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the city of summerton has a sales tax rate of 8%. a local convenience store sells merchandise, and the customer pays a total of $38.34. what effect does this transaction have on total liabilities

Sagot :

The solution is Option 3: Increase of $ 2.84

Sale Value $        38.34

Tax Rate 8%

Tax amount in the goods sold $          2.84

(38.34*8/108)

Therefore, tax liability to the Government = $ 2.84

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