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Harry’s Menswear operates as a retail store in a state with a retail sales tax of 5%. Harry’s does not segregate its sales tax from the amount of sale at the time of sale. During the month of June, Harry’s credits $262,500 to the Sales Revenue account. How much sales tax must Harry’s pay for the month of June? (Round to the nearest dollar.)

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innthomas00158

Answer:

$13,000

Explanation:

Sales tax is calculated by multiplying sales by applicable tax rate. In this case sales is $262500 and tax rate is 5%. Hence $262500 x 5% = $13,000.

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