Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help pls!!! will rate! thank you in advance If the amount of a company's Sales account is $636,000 for the year and includes sales tax

help pls!!! will rate! thank you in advance
image text in transcribed
If the amount of a company's Sales account is $636,000 for the year and includes sales tax at a rate of 6%, how much should the company report in the income statement as Sales and Sales Tax Expense $500,000 for Sales and nothing for Sales Tax Expense $636,000 for Sales and $35,000 for Sales Tax Expense $600,000 for Sales and nothing for Sales Tax Expense $600,000 for Sales and $36,000 for Sales Tax Expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Fred Skousen, James Stice, Earl Kay Stice

14th Edition

0324013078, 9780324013078

More Books

Students also viewed these Accounting questions