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  3. during the current year, casual wear co. had total

During the current year, Casual Wear Co. had total retail sales of $800,000 and collected...

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Accounting

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During the current year, Casual Wear Co. had total retail sales of $800,000 and collected a 5% state sales tax on all sales. At the end of the prior year, Casual Wear had $4,500 in sales taxes that had not been remitted to the state authorities. During the current year, Casual Wear remitted $39,500 in state sales tax. What amount should be recorded in Casual Wear's current year financial statements? $40,000 in sales tax revenue. 539 500 in sales tax expense. 5840,000 in sales revenue. $5,000 in sales tax payable

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