Chapter 18.I, Problem 11RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Calculate the missing information for the following purchases.

Selling |
Sales Tax |
Sales |
Excise |
Excise |
Total |
|||||||||

Item |
Price |
Rate |
Tax |
Tax Rate |
Tax |
Purchase Price |
||||||||

11. | Automobile | 0 | 0 | $18,785.00 |

To determine

**To calculate:** The amount of sales tax and selling price of Automobile when the total purchase price of Automobile is $18,785.00.

Explanation

**Given Information:**

The total purchase price of Automobile is $18,785.00 and the sales tax rate is

**Formula used:**

Step 1: Find the selling price by dividing 100% plus the sales tax rate from the total purchase price.

Step 2: Find the amount of sales tax by subtracting the selling price from the total purchase price.

**Calculation:**

Consider the total purchase price of Automobile is $18,785.00 and the sales tax rate is

The selling price is:

Now, using the

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