a. Your roommate says, Sales taxes are reported as an expense in the income statement. Do you
Question:
a. Your roommate says, “Sales taxes are reported as an expense in the income statement.” Do you agree? Explain.
b. Leiana’s Cafe has cash proceeds from sales of $8,550. This amount includes $550 of sales taxes. Give the entry to record the proceeds.
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a Disagree The company only serves as a collection agent for the taxing au...View the full answer
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Jehal Shah
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So guys, I always try to explain any concept keeping these two points in my mind. So that you will never forget any more importantly get bored.
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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