Moreno Company began Year 1 with a balance of $300 in Sales Tax payable. During the year, the company recorded taxable sales of $92,500. The ending balance in Sales Tax payable was $445. Moreno's sales tax rate is 4%.
Required: a)How much sales tax did Moreno collect during Year 1?b)How much sales tax did Moreno remit (pay to taxing authority)during Year 1?

Question

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The Answer of Moreno Company began Year 1 with a balance of $300 in Sales Tax payable. During the year, the company recorded taxable sales of $92,500. The ending balance in Sales Tax payable was $445. Moreno's sales tax rate is 4%.
Required: a)How much sales tax did Moreno collect during Year 1?b)How much sales tax did Moreno remit (pay to taxing authority)during Year 1?

Moreno Company Began Year 1 with a Balance of $300