How do I calculate the amount of sales tax that is included in total receipts?
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 4TF
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How do I calculate the amount of sales tax that is included in total receipts?
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Step 1
Sales tax = Actual sales * Tax rate
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