Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $54,889. The stores are located in a state that has a sales tax of 7 1/2%. (Round your answers to the nearest cent.) (a)As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. (b)As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue.

Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $54,889. The stores are located in a state that has a sales tax of 7 1/2%. (Round your answers to the nearest cent.) (a)As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. (b)As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 7MCQ

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2.Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $51,889. The stores are located in a state that has a sales tax of 7 1 2 %. (Round your answers to the nearest cent.) (a) As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. $ (b) As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue. $
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