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Sales taxes payable: Is an estimated liability
Sales taxes payable:
-
- Is an estimated liability.
- Is a contingent liability
- Is a current liability for retailers
- Is a business expense
- Is a long-term liability
Expert Solution
Answer:
C .
Step-by-Step explanation
A sale tax is a tax which is collected by the retailers from the users of the goods and then it is passed to the government. After the collection of the sales tax, it is classified as the current liability in the balance sheet of the entity as it is payable to the government.
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