ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 304

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.

S48. If a short-term obligation is excluded from current
liabilities because of refinancing, the footnote to the financial
statements describing this event should include all of the
following information except