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What are mast sales for the month

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Reference no: EM132523236

Question 1: A retail store does not segregate sales and the amount of sales tax on sales. If the sales tax rate is 5% and the register total amounted to HK$136,500, what is the amount of the sales taxes owed to the taxing agency?

a. ?HK$130,000

b.? HK$136,500

c. ?HK$6,825

d. ?HK$6,500

Question 2: The current portion of long-term debt should

a.? be paid immediately.

b.? be reclassified as a current liability.

c. ?be classified as a noncurrent liability.

d.? not be separated from the long-term portion of debt.

Question 3: ?Sales taxes collected by a retailer are expenses

a.? of the retailer.

b.? of the customers.

c.? of the government.

d.? that are not recognized by the retailer until they are submitted to the government.

Question 4: Mast General Store has total receipts for the month of €45,990 including sales taxes. If the sales tax rate is 5%, what are Mast's sales for the month?

a. ?€43,691

b.? €43,800

c.? €48,290

d. ?It cannot be determined.

Reference no: EM132523236

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