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Teal Mountain Industries has total sales of $168000 and sales taxes collected totaling $11760 based on a 7% tax rate during June. Teal Mountain submitted
Teal Mountain Industries has total sales of $168000 and sales taxes collected totaling $11760 based on a 7% tax rate during June. Teal Mountain submitted $6300 of the taxes to the State before the end of June. Which one of the following will be reported on Teal Mountains financial statements at the end of June?
A. Sales Tax Expense for $11760
B. Net sales for $173460
C. Sales Taxes Payable for $5460
D. Sales for $179760
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