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Reed Book Mart sells books and other supplies to students in a state where the sales tax rate is 8Â percent. Reed Book Mart engaged in the following transactions for 2013. Sales tax of 8 percent is collected on all sales.
1. Book sales, not including sales tax, for 2013 amounted to $280,000 cash. 2. Cash sales of miscellaneous items in 2013 were $90,000, not including tax. 3. Cost of goods sold was $210,000 for the year. 4. Paid $110,000 in operating expenses for the year. 5. Paid the sales tax collected to the state agency.
Required:
a. What is the total amount of sales tax Reed Book Mart collected and paid for the year? b. Prepare the journal entries for the above transactions. c. What is Reed Book Mart's net income for the year?
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