A retail store credited the Sales account for the sales price and the amount of sales tax on sales.If the sales tax rate is 5% and the balance in the Sales account amounted to ¥315,000,000 what is the amount of the sales taxes owed to the taxing agency?

Question

Quizplus · Accepted Answer

The sales amount including tax is ¥315,000,000. To find the sales tax, divide the total by 1.05 to find the sales amount without tax, which is ¥300,000,000. The sales tax is then ¥315,000,000 - ¥300,000,000 = ¥15,000,000.

A Retail Store Credited the Sales Account for the Sales