Which of the following is not a correct statement about sales taxes?
A)Sales taxes are an expense of the seller.
B)Many companies record sales taxes in the sales account.
C)If sales taxes are included in the sales account, the first step to find the amount of sales taxes is to divide sales by 1 plus the sales tax rate.
D)All of these are true.

Question

Quizplus · Accepted Answer

Sales taxes are typically collected by the seller from the customer and are a liability to be remitted to the government, not an expense of the seller.

Which of the Following Is Not a Correct Statement About