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nekit [7.7K]
3 years ago
8

Excise and Sales Tax Calculations

Business
1 answer:
Eva8 [605]3 years ago
6 0

Answer:

Explanation:

Sales for May = $750,000

Sales tax =5% (30%*750000) + 5%(65%*750000)

( 225000+487500)*5% =35,625

Excise tax = 10%(30%*750000)

=10%(225000)=22,500

Journal entry = Dr Sales tax payable - $35,625

                          Dr Excise tax payable - $22,500

                          Cr Cash  - $58,125

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