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123 points Entity F does not account for sales taxes separately when making...

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Accounting

123 points
Entity F does not account for sales taxes separately when making sales. The sales tax rate is 7.5%. If the total amount collected was $26,875 how much was the sales tax? Round to the nearest dollar if necessary.
$1,875
$2,016
$25,000.
$26,875.
13 points
When should a company record a contingent liability in the accounting records?
I. When a loss is probable
II. When the amount of the loss can be reasonably estimated.
Ionly.
II only.
Both I and II.
Neither I nor II.
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