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What is Vail Book Mart net income for the year

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Question - Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 9 percent. Vail Book Mart engaged in the following transactions for Year 1. Sales tax of 9 percent is collected on all sales.

1. Book sales, not including sales tax, for Year 1 amounted to $274,000 cash.

2. Cash sales of miscellaneous items in Year 1 were $149,000, not including tax.

3. Cost of goods sold was $208,000 for the year.

4. Paid $131,000 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 Vail Book Mart collected and paid for the year?

b. What is Vail Book Mart's net income for the year?

Reference no: EM133077251

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