Use the Following Information for Questions 100 and 101

question 136

Multiple Choice

Use the following information for questions 100 and 101.
Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co. records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $251,450.
-The amount of sales taxes payable (to the nearest dollar) to the state for the month of May is

• A) $12,573.
• B) $16,121.
• C) $20,762.
• D) $17,250.

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Definitions:

Implied Ratification

A form of agreement inferred from actions or behavior, indicating acceptance of previous actions that were not officially authorized.

Express Ratification

The explicit approval or confirmation of an act or agreement, usually after the fact, making it officially valid.

Mental Illness

A broad range of mental health conditions that affect mood, thinking, and behavior, often requiring medical diagnosis and treatment.

Legal Capacity

The ability of an individual or entity to enter into legally binding contracts and be sued or sue others.