Question 10Question textMaxwell Company sells goods and services gross of sales taxes. In other words, the sales taxes are included in the sales price. The sales tax rate is 6 percent. At the end of the current period, the Revenue account has a balance of $265,000. The amount of sales tax payable is:Select one:a. $15,000. Correct. $265,000/1.06 = $250,000. $265,000 - $250,000 = $15,000.b. $15,900. c. $12,000. d. $18,000. FeedbackThe correct answer is: $15,000.
Question 11Question text(T / F) Credit cards are of two types — nonbank credit cards (such as American Express) and bank credit cards (such as VISA).