Sales taxes collected by a retailer are reported as
A) a contingent loss.
B) revenues.
C) expenses.
D) current liabilities.

Name: Sales taxes collected by a retailer are reported as A) a contingent loss. B) revenues. C) expenses. D) current liabilities.
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Question

Quizplus · Accepted Answer

Sales taxes collected by a retailer are reported as current liabilities because they are amounts collected on behalf of the government and are owed to the government until they are remitted.

Sales Taxes Collected by a Retailer Are Reported as