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What is the vail book mart net income for the year

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Reference no: EM132804427

Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 7 percent. Vail engaged in the following transactions for 2018. Sales tax of 7 percent is collected on all sales.

  1. Book sales, not including sales tax, for 2018 amounted to $272,000 cash.
  2. Cash sales of miscellaneous items in 2018 were $146,000, not including tax. 
  3. Cost of goods sold was $208,000 for the year. 
  4. Paid $130,000 in operating expenses for the year. 
  5. Paid the sales tax collected to the state agency.

Required

Problem 1: What is the total amount of sales tax Vail Book Mart collected and paid for the year?

Problem 2: What is the Vail Book Mart's net income for the year?

Reference no: EM132804427

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