(Solved): Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 p ...

Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 percent. Vail engaged in the following transactions during the year. Sales tax of 8 percent is collected on all sales. Book sales, not including sales tax, for the year amounted to

cash. Cash sales of miscellaneous items for the year were

, not including tax. Cost of goods sold was

for the year. Paid

in operating expenses for the year. Paid the sales tax collected to the state agency. Required: a. What is the total amount of sales tax Vail Book Mart collected and paid for the year? b. What is the Vail Book Mart's net income for the year? a. Sales tax collected b. Net income