Your company sells ($110,000) of goods and you collect sales tax of 6%. What current liability does

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Your company sells $$110,000$ of goods and you collect sales tax of 6%. What current liability does the sale create?

a. Sales tax payable of $6,600

b. Sales revenue of $116,600

c. Unearned revenue of $6,600

d. None; you collected cash up front

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Financial And Managerial Accounting

ISBN: 9780135080191

2nd Edition

Authors: Charles T Horngren, Jr Walter T Harrison

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Question Posted: May 16, 2024 02:00 AM

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Your company sells ($110,000) of goods and you collect sales tax of 6%. What current liability does

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The correct answer is a Sales tax payable of 6600 Heres why Sales revenue This represents the income from the sale of goods which is 110000 in this ca...View the full answer

Financial And Managerial Accounting

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