When a company is obligated for sales taxes payable,it is reported as a(n):
A)Estimated liability.
B)Contingent liability.
C)Current liability.
D)Business expense.
E)Long-term liability.

Name: When a company is obligated for sales taxes payable,it is reported as a(n): A)Estimated liability. B)Contingent liability. C)Current liability. D)Business expense. E)Long-term liability.
Brand: Quizplus
Rating: 4.8 (43 reviews)

Question

Quizplus · Accepted Answer

Sales taxes payable is a current liability as it is expected to be paid within the current operating year.

When a Company Is Obligated for Sales Taxes Payable,it Is