(a) Your roommate says, Sales taxes are reported as an expense in the income statement. Do you...

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(a) Your roommate says, “Sales taxes are reported as an expense in the income statement.” Do you agree? Explain.

(b) Planet Hollywood has cash proceeds from sales of $7,400. This amount includes $400 of sales taxes. Give the entry to record the proceeds.

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Financial accounting

ISBN: 978-1118285909

IFRS Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

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Question Posted: Mar 11, 2013 06:29 AM

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(a) Your roommate says, Sales taxes are reported as an expense in the income statement. Do you...

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Financial accounting

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