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

General Management
1.2K views

decide between a standardization or localization approach to your HRM practices and the factors driving each.

Physics
1.2K views

3 Certain amount of an ideal gas is contained in a closed vessel The vessel...

Physics
1.2K views

44 Calculate the radius of the image of the moon formed by the objective of...

Geometry
1.2K views

Solve for u an 4 O A OB V 30 2 U A u 8...

Basic Math
1.2K views

find the Laplace transform of di iR E 1 L 2 dt where L R...

Accounting
1.2K views

critically evaluate the remuneration policy of apple day with reference to its manufacturing divisions...

Accounting
1.2K views

Required information [The following information applies to the questions displayed below.) Golden Corporation's...

Accounting
1.2K views

11.S corporation shareholders only include debt in their stock basis if they personally contributed the...

Accounting
1.2K views

Prior to admitting C, a new partner, AB partnership had total net assets of $150,000,...

Accounting
1.2K views

All of the following measure a company's profitability except A. Gross Profit Percentage B. Rate...

Accounting
1.2K views

Required information [The following information applies to the questions displayed below] The following year-end information...

Accounting
1.2K views

The following information pertains to the next two questions. On April 1, 2019, Green Corporation...