Accounting and Finance Foundations

Unit 2

Accounting and Finance Foundations Unit 2: Accounting and Finance Math Workshop 144

Accounting and Finance Math Workshop

Lesson 5.7 Sales Tax, Sales Receipts, and Cash Discounts

Student Assignment

1. You purchase a stereo for $89.99 in a state that charges 4.5% sales tax. What is the amount of the
   sales tax paid? What is the total cost of the stereo?


2. Nancy Small buys a treadmill for $369.89 in a state with a 7% sales tax and 2% city tax. How much
   sales tax did she pay on the treadmill? What is the total amount she paid for the treadmill, the sales
   tax, and the city tax?


3. Shawn paid $309.59 for a new washing machine and $56 to have it installed. A state tax of 5.25%
   was added to the cost of the washer but not the installation. How much will Shawn pay in sales tax?
   What is the total cost of the washer?


4. Juan had 8 sections of cedar fencing installed around his pool. He was charged $462.53 for
   the fencing and $225 for the installation. Juan’s state charges a sales tax rate of 6.75% on goods,
   but not labor. What is the amount of the sales tax that Juan paid? How much was his total bill for
   the fence?


5. You can buy manila folders in boxes of 100 for $8.99. If you bought 600 folders, what is the price?


6. Julie bought 300 leather planners for her employees as gifts. The planners are priced at $85.99 per
   C. What was the total price of the planners?


7. Todd bought 3 boxes of highlighters @ $3.89 and 5 boxes of pens @ $5.79. The state sales tax is
   3.85%. What is the total amount that prints out on the sales receipt?


8. Vicki bought 2 dozen shirts @ $139.89 and 2 boxes of caps @ $89.99 for the Little League team she
   coaches. There was a state sales tax of 5% and a city tax of 2.5%. What was the total on her cash
   register receipt?

Brent bought the following items at the hardware store: 2 doz. screws @ $5.99, electrical tape @

$1.99, and 3 rulers @ $9.83. The store applied a 7.2% state sales tax to the subtotal.

9. What is the subtotal of the items Brent purchased?


10. What was the state sales tax amount?


11. What is the total amount that is printed on the sales slip?

Chapter 5

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