Question

Harry’s Menswear operates as a retail store in a state with a retail sales tax of 5%. Harry’s does not segregate its sales tax from the amount of sale at the time of sale. During the month of June, Harry’s credits $262,500 to the Sales Revenue account. How much sales tax must Harry’s pay for the month of June? (Round to the nearest dollar.)

Answer 1

$13,000

Step-by-step explanation:

Sales tax is calculated by multiplying sales by applicable tax rate. In this case sales is $262500 and tax rate is 5%. Hence $262500 x 5% = $13,000.