Calculating Monthly Sales
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Trent, Inc., is a retail store operating in a state with a 5% retail sales tax. The state law provides that the retail sales tax collected during the month must be remitted to the state during the following month. If the amount collected is remitted to the state on or before the twentieth of the following month, the retailer may keep 3% of the sales tax collected. On April 10, 2007, Trent remitted $81,480 tax to the state tax division for March 2007 retail sales. What was Trent 's March 2007 retail sales subject to sales tax?
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Solution Summary
Solution describes the steps to calculate mothly sales based upon criteria given.
Education
- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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