**Educational Content: Calculating Actual Sales After Sales Tax****Instruction:**Calculate the actual sales since the sales and sales tax were rung up together. Assume a sales tax of 6% and total sales of $35,000.**Note:** Round your answer to the nearest cent.**Input Box:**- **Actual sales** [ ] (input field to enter the calculated actual sales)**Explanation:**When the total sales amount includes both the sales and sales tax, you can find the actual sales by using the formula:\[ \text{Actual Sales} = \frac{\text{Total Sales}}{1 + \text{Sales Tax Rate}} \]Substitute the given values into the formula:\[ \text{Actual Sales} = \frac{35000}{1 + 0.06} \]Calculate and enter the result in the input box provided, making sure to round to the nearest cent as required.

Given, Sales tax = 6% Total sales = $35,000

Answered: Calculate the actual sales since the…

Calculate the actual sales since the sales and sales tax were rung up together. Assume sales tax of 6% and total sales of $35,000. Note: Round your answer to the nearest cent. Actual sales

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

**Educational Content: Calculating Actual Sales After Sales Tax**

**Instruction:**

Calculate the actual sales since the sales and sales tax were rung up together. Assume a sales tax of 6% and total sales of $35,000.

**Note:** Round your answer to the nearest cent.

**Input Box:**

- **Actual sales** [ ] (input field to enter the calculated actual sales)

**Explanation:**

When the total sales amount includes both the sales and sales tax, you can find the actual sales by using the formula:

\[ \text{Actual Sales} = \frac{\text{Total Sales}}{1 + \text{Sales Tax Rate}} \]

Substitute the given values into the formula:

\[ \text{Actual Sales} = \frac{35000}{1 + 0.06} \]

Calculate and enter the result in the input box provided, making sure to round to the nearest cent as required.

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