Natchitoches---about an hour away from Shreveport Louisiana is the State's oldest city. New Orleans follows, and Opelousas Louisiana is the 3rd oldest.
Cost of Goods Sold Sexton Corp. has current... (Solved) January 23, 2017. Cost of Goods Sold Sexton Corp . has current liabilities of $325,000, a quick ratio of 0.85, inventory turnover of 9.5, and a... Lambda Corporation has current liabilities of $450,000, a quick (Solved) April 18, 2013.
Is sales tax an expense or a liability? If a company sells $100,000 of product that is subject to a state sales tax of 7%, the company will collect $107,000. It will record sales of merchandise of $100,000 and will record a liability for sales tax of $7,000. In this situation the company is acting as a collection agent for the state by charging the $7,000 in sales tax.