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29 September, 03:57

A sales slip shows that $1,500 in merchandise has been sold and the sales tax rate is 4%. Generate the cash receipt's data.

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  1. 29 September, 04:27
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    Cash receipt:

    Particulars Amount

    ...

    Sales = $1,500

    Sales tax @4.00 % = $60

    ...

    Total = $1,560

    ...

    Explanation:

    Data:

    Merchandise cost in the sales slip = $1,500

    sales tax rate for the merchandise = 4%

    Now,

    the cash receipt data will include the merchandise cost, the amount of tax and the total amount after including the tax

    Thus,

    The amount of tax on the merchandise = sales tax rate * Merchandise cost

    or

    The amount of tax on the merchandise = 0.04 * $1,500 = $60

    Hence,

    the total cost = cost of merchandise + the sales tax = $1,500 + $60 = $1,560

    Cash receipt:

    Particulars Amount

    ...

    Sales = $1,500

    Sales tax @4.00 % = $60

    ...

    Total = $1,560

    ...
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