Waterway Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Waterway Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $750070. The amount of sales taxes payable (to the nearest dollar) to the state for the month of May is O $62012. O $48089. O $51457. O $37445.

Waterway Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Waterway Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $750070. The amount of sales taxes payable (to the nearest dollar) to the state for the month of May is O $62012. O $48089. O $51457. O $37445.

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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