Business, 08.02.2022 22:50 Tahliyah9420

Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 percent. Vail engaged in the following transactions during the year. Sales tax of 8 percent is collected on all sales. a. Book sales, not including sales tax, for the year amounted to $276,000 cash.
b. Cash sales of miscellaneous items for the year were $149,000, not including tax.
c. Cost of goods sold was $212,000 for the year.
d. Paid $130,000 in operating expenses for the year.
e. Paid the sales tax collected to the state agency.

Required
1. What is the total amount of sales tax Vail Book Mart collected and paid for the year?
2. Prepare the journal entries for the above transactions.
3. What is Vail Book Mart’s net income for the year?

Answers: 3

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Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 p...