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 $922,250. (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?
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 $922,250. (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?
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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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 $922,250.
(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?
$
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