Calculate the tax and total with tax if the laptop is $720 with sales tax of 6.25%
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Question:
- Calculate the tax and total with tax if the laptop is $720 with sales tax of 6.25% using the process below.
- Sales tax = purchase price tax rate
- Total cost = purchase price + sales tax
- Write the cost of the laptop as a percentage of the cost of the laptop.
- Rewrite the total cost as the percent from exercise 2 (above) times the purchase price plus the tax rate percent times the purchase price (do not do the calculation).
- Recall the distributive property where a(b+c) = ab + ac. Step 3 is written in ab + ac form. Rewrite it in the a(b+c) form. (a should be the purchase price and b and c percents).
- Combine the two percents and write as the purchase price times the percent.
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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