**Problem 8**Isabel Marquez purchases the following items:- Eight spark plugs at $1.65 each- Six cans of oil at $1.49 per can- An oil filter for $3.39- An air filter for $3.79The sales tax rate is 7%.a. What is the total selling price?b. What is the sales tax?

Answer: We have sales tax is given as 7%, to calculate selling price we have to add sales tax on the…

Marquez purchases eight spark plugs at $1.65 each, six cans of oil at $1.49 per can, an oil filter for $3.39, and an air filter for $3.79. The sales tax rate is 7%. a. What is the total selling price? b. What is the sales tax?

Marquez purchases eight spark plugs at $1.65 each, six cans of oil at $1.49 per can, an oil filter for $3.39, and an air filter for $3.79. The sales tax rate is 7%. a. What is the total selling price? b. What is the sales tax?

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

**Problem 8**

Isabel Marquez purchases the following items:
- Eight spark plugs at $1.65 each
- Six cans of oil at $1.49 per can
- An oil filter for $3.39
- An air filter for $3.79

The sales tax rate is 7%.

a. What is the total selling price?

b. What is the sales tax?

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