Question

yang company sold merchandise for $4,000. the event is subject to a state sales tax of 9%. based on this information, yang would be required to

Answer 1

Sales revenue will be recorded at $4,000 and yang Yang would be required to Recognize sales tax liability of $360.

What is  sales revenue?

• The terms revenue and sales revenue are sometimes used synonymously.
• However, the concept of revenue includes income derived from sources other than those directly connected to the primary business, such as interest on savings or money distributed as dividends.
• Revenue comprises income derived from the sale of goods and services. The classification of this is "non-operating income."

Sales = $4,000

State sales tax rate = 9%

State sales tax = Sales x State sales tax rate

= 4,000 x 9%

= $360

Sales revenue will be recorded at $4,000 and sales revenue is not affected by the sales tax amount.

Hence, Yang would be required to Recognize sales tax liability of $360.

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