Fox company has 1,000,000 shares of common stock authorized, of which 100,000 shares are held as treasury shares; the remainder are held by the company shareholders. on november 1, the board of directors declared a cash dividend of $.10 per share to be paid on january 2. at the same time, the board declared a 5% stock dividend to be issued on december 31. on the date of the declaration, the stock was selling for $10 a share, and no fractional shares were to be issued. the total amount of these declarations to be shown as current liabilities on fox’s statement of financial position as of december 31 is
a. $540,000
b. $600,000
c. $100,000
d. $90,000

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

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