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
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
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52ef247d-15fe-4d4f-8ef0-cbdc99261781%2Fff4ffeeb-5529-4664-8ac1-5a7c47f1bfe2%2Fdoc4fz2_processed.png&w=3840&q=75)
Transcribed Image Text:**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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