Ask Experts Questions for FREE Help!
 
Free Answers in 3 Easy Steps

Register Now		 3 Steps
 
Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Accounting    Ask about another Subject  
 
PDA

blueemi
Apr 23, 2009, 05:38 PM
If total sales were 773,000 and included a 7% sales tax, what is the amount of sales tax payable?
woodpony22
Apr 23, 2009, 06:59 PM
Divide the total by 1.07
satyanarayanara
May 1, 2009, 03:56 AM
Party a/c dr 773000
To sales 718890
To Sales tax payable 54110
(being sales tax collected on sales)
woodpony22
May 1, 2009, 06:35 PM
Party a/c dr 773000
To sales 718890
To Sales tax payable 54110
(being sales tax collected on sales)

Your calculation doesn't proof. 7% of 718890 is 50322.30... not 54110. You just gave the gov and extra 3788 out of your pocket:confused: