**Understanding Sales Tax Distribution in Retail: A Case Study**You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 5%, and your city has an additional sales tax of 1.5%. Each quarter, you are responsible for making these tax deposits to the city and state. Last quarter, your stores had total revenue, including sales tax, of $159,750.**Problem Breakdown:**(a) **How much of this revenue was sales (in $) and how much was sales tax (in $)?**- **Sales:** $ [Input Box]- **Sales Tax:** $ [Input Box](b) **How much sales tax (in $) should be sent to the city?**- $ [Input Box](c) **How much sales tax (in $) should be sent to the state?**- $ [Input Box]**Explanation:**This exercise aims to help understand how sales tax is divided between city and state obligations and how to calculate total sales before tax from the total revenue.

You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales t total revenue, including sales tax, of $159,750. (a) How much of this revenue was sales (in $) and how much was sales tax (in $)? sales $ sales tax $ (b) How much sales tax (in $) should be sent to the city? $ (c) How much sales tax (in $) should be sent to the state? $

You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales t total revenue, including sales tax, of $159,750. (a) How much of this revenue was sales (in $) and how much was sales tax (in $)? sales $ sales tax $ (b) How much sales tax (in $) should be sent to the city? $ (c) How much sales tax (in $) should be sent to the state? $

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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Please help me with e and f. Thanks!
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You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%, and your city has an additional sales tax of 1.5%. Each quarter you are responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue, including sales tax, of $813,750. (a) How much of this revenue was sales (in $) and how much was sales tax (in $)? sales $sales tax $ (b) How much sales tax (in $) should be sent to the city? $ (c) How much sales tax (in $) should be sent to the state? $