Calculating Monthly Sales
5% retail sales tax. The state law provides that the retail sales tax collected
during the month must be remitted to the state during the following month. If
the amount collected is remitted to the state on or before the twentieth of the
following month, the retailer may keep 3% of the sales tax collected.
On April 10, 2007, Trent remitted $81,480 tax to the state
tax division for March 2007 retail sales. What was Trent ‘s March 2007 retail
sales subject to sales tax?
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