FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Y2 A jewelry store in Lanberry bought a gold ring for $550 and marked it up 50% from the original cost. Later on, Beth purchased the gold ring and paid Lanberry sales tax of 8%. How much, including tax, did she pay for the gold ring? Submitarrow_forwardMike purchases a bicycle costing $152.70. State taxes are 4% and local sales taxes are 2%. The store charges $20 for assembly. What is the total purchase price (in $)? (Round your answer to the nearest cent.)_____arrow_forwardSuppose you buy lunch for $17.00 that includes a 8% sales tax. How much did the restaurant charge you for the lunch (excluding any tax) and how much does the restaurant owe for sales tax? (Do not round intermediate calculations. Round the answers to 2 decimal places.) $15.74 for lunch and $1.26 for sales tax. $17.00 for lunch and $1.36 for sales tax. $17.00 for lunch and $1.26 for sales tax. $15.64 for lunch and $1.36 for sales tax.arrow_forward
- Tom went to the store and bought two shirts for $50 each, socks for $10 and pants for $30. If the sales tax was 6%, what was the total purchase price? Round to the nearest cent (two decimal places). Your answer will look like this: 50.25 For your answer, do NOT include words, symbols, commas, etc.arrow_forwardMike purchases a bicycle costing $176.70. State taxes are 5% and local sales taxes are 2%. The store charges $30 for assembly. What is the total purchase price (in $)? (Round your answer to the nearest cent.)arrow_forwardLois Clark bought a ring for $6,100. She must still pay a 5% sales tax and a 10% excise tax. The jeweler is shipping the ring, so Lois must also pay a $40 shipping charge. What is the total purchase price of Lois's ring? Total purchase pricearrow_forward
- Marty has weekly gross earnings of $684.20. He is married filing jointly. He lives in Tennessee, which has no State Withholding Tax. He also makes a credit union deposit of $20.00 into savings every check. Find Marty’s weekly net earnings for this pay period.arrow_forwardYou are in a car accident and your car is totaled. You find a new-to-you vehicle for $18,395 that you would like to buy. A) If the sales tax is 6.5% of the purchase price, what is the amount of the sales tax? B) With the sales tax, how much is the vehicle cost altogether? C) If the car license fee is 1.2% of the purchase price, find the amount of the license fee. D) If you were to make a down payment of $2500, find the amount of the loan that you would need. E) Assuming you get a loan for 4 years at an interest rate of 7.5% what amount would you need to borrow with the sales tax and license fee included? F) Taking the answer from E) what would your monthly payments be?arrow_forward3. Teresa Lucas purchases a $349.50 color TV set. The sales tax rate is 5%. What is the sales tax? 4. Eunice Kross nu The S140.00. rohoses a lawn 28,00 and a picnic tabIC TON tax rate iS 7o. a. What is price?arrow_forward
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