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kherson [118]
3 years ago
14

A retail store's Sales Account totals $223,000 which includes both the sales revenue and the sales tax on the sales. If the sale

s tax rate is 5%, what is the amount of the sales taxes owed to the taxing agency?
Business
1 answer:
ella [17]3 years ago
3 0

Answer:

$10,619.05

Explanation:

When sales is made at a tax rate of 5%, the entries to be posted in the proportion of the transaction amount

Dr Cash/ Accounts receivable 105%

Cr Sales revenue 100%

Cr Sales tax 5%

As such, if Sales Account totals $223,000 which includes both the sales revenue and the sales tax on the sales, it means that the accounts contains 105%, as such, the sales tax which is the amount owed the taxing agency

= 5/105 * $223,000

= $10,619.05

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Answer:

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Explanation:

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Hence the  purchase more T-bone steak and less hamburger is an indication that hamburger is an inferior good to the consumer.

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3 years ago
As a consequence of the problem of scarcity:
lara31 [8.8K]

Answer:

The correct answer is letter "B": Individuals have to make choices from among alternatives.

Explanation:

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3 years ago
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slamgirl [31]

Answer:

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But it also repurchased $500 worth of common stock, and this is to be distributed among the sharedholders as well, thus:

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8 0
3 years ago
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lapo4ka [179]

Answer:

planning

Explanation:

it Helps to Set the Right Goals

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8 0
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Romashka-Z-Leto [24]

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