Question

In: Accounting

Vaughn Co. is a retail store operating in a state with a 7% retail sales tax....

Vaughn Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Vaughn Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $747930.

The amount of sales taxes payable (to the nearest dollar) to the state for the month of May is

$37307.

$47951.

$51310.

$61874.

Solutions

Expert Solution

Sales Tax = Sales Revenue (including Sales Tax) x Tax Rate / (100 + Tax Rate)

= $747,930 x 7 / (100 + 7) = $747,930 x 7/107

= $48,930

Sales Tax for the month of May = $48,930

Therefore, Sales Tax Payable to the State for the month of May

= Sales Tax for month of May – Sales Tax retained by retailer

= $48,930 – 2% of $48,930

= $48,930 - $978.60 = $47,951.40

The Sales Tax Payable to the State for the month of May = $47,951 (Rounded to the nearest dollar)

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Stine Co. is a retail store operating in a state with a 6% retail sales tax.
Stine Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Stine Co. records the sales tax in the Sales account. The amountrecorded in the Sales account during May was $148,400. 99. The amount of sales taxes (to the nearest dollar) for May isa. $8,726. b. $8,400. c. $8,904. d. $9,438.The amount of sales taxes payable (to the nearest dollar) to the state for the...
A retail company must file a monthly sales tax report listing the total sales for the month, and the amount of state and county sales tax collected.
A retail company must file a monthly sales tax report listing the total sales for the month, and the amount of state and county sales tax collected. The state sales tax rate is 5 percent and the county sales tax rate is 3 percent. Create a GUI application that allows the user to enter the total sales for the month into a text field. From this figure, the application should calculate and display the following: The number of county sales tax...
A retail company must file a monthly sales tax report listing the total sales for the month and the amount of state and county sales tax collected.
C programming Monthly Sales Tax Program A retail company must file a monthly sales tax report listing the total sales for the month and the amount of state and county sales tax collected. The state sales tax rate is 4 percent and the county sales tax rate is 2 percent. Write a program that asks the user to enter the total sales for the month. The application should calculate and display the amount of county sales tax, the amount of...
Padres Co sells goods subject to a state sales tax of 8%. State law requires that...
Padres Co sells goods subject to a state sales tax of 8%. State law requires that the amount of sales tax collected during the month be remitted by the end of the following month. At the time of a sale, Padres Co credits the sales account for both the amount of sales revenue and sales tax. Sales tax, when paid, is then debited to the sales account. Accrual for sales tax payable is made only at December 31. Sales tax...
The retail sales tax has become a popular way to finance state, county, and city governments...
The retail sales tax has become a popular way to finance state, county, and city governments as well as special districts. What are the pros and cons of reliance on the retail sales tax as a primary source of revenue, especially for local governments?
A retail sales tax on remote sellers will produce as much revenue as a use tax...
A retail sales tax on remote sellers will produce as much revenue as a use tax on in-state purchasers. T/F
Monthly Sales Tax A retail company must file a monthly sales tax report listing the total...
Monthly Sales Tax A retail company must file a monthly sales tax report listing the total sales for the month, and the amount of state and county sales tax collected. The state sales tax rate is 5 percent and the county sales tax rate is 2.5 percent. Write a Python program with function(s) that asks the user to enter the total sales for the month. Make sure that you do not allow user to enter negative values for the total...
Monthly Sales Tax Program A retail company must file a monthly sales tax report listing the...
Monthly Sales Tax Program A retail company must file a monthly sales tax report listing the total sales for the month and the amount of state and county sales tax collected. The state sales tax rate is 4 percent and the county sales tax rate is 2 percent. Write a program that asks the user to enter the total sales for the month. The application should calculate and display the amount of county sales tax, the amount of state sales...
A retail company must file a monthly sales tax report listing the sales for the month and the amount of sales tax collected.
make it in C++ with pointerA retail company must file a monthly sales tax report listing the sales for the month andthe amount of sales tax collected. Write a program that asks for the month, the year,and the total amount collected at the cash register (that is, sales plus sales tax). Assumethe state sales tax is 4 percent and the county sales tax is 2 percent.If the total amount collected is known and the total sales tax is 6 percent,...
A retail company must file a monthly sales tax report listing the sales for the month and the amount of sales tax collected.
Must be done in Visual StudiosA retail company must file a monthly sales tax report listing the sales for the month and the amount of sales tax collected. Write a program that asks for the month, the year, and the total amount collected at the cash register (that is, sales plus sales tax). Assume the state sales tax is 4 percent and the county sales tax is 2 percent.If the total amount collected is known and the total sales tax...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT