ABC Company sells products in a state where the sales tax rate is 5 percent....
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Accounting
ABC Company sells products in a state where the sales tax rate is 5 percent. ABC began Year 2 with 550.000 in irivemtory ins Retained Earnings. ABC Company engaged in the following transactions for Year 2 . 1. Cash sales, not including sales tax, for Year 2 amounted to $40,000cash. 2. Cost of goods sold was $24,000 for the year. 3. Paid $4,800 in operating expenses for the year. 4. Paid $1,500 in sales tax collected to the state agency. What is ABC Company's Sales Tax Payable balance at the end of Year 2? $1,500 $500 $2,000 $0
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