Moreno Company began 2016 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%.
a)How much sales tax did Moreno collect during 2016?
b)How much sales tax did Moreno pay during 2016?

Question

Quizplus · Accepted Answer

The Answer of Moreno Company began 2016 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%.
a)How much sales tax did Moreno collect during 2016?
b)How much sales tax did Moreno pay during 2016?

Moreno Company Began 2016 with a Balance of $300 in Sales