Rincoe Company does not ring up sales taxes separately on the cash register. Total receipts for October amounted to $390,527. If the sales tax rate is 5%, what amount must be remitted to the state for October's sales taxes? Round your answer to 2 decimal places.

Rincoe Company does not ring up sales taxes separately on the cash register. Total receipts for October amounted to $390,527. If the sales tax rate is 5%, what amount must be remitted to the state for October's sales taxes? Round your answer to 2 decimal places.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 6RE: Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of...

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Question

Rincoe Company does not ring up sales taxes separately on the cash register. Total receipts for
October amounted to $390,527. If the sales tax rate is 5%, what amount must be remitted to the
state for October's sales taxes?
Round your answer to 2 decimal places.

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