Sheridan auto supply does not segregate sales and sales taxes at the time of sale. the register total for march 16 is $26,400. all sales are subject to a 10% sales tax. compute sales taxes payable, and make the entry to record sales taxes payable and sales revenue.

Explanation:

Sales revenue x (100%+sales tax rate) = sales revenue with tax

sales revenue x  1.10 (100%+10%) = 26400

sales revenue = 26400/1.10

sales revenue = 24000

Sales revenue with tax - sales revenue = sales tax

26,400 - 24,000 = 2,400

journal entry

cash.         26,400

   Sales revenue.      24000

   Sales tax.                 2400

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answerblank(1) //inferiorblank(2) ramen noodles;