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Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is percent. Vail Book Mart engaged in the following transactions for Year Sales tax of percent is collected on all sales.
Book sales, not including sales tax, for Year amounted to $ cash.
Cash sales of miscellaneous items in Year were $ not including tax.
Cost of goods sold was $ for the year.
Paid $ in operating expenses for the year.
Paid the sales tax collected to the state agency.
Required
a What is the total amount of sales tax Vail Book Mart collected and paid for the year?
b Prepare the journal entries for the preceding transactions.
c What is Vail Book Mart's net income for the year?
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What is the total amount of sales tax Vail Book Mart collected and paid for the year?
Sales tax collected and paid
