(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) Hard Wok Cafe has cash proceeds from sales of $10,400. This amount includes $400 of sales taxes. Give the entry to record the proceeds.

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Financial Accounting Tools For Business Decision Making

ISBN: 9780471691952

3rd Edition

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

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Question Posted: Jul 23, 2024 11:00 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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