A Retail Store Credited the Sales Revenue Account for the Sales

question 255

Multiple Choice

A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales. If the sales tax rate is 5% and the balance in the Sales Revenue account amounted to $630,000, what is the amount of the sales taxes owed to the taxing agency?

• A) $600,000
• B) $630,000
• C) $31,500
• D) $30,000

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Definitions:

E2 Elimination

A bimolecular elimination reaction where the removal of a hydrogen atom and a leaving group from adjacent carbon atoms occurs simultaneously.

Organic Product

A compound or substance that has been derived from living matter, typically containing carbon atoms in its molecular structure.

Sodium Ethoxide

A strong base formed from the reaction of ethanol and sodium, often used as a reagent in organic synthesis.

Bromo-Methylbutane

An organic compound that contains a bromine atom attached to a butane chain, often used in nucleophilic substitution reactions.