Information relating to Lauren Co's transactions for the month of May 20X4 is shown below： $ Sales (including sales tax) 140,000* Purchases (net of sales tax) 65,000 Sales tax is charged at a flat rate of 20%. Lauren Co's sales tax account had a zero balance at the beginning of the month and at the end of the month. * Lauren Co's sales for the month of $140,000 included $20,000 of sales exempt from sales tax. What was the total sales tax paid to regulatory authorities at the end of May 20X4 (to the nearest $)?
A、$7,000
B、$20,000
C、$23,333
D、$13,000
A、$7,000
B、$20,000
C、$23,333
D、$13,000
【参考答案及解析】
$7,000 SALES TAX CONTROL ACCOUNT Purchases ($65,000 x 20%) $ $ 13,000 Sales ($120,000 x 20% / 120%) 20,000. Paid to tax authority 7,000 20,000 20,000
$7,000 SALES TAX CONTROL ACCOUNT Purchases ($65,000 x 20%) $ $ 13,000 Sales ($120,000 x 20% / 120%) 20,000. Paid to tax authority 7,000 20,000 20,000