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Sheffield Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $19,902. All sales are subject to a 7% sales tax. Compute sales taxes payable. Sales taxes payable

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Tundexi

Answer:

Sales tax = Total sales / 100 + Sales Tax rate * Sales Tax rate

Sales tax = {$19,902 / (100 + 7)} * 7

Sales tax = ($19,902 / 107) * 7

Sales tax = $1,302

Date   Account Title and Explanation     Debit       Credit

           Cash                                               $19,902

                Sales Tax payable                                      $1,302

                 Sales revenue                                            $18,600

                 ($19,902 / 107 * 100)

           (To record sales and sales taxes payable)

Answer:

1,302

Explanation:

Sales without tax x (100%+sales tax rate) = sales with tax

sales without tax x 1.07 (100%+7%) = 19902

sales without tax = 19902/1.07

sales without tax = 18600

sales with tax - sales without tax = sales tax payable

19902 - 18600 = 1302

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