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

Question:

Posner 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. Posner Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $251,450
The amount of sales taxes (to the nearest dollar) for May is
a. $20,762.
b. $16,450.
c. $22,631.
d. $17,602.