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If Johnson, Inc., had sales of $750,000 of merchandise costing the company $675,000 to customers using MasterCard, subject to a 6.5% sales tax, the effects
If Johnson, Inc., had sales of $750,000 of merchandise costing the company $675,000 to customers using MasterCard, subject to a 6.5% sales tax, the effects of the sales on the accounts and financial statements would include a. an increase in Sales Tax Payable of $48,750 O b. an increase in Retained Earnings and gross profit of $75,000 c. an operating cash inflow of $798,750 Od. All of these choices are correct
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