Chapter 18.I, Problem 3TIE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

At the end of a business day, the cash register at The Grove Art Gallery showed total sales, including sales tax. of $3,520. If the state and local sales taxes amounted to what is the amount of the gallery’s actual sales? How much sales tax was collected that day?

To determine

**To calculate:** The selling price and amount of sales tax of gallery’s art when the total purchase price gallery’s art is $3,520.

Explanation

**Given Information:**

The total purchase price galleryâ€™s art is $3,520 and the local and state sales taxes amount is

**Formula used:**

The steps to calculate the selling price and amount of sales tax are as follows:

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 galleryâ€™s art is $3,520 and the local and state sales taxes amount is

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