Yang Company sold merchandise for $10,000 cash. The event is subject to a state sales tax of 9%. Recognizing the sale will require Yang to Multiple Choice increase revenue. All of the answers are correct. increase liabilities. increase assets.

Yang Company sold merchandise for $10,000 cash. The event is subject to a state sales tax of 9%. Recognizing the sale will require Yang to Multiple Choice increase revenue. All of the answers are correct. increase liabilities. increase assets.

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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Question

**Yang Company sold merchandise for $10,000 cash. The event is subject to a state sales tax of 9%. Recognizing the sale will require Yang to:**

**Multiple Choice**

- ○ Increase revenue.

- ○ All of the answers are correct.

- ○ Increase liabilities.

- ○ Increase assets.

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