Presented below are selected account balances for Kingbird Co. as of December 31, 2020. Inventory 12/31/20 $60,590 Cost of Goods Sold $222,569 Common Stock 75,640 Selling Expenses 16,239 Retained Earnings 44,230 Administrative Expenses 37,517 Dividends 18,205 Income Tax Expense 29,700 Sales Returns and Allowances 12,072 Sales Discounts 15,180 Sales Revenue 412,260 Prepare closing entries for Kingbird Co. on December 31, 2020.

i think the answer is a. science center.

hi : ) i found this so i hope this !

"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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