Entity F does not account for sales taxes separately when making sales. The sales tax...
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Accounting
Entity does not account for sales taxes separately when making sales. The sales tax rate is If the total amount collected was $ how much was the sales tax? Round to the nearest dollar if necessary.
$
$
$
$
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
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