MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Financial & Managerial Accounting, The Financial Chapters (My Accounting Lab)

5th Edition

ISBN: 9780133877281

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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The Effect Of Prepaid Taxes On Assets And Liabilities

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Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

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Textbook Question

Chapter 11, Problem 3QC

A company sells $180,000 (selling price) of goods and collects sales tax of 8%. What current liability does the sale create?

a. Sales tax payable of $14,400

b. Sales revenue of $194,400

c. Unearned revenue of $14,400

d. None; the company collected cash up front.

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Chapter 11, Problem 2QC

Chapter 11, Problem 4QC

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Chapter 11 Solutions

MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Financial & Managerial Accounting, The Financial Chapters (My Accounting Lab)

Ch. 11 - Prob. 1QC Ch. 11 - On January 1, 2016, a business borrowed 18,000 on...Ch. 11 - A company sells 180,000 (selling price) of goods...Ch. 11 - Prob. 4QC Ch. 11 - Prob. 5QC Ch. 11 - Prob. 6QC Ch. 11 - Prob. 7QC Ch. 11 - Vega Company expects to pay a 4% bonus on net...Ch. 11 - Prob. 9QC Ch. 11 - Prob. 10QC

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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

A company sells $180,000 (selling price) of goods and collects sales tax of 8%. What current liability does the sale create? a. Sales tax payable of $14,400 b. Sales revenue of $194,400 c. Unearned revenue of $14,400 d. None; the company collected cash up front.

Solution Summary: The author explains that current liabilities are debt and obligations of a business. The correct answer is to solve the current liability created by the sales.

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Chapter 11 Solutions