Vail Book Mart sells books and other supplies to students in a state where the sales tax
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Question:
Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is percent. Vail Book Mart engaged in the following transactions for Year Sales tax of percent is collected on all sales.
Book sales, not including sales tax, for Year amounted to $ cash.
Cash sales of miscellaneous items in Year were $ not including tax.
Cost of goods sold was $ for the year.
Paid $ in operating expenses for the year.
Paid the sales tax collected to the state agency.
Required
What is the total amount of sales tax Vail Book Mart collected and paid for the year?
What is Vail Book Marts net income for the year?
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date: