Financial Accounting: Tools for Business Decision Making, 8th Edition
Financial Accounting: Tools for Business Decision Making, 8th Edition
8th Edition
ISBN: 9781118953808
Author: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Publisher: WILEY
Question
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Chapter 10, Problem 3Q

(a)

To determine

Sales tax payable:

The Company collects the tax from the customer when the sale is made on cash or on account, and periodically pays the collections to the state’s department of revenue. Many states are implementing sales taxes on purchases made on the internet also. Sales taxes are stated as percentage of the sales price.

To explain: Whether sales taxes are reported as an expense in the income statement.

(b)

To determine

To Prepare: Journal entry to record cash proceeds from sales that include sales tax.

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Chapter 10 Solutions

Financial Accounting: Tools for Business Decision Making, 8th Edition

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