Find the sales tax and total sale. Item marked price Sales tax rate Sales tax $572.34 5.168% Item marked price Sales tax rate $572.34 5.168% (Round to the nearest cent.) Deter de la n Sales tax CA Total sales Total sale $
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- Calculate the following: Retail selling price Sales tax (6%) Excise tax (10%) Total price including taxes $1,200Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $850.00 5 $ 0 0 $I have the question and answer below but I dont know how to get the answer if you could help explain it please. Find the marked price and sales tax. Round to the nearest cent. Total Sale $378.17 Sales Tax Rate: 4.25% Format your answer $xx.xx; $xx.xx ($362.75; $15.42)
- 3. For a purchase of goods on destination, input tax of €665 is booked. How high are the trade payables?1.Calculate the missing information for the purchase. (Round your answers to the nearest cent.) Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax(in $) TotalPurchase Price(in $) Tire $106.99 6 $ 5 $ $Sneasler 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 cash
- Kicks Company, a VAT taxpayer, uses the perpetual inventory method. Refer to the T-account below on its transactions for the quarter. The gross profit rate of Kicks is 30% based on sales. How much is the VAT payable for the quarter?Use Exhibit 18-1 to determine the sales tax (in $) and calculate the total purchase price (in $) for the item. (Round your answers to the nearest cent.) Item SellingPrice SalesTax TotalPurchase Price Hair dryer $19.22A 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
- Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $5,100 of merchandise on account, subject to a sales tax of 7%. The cost of merchandise sold was $3,010. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Paid $47,320 to the state sales tax department for taxes collected.Sales Tax A sale of merchandise on account for $17,400 is subject to a 7% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? (b) What is the amount credited to sales?$ (c) What is the amount debited to Accounts Receivable? If required, round your answers to the nearest cent.$ (d) What is the account to which the $1,218.00 is credited?Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within thediscount period, what amount will be reported on the income statement as net sales and as grossprofit?