Incomplete Question, The omitted is
a)What is the amount of sales taxes (to the nearest dollar) for May and
b)The amount of sales taxes payable (to the nearest dollar) to the state for the month of May is
Answer: Sales tax =$8,400
sales taxes payable=$8,232
Explanation:
a) Sales tax = (Sales Revenue x percentage of sales tax) / 100+ percentage of sales tax
= ($148,400 x 6%) / 100+6 =$148,400 x 6%)/106%= 8904/1.06 = $8,400
Sales tax =$8,400
The retailer is allowed to keep 2%, Therefore
b)sales taxes payable= Sales tax x (100-2%)= $8400 x 98%= $8,232
