $251.450. The amount of sales taxes payable (to the nearest dollar) to the state for the month of May a. $12,573. b. $16,121. c. $20,762 d. $17,250
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