Sales Tax Transactions Journalize the entries to record the following selected transactions: a. Sold $640,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $385,000. If an amount box does not require an entry, leave it blank. b. Paid $61,750 to the state sales tax department for taxes collected. If an amount box does not require an entry, leave it blank.

Suppose jamal purchases a pair of running shoes online for $60. if his state has a sales tax on clothing of 6 percent, how much is he required to pay in state sales tax?

Your dormitory, griffingate, has appointed you central banker of its economy, which deals in the currency of wizcoins. assume that the velocity of wizcoins in griffingate is constant at 10,000 transactions per year. right now, real gdp is 1,000 wizcoins, and there are 2,000 wizcoins in existence.

Carey company is borrowing $225,000 for one year at 9.5 percent from second intrastate bank. the bank requires a 15 percent compensating balance. the principal refers to funds the firm can effectively utilize (amount borrowed − compensating balance). a. what is the effective rate of interest? (use a 360-day year. input your answer as a percent rounded to 2 decimal places.) b. what would the effective rate be if carey were required to make 12 equal monthly payments to retire the loan?