Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. entity f does not account for sales taxes separate

Entity F does not account for sales taxes separately when making sales. The sales tax...

90.2K

Verified Solution

Question

Accounting

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.
3 points
When should a company record a contingent liability in the accounting records?
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.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Hi, I need to determine what costs are fixed vs what costs are variable. Listed below...

Accounting
Q

How does the map unit correlate with recombination frequency? a. There is no correlation between recombination frequency and...

Biology
Q

I need finding any interesting information about Mold which is type of fungus that’s related to food....

Biology
Q

What two structures are used in a state machine implementation in LabVIEW? How are they configured?

Electrical Engineering
Q

On March 11, 2011, Japan suffered an earthquake and tsunami that caused a disastrous accident at...

Advance Math
Q

hrw8c9p92 A body of mass 6 0 kg is traveling at 3 3 m s...

Physics
Q

Write the MATLAB commands to reduce the block diagrams below 1 R S 5 115...

Basic Math
Q

13. Solve sin(x) = -0.16 on 0?x < 2?A=B=Give answers accurate to 3 decimal places.

Basic Math
Q

3 QUESTION 4 3 f 1 Is 1 a root of the polynomial 5 A...

Algebra
Q

Check my work 3 The management of Mecca Copy, a photocopying center located on University...

Accounting
Q

you are given the following for sunland company for the month ended november 30,2024: date...

Accounting
Q

(Click the icon to view the savings in cash operating costs.) ead the requirements. he...

Accounting