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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 began Year 2
Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 percent. Vail began Year 2 with $200,000 in Inventory and Common Stock. Vail Book Mart engaged in the following transactions for Year 2.
- Book sales, not including sales tax, for Year 2 amounted to $250,000 cash.
- Cash sales of miscellaneous items in Year 2 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.
How much cash did Vail receive for the book and miscellaneous items sales (including sales tax)?
What is the ending balance in the Inventory account?
What is Vail's Cash Flow from Operating Activities?
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