7. Flora Henshaw purchased the following school supplies: three pens at 49¢ each,three packs of pencils at 88¢ each, two notebooks at 96¢ each, and three packs offiller paper at 79¢ each. She also purchased a calculator for $12.95. The sales taxrate is 7.5%. What is the total purchase price?8 Wu Chen purchased four tires at $48.98 cach, two sheer649 88

Each pen price = $0.49 Each pack of pencil price = $0.88 Each notebook price = $0.96 Each pack of…

Answered: Flora Henshaw purchased the following…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 6 percent. Vail Book Mart engaged in the following transactions for Year 1. Sales tax of 6 percent is collected on all sales. Book sales, not including sales tax, for Year 1 amounted to $279,000 cash. Cash sales of miscellaneous items in Year 1 were $151,000, not including tax. Cost of gods sold was $211,000 for the year. Paid $130,000 in operating expenses for the year. Paid the sales tax collected to the state agency. What is the total amount of sales tax Vail Book Mart collected and paid for the year? Prepare the journal entries for the preceding transactions. What is Vail Book Mart's net income for the year?
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Flora Henshaw purchased the following school supplies: three pens at 49¢ each, three packs of pencils at 88¢ each, two notebooks at 96¢ each, and three packs of filler paper at 79¢ each. She also purchased a calculator for $12.95. The sales tax rate is 7.5%. What is the total purchase price?