In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Crane Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $23,000 and sales taxes $1,150. Sunland Company does not segregate sales and sales taxes. Its register total for April 15 is $11,340, which includes a 8% sales tax. 2.

In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Crane Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $23,000 and sales taxes $1,150. Sunland Company does not segregate sales and sales taxes. Its register total for April 15 is $11,340, which includes a 8% sales tax. 2.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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