Big Town Retailers operates in Florida and collects sales taxes from customers on all purchases. How should these sales taxes be reported when collected?

As a current liability until paid to the State of Florida

As unearned revenues

As an expense on the income statement

As sales revenue along with the selling price of the items sold

Answer rating: 100% (QA)

Solution The correct answer is as a current liability until paid to the State of Florida E... View the full answer