Question: Stine Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax

Stine Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Stine Co. records the sales tax in the Sales account. The amount recorded in the Sales account during May was $148,400.The amount of sales taxes payable (to the nearest dollar) to the state for the month of May is

$8,551.

$8,232.

$8,726.

$9,249.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Votre mission consiste dterminer le cot du capital pour RC Ontario. La socit a un taux d'imposition de 40% et 100 000 actions ordinaires en circulation avec un prix de 33.18554$ par action. Le bta...

Please complete the attached using an Excel spreadsheet to show your work for every problem. Ps I have now an hour left please only accept the project if you can complete it in an hour thank you Page...

Stine Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Stine Co. records the sales tax in the Sales account. The amount...

Question 1 ( 2 points ) The ratio of current assets to current liabilities is called the Question 1 options: current liability turnover ratio. current asset turnover ratio. acid - test ratio. current...

Use the following information for questions 14 and 15. Stine Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Stine Co....

q19 Stine Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Stine Co. records the sales tax in the Sales Revenue account. The...

complete the attached showing the work using an Excel spreadsheet Page 1 False rldbqn=1 139638295 78886399 1 MultipleSections NavigateFreely False MultipleChoice 8 False /main/ CourseMod 0 1388776320...

9. (TCO D) Stine Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Stine Co. records the sales tax in the Sales account. The...

Stine Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Stine Co. records the sales tax in the Sales account. The amount...

Question 9.9. (TCO D) Stine Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected. Stine Co. records the sales tax in the Sales...

NPLs in the European Union stood at about 1 trillion (or over 9 percent of the region's GDP) in 2014, more than double the level in 2009. What are NPLs?

Consider this arbitrage strategy to derive the parity relationship for spreads: (1) Enter a long futures position with maturity date T1 and futures price F (T1); (2) Enter a short position with...

As shown in Exhibit 11, this monopolist a. should shut down in the short run. b. should shut down in the long run c. earns zero economic profit. d. earns positive economic profit.

In supervised data learning the target ( response ) is known, its historical values exist and the impact of the predictor variables on the target can be examined. True False

Discuss the basic facts about OSHAits purpose, standards, inspections, and rights and responsibilities.

What do you think of the safety program? What else would you suggest, and why?

List six more unsafe incidents you believe might occur in a bakery, and a safe manner for doing each.