Sam purchases goods for $174,240 (including sales tax) and sells goods

1.	Sam purchases goods for $174,240 (including sales tax) and sells goods for $230,400 (including sales tax). The sales tax rate is 20%.What amount of sales tax is ultimately payable to the tax authority based upon this information? *1 point$9360$14926$11232$4471
Answer» ANSWER: $11232 Explanation: calculation of tax included on purchase $1,74,240 is, $1,74,240×20 100 = $34,848 Calculation of SALES tax on $2,30,400 is, $2,30,400×20 100 $46,080 Sales tax payable to the tax authority, $46,080-$34,848 $11,232

Sam purchases goods for $174,240 (including sales tax) and sells goods for $230,400 (including sales tax). The sales tax rate is 20%.What amount of sales tax is ultimately payable to the tax authority based upon this information? *1 point$9360$14926$11232$4471

Answer»

ANSWER:

$11232

Explanation:

calculation of tax included on purchase $1,74,240 is,

$1,74,240×20

100

= $34,848

Calculation of SALES tax on $2,30,400 is,

$2,30,400×20

100

$46,080

Sales tax payable to the tax authority,

$46,080-$34,848

$11,232

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Sam purchases goods for $174,240 (including sales tax) and sells goods for $230,400 (including sales tax). The sales tax rate is 20%.What amount of sales tax is ultimately payable to the tax authority based upon this information? *1 point$9360$14926$11232$4471​

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Sam purchases goods for $174,240 (including sales tax) and sells goods for $230,400 (including sales tax). The sales tax rate is 20%.What amount of sales tax is ultimately payable to the tax authority based upon this information? *1 point$9360$14926$11232$4471