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.
No. The sales taxes collected in retail arenât included in earnings figures. Hence, sales tax isnât displayed in an income report. The collected sales tax is listed as a current liability until it is remitted to the government. As an example, letâs suppose that a retailerâs products face a state sales tax of 8.5%. If the retailer sells $1000 of products for cash, his or her business will collect $1085 in total, with $85 as sales tax revenue. This is marked as 1) a debit to Cash for $1085, 2) a credit to Sales for $1000 and 3) a credit to Sales Taxes Payable for $85. Remember that the Sales account did not show the $85 of sales taxes. When the business remits the sales taxes to the government, the liability account Sales Taxes Payable is debited.