Sales and sales tax – When the seller is required to pay sales tax to authorities, he has to collect sales tax from the customers. The sales is made with a total amount of the sales plus sales tax and the same amount is charged from the customer. Suppose, the seller is required to pay 4% sales tax, thus it means, total sales amount will include = sales i.e. 100 % + 4 % sales tax. He will issue an invoice of 104 % to the customer for the sales made. T o t a l s a l e s = N e t S a l e s + S a l e s T a x As per the example taken, 104% = 100% + 4% To determine: Selling price of the item

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Answer 1

Question

Chapter 11, Problem 4DQ

To determine

Concept Introduction:

Sales and sales tax –

When the seller is required to pay sales tax to authorities, he has to collect sales tax from the customers. The sales is made with a total amount of the sales plus sales tax and the same amount is charged from the customer. Suppose, the seller is required to pay 4% sales tax, thus it means, total sales amount will include = sales i.e. 100 % + 4 % sales tax. He will issue an invoice of 104 % to the customer for the sales made.

$T o t a l s a l e s = N e t S a l e s + S a l e s T a x$

As per the example taken,

$104% = 100% + 4%$

To determine:

Selling price of the item

Expert Solution & Answer

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Answer 2

Question

Chapter 11, Problem 4DQ

To determine

Concept Introduction:

Sales and sales tax –

When the seller is required to pay sales tax to authorities, he has to collect sales tax from the customers. The sales is made with a total amount of the sales plus sales tax and the same amount is charged from the customer. Suppose, the seller is required to pay 4% sales tax, thus it means, total sales amount will include = sales i.e. 100 % + 4 % sales tax. He will issue an invoice of 104 % to the customer for the sales made.

$T o t a l s a l e s = N e t S a l e s + S a l e s T a x$

As per the example taken,

$104% = 100% + 4%$

To determine:

Selling price of the item

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 11, Problem 4DQ

To determine

Concept Introduction:

Sales and sales tax –

When the seller is required to pay sales tax to authorities, he has to collect sales tax from the customers. The sales is made with a total amount of the sales plus sales tax and the same amount is charged from the customer. Suppose, the seller is required to pay 4% sales tax, thus it means, total sales amount will include = sales i.e. 100 % + 4 % sales tax. He will issue an invoice of 104 % to the customer for the sales made.

$T o t a l s a l e s = N e t S a l e s + S a l e s T a x$

As per the example taken,

$104% = 100% + 4%$

To determine:

Selling price of the item

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 11, Problem 4DQ

To determine

Concept Introduction:

Sales and sales tax –

When the seller is required to pay sales tax to authorities, he has to collect sales tax from the customers. The sales is made with a total amount of the sales plus sales tax and the same amount is charged from the customer. Suppose, the seller is required to pay 4% sales tax, thus it means, total sales amount will include = sales i.e. 100 % + 4 % sales tax. He will issue an invoice of 104 % to the customer for the sales made.

$T o t a l s a l e s = N e t S a l e s + S a l e s T a x$

As per the example taken,

$104% = 100% + 4%$

To determine:

Selling price of the item

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 11, Problem 4DQ

To determine

Concept Introduction:

Sales and sales tax –

When the seller is required to pay sales tax to authorities, he has to collect sales tax from the customers. The sales is made with a total amount of the sales plus sales tax and the same amount is charged from the customer. Suppose, the seller is required to pay 4% sales tax, thus it means, total sales amount will include = sales i.e. 100 % + 4 % sales tax. He will issue an invoice of 104 % to the customer for the sales made.

$T o t a l s a l e s = N e t S a l e s + S a l e s T a x$

As per the example taken,

$104% = 100% + 4%$

To determine:

Selling price of the item

Answer 6

Chapter 11, Problem 4DQ

To determine

Concept Introduction:

Sales and sales tax –

When the seller is required to pay sales tax to authorities, he has to collect sales tax from the customers. The sales is made with a total amount of the sales plus sales tax and the same amount is charged from the customer. Suppose, the seller is required to pay 4% sales tax, thus it means, total sales amount will include = sales i.e. 100 % + 4 % sales tax. He will issue an invoice of 104 % to the customer for the sales made.

$T o t a l s a l e s = N e t S a l e s + S a l e s T a x$

As per the example taken,

$104% = 100% + 4%$

To determine:

Selling price of the item

Answer 7

Chapter 11, Problem 4DQ

To determine

Concept Introduction:

Sales and sales tax –

When the seller is required to pay sales tax to authorities, he has to collect sales tax from the customers. The sales is made with a total amount of the sales plus sales tax and the same amount is charged from the customer. Suppose, the seller is required to pay 4% sales tax, thus it means, total sales amount will include = sales i.e. 100 % + 4 % sales tax. He will issue an invoice of 104 % to the customer for the sales made.

$T o t a l s a l e s = N e t S a l e s + S a l e s T a x$

As per the example taken,

$104% = 100% + 4%$

To determine:

Selling price of the item

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

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Answer 11

Ch. 11 - Prob. 1DQ Ch. 11 - Prob. 2DQ Ch. 11 - What are the three important questions concerning...Ch. 11 - Prob. 4DQ Ch. 11 - Prob. 5DQ Ch. 11 - Prob. 6DQ Ch. 11 - Prob. 7DQ Ch. 11 - Prob. 8DQ Ch. 11 - Prob. 9DQ Ch. 11 - Prob. 10DQ

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