Why is sales tax collected considered a liability?

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Multicolumn Journal

ISBN: 9781285528458

10th Edition

Authors: Claudia Gilbertson

See More Books

Question Posted: May 13, 2024 06:02 AM

See More Questions

Start of Payroll Project 7-3a October 9, 20-- No. 1 The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you...
1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...
The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you in the payroll register, the employees' earnings...
(10%) Problem 10: Suppose A = (-3.67 m)i + (4.57 m)j, B = (2.52 m)i + (-4.17 m)j + (2.39 m)k, and D= (-2.89 m)i + (-5.99 m)j. 50% Part (a) What is the angle, in degrees, between D and A? 0=11547...
Explain why the Keynesian aggregate demand schedule is downward sloping when plotted against the price level.
A square is inscribed in a circle. The same square is also circumscribed about a smaller circle. Draw a diagram. Find the ratio of the area of the large circle to the area of the small circle.
Compute the equivalent units of sugar used. a. 8,000 b. 8,700 c. 9,200 d. 10,000 Suppose Chupa Chups, a candy manufacturer, uses a mixing process that adds sugar at the beginning and flavorings \(75...
In January 2012, the management of Sarah Company concludes that it has sufficient cash to purchase some short-term investments in debt and stock securities. During the year, the following...
Use algebraic techniques to rewrite g(x) = (3x + 4) (3x + 5) as a sum or difference; then find g'(x). Answer g'(x) =
What is the title of the general ledger account used to summarize the total amount due from all charge customers?
How are sales tax rates usually stated?
A system has fourteen poles and two zeros. The slope of its highest frequency asymptote in its magnitude plot is (a) - \(40 \mathrm{~dB} /\) decade (b) - \(240 \mathrm{~dB} /\) decade (c) \(-280...
How does a proof of cash differ from an ordinary bank reconciliation?
a. What is involved when a CPA compiles prospective financial statements? b. Indicate the content of the report on the compilation of prospective financial statements.
a. What is meant by the term kiting? b. What procedures can be used by the auditor to detect kiting?
Which transaction cycles relate directly to cash and how?
a. State the account balance audit objectives for cash that are associated with each category of financial statement assertions, b. Indicate the relative degree of inherent risk associated with each...
How many signals would you expect to find in the 1H NMR spectrum of each of the following compounds? (a) Vinyl bromide (d) trans-1, 2-Dibromoethene (b) 1, 1-Dibromoethene (e) Allyl bromide (c) cis-1,...
Which of the following gives the range of y = 4 - 2 -x ? (A) (- , ) (B) (- , 4) (C) [- 4, ) (D) (- , 4] (E) All reals
An organization regularly collects information on customers for marketing purposes.question It uses this information to personally identify the customers.question Who is responsible for protecting...
perform an EPS/ EBIT analysis for Hikma pharmacy company here is an example EPS/EBIT Analysis Enter in the corresponding data below for your firm. If you notice little to no change in EPS with stock...
Discuss the cultural awareness in multicultural workplaces. What did you find most interesting or new and explain why it stood out for you. Reflect on the shifts in workplace culture in organizations...

Why is sales tax collected considered a liability?

Question:

Step by Step Answer:

Sales tax collected is considered a liability because it represents an obligation of the business to ...View the full answer

Accounting Multicolumn Journal

Students also viewed these Business questions