Given the following information: Gross sales $900,000 Items purchased from out of state vendors $15,000 Items purchased
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Question:
Given the following information:
Gross sales | $900,000 |
Items purchased from out of state vendors | $15,000 |
Items purchased under certificate of resale but used | $3,000 |
Food sales included in gross sales | $90,000 |
Sales to federal government included in gross | $20,000 |
Sales to non-profit organizations included in gross | $8,000 |
Sales to governments outside of Tennessee included in gross | $6,000 |
Local tax rate | Knox County |
Amount subject to single article tax | $6,900 |
What is the basic state sales tax rate to be used to calculate basic sales tax on general sales?
6.0%
6.5%
7.0%
9.25%
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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