What is the sales tax rate

Reference no: EM131521509

Question: 1. Like all retailers, Hollister is required to collect sales tax to be remitted to state and local government authorities. Assume a local store has cash proceeds from sales of $5,325, including $325 in sales tax. What is the sales tax rate? Provide the journal entry to record the proceeds.

2. If $10 million of Dell Computer Corporation's $130 million notes payable is due in the next year, how will the firm present this debt within the current and longterm liabilities sections of the current year's balance sheet?

Reference no: EM131521509

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What is the sales tax rate : Like all retailers, Hollister is required to collect sales tax to be remitted to state and local government authorities.

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