Calculate the missing information for the purchase.ItemSellingPriceSalesTaxRateSalesTax(in $)ExciseTax RateExciseTaxTotalPurchase Price(in $)Sofa$850.005$ 00$

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Business

Accounting

Calculate the missing information for the purchase.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter14: Adjustments And The Work Sheet For A Merchandising Business

Section: Chapter Questions

Problem 1MC

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Question

Calculate the missing information for the purchase.

Item	Selling Price	Sales Tax Rate	Sales Tax (in $)	Excise Tax Rate	Excise Tax	Total Purchase Price (in $)
Sofa	$850.00	5	$	0	0	$

Expert Solution

Step 1 Explanation:

To calculate Total purchase price we have to increase selling price by adding sales tax (if applicable) plus excise tax (if applicable).

Sales tax rate is applied on selling price to calculate sales tax amount.

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