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Which of the following is not a correct statement about sales taxes? If sales taxes are included in the sales account, the first step
Which of the following is not a correct statement about sales taxes? If sales taxes are included in the sales account, the first step to find the amount of sales taxes is to divide sales by 1 plus the sales tax rate. Sales Taxes Payable is classified as a current liability. Sales taxes are an expense of the seller. Many companies record sales taxes in the sales account.
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Ans C Sales taxes are an expense of the seller A sales tax is a ...
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Intermediate Accounting Reporting and Analysis
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
2nd edition
9781305727557, 1285453824, 9781337116619, 130572755X, 978-1285453828
