Solution-What would balance of the current liability in the

What would balance of the current liability in the sales tax

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Reference no: EM133180822

Question - A local retailer selling general merchandise collects sales taxes for the city and state. The city sales tax is 4%, and the state sales tax is 2%. The retailer remits sales tax to the city and state on the fifth day of the month following the month of sale, so all June sales would be paid on July 5. If the retailer sold $250,000 of general merchandise in February and $240,000 in March, what would the balance of the current liability in the sales tax payable account be as of March 31?

Reference no: EM133180822

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What would balance of the current liability in the sales tax

Reference no: EM133180822

Reference no: EM133180822

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