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 1 year ago

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