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

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 payable (to the nearest dollar) to the state for the month of May is

$16,121.
$20,762.
$12,573.
$17,250.

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