A retail store does not segregate sales and the amount of sales tax on sales. If the sales tax rate is 5% and the register total amounted to $262,500, what is the amount of the sales taxes owed to the taxing agency? Select one: a. The answer does not exist b. $262,500 c. $12,500 d. $13,125 e. $250,000
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A: given that, sales tax rate = 6% the sales tax amount will be calculated on sales.
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- A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales. If the sales tax rate is 5% and the balance in the Sales Revenue account amounted to $273000, what is the amount of the sales taxes owed to the taxing agency? $260000 $13000 $273000 $13650A store had receipts of $6045.50. If the sales tax rate is 7%, how much merchandise did the store sell? The value of the merchandise sold (not including sales tax) is $ (blank)A sale of merchandise on account for $12,000 is subject to an 8% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received?At the time of sale (b) What is the amount of the sale?$fill in the blank 2 (c) What is the amount of the increase to Accounts Receivable? If required, round your answers to nearest whole value.$fill in the blank 3 (d) What is the title of the account in which the $960 (12,000 x 8%) is credited?Sales Tax Payable
- A retailer buys a product from the wholesaler at 120 OMR and wholesaler charges sales tax of 8%. The retailer fixes the price at 180 OMR to the customer at the same tax rate. How much VAT does the retailer pay to the government? a. 4.8 OMR b. 14.4 OMR c. 24 OMR d. 9.6 OMRSneasler Company appropriately withholds 9.75% on all of its sales transactions. During the period, it sells $10,000 of goods. The journal entry to remit the sales tax to the tax authorities will include a: Group of answer choices Debit to sales tax payable Credit to sales tax payable Credit to sales revenue Debit to cashAbbey Co. sold merchandise to Gomez Co. on account, $35,000, subject to a sales tax of 5%. The cost of the merchandise sold is $24,500. When recording the general journal entry, how much should be credited to the liability account called sales tax payable?
- 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 $256,800. 5. The amount of sales taxes (to the nearest dollar) for May is a. $10,762. b. $16,450. c. $12,631. d. $16,800.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 What is the amount of sales taxes (round to nearest dollar) for May? What is the amount of sales taxes payable (round to nearest dollar) to the state for the month of May?On October 12, Equipment Incorporated sells $53,000 worth of equipment on account to a credit customer with credit terms of 1/10, n/30. Assume the sale is not subject to tax. Select the correct entry to record the sale on October 12. Multiple Choice Account Name Debit Credit Accounts Receivable 53,000 Sales 53,000 Account Name Debit Credit Accounts Receivable 53,000 Sales Discounts 530 Sales 52,470 Account Name Debit Credit Cash 53,000 Sales 53,000 Account Name Debit Credit Sales 53,000 Sales Discounts 530 Accounts Receivable 52,470
- NYFG, Inc.l has sales including sales taxes for the month of $445,200. If the sales tax rate is 6%, how much does NYFG owe for sales tax? Select one: a. $31,200 b. $26,712 c. $25,200 d. $45,200 e. $445,200A sale of merchandise on account for $15,750 is subject to a 7% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received?At the time of sale (b) What is the amount recorded as sales? If required, round the answer to one decimal place.$ (c) What is the amount debited to Accounts Receivable? If required, round the answer to one decimal place.$ (d) What is the title of the account to which the $1,102.5 ($15,750 × 7%) is credited?Sales Tax PayableWindsor, Inc. Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,400. All sales are subject to a 4% sales tax.Compute sales taxes payable. Sales taxes payable $ enter a dollar amount Make the entry to record sales taxes payable and sales. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 16 enter an account title to record sales taxes payable and sales on March 16 enter a debit amount enter a credit amount enter an account title to record sales taxes payable and sales on March 16 enter a debit amount enter a credit amount enter an account title to record sales taxes payable and sales on March 16 enter a debit amount