Barter,Inc

question 162

Multiple Choice

Barter,Inc.sold goods for $894,500 on account.The company operates in a state that imposes a 6% sales tax.What is the amount of the sales tax payable to the state?

• A)$53,670
• B)$26,835
• C)$13,418
• D)$107,340

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Definitions:

Profit-maximizing

The process or strategy of adjusting production and pricing to achieve the highest possible profit in a business.

Profit

The financial gain obtained when the revenue earned from business activities exceeds the expenses, costs, and taxes involved in sustaining the business.

Demand Curve

A graph illustrating how much of a given product a household would be willing to buy at different prices.

Perfectly Competitive

An economic model where numerous buyers and sellers exist, there's unrestricted entry and exit, and the product offered is uniform.