Ask Question
1 January, 19:36

When a company is obligated for sales taxes payable, it is reported as a (n) : ?

+2
Answers (1)
  1. 1 January, 21:36
    0
    The choices can be found elsewhere and as follows:

    Estimated liability

    Contingent liability

    Current liability

    Business expense

    Long-term liability

    I think the correct answer is the third option. When a company is obligated for sales taxes payable, it is reported as a current liability. Sales taxes payable is a liability account in which is stored the aggregate amount of sales taxes that a business has collected from customers on behalf of a governing tax authority.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “When a company is obligated for sales taxes payable, it is reported as a (n) : ? ...” in 📘 Social Studies if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers