Sales tax is reported as revenue when it is collected, and reported as an expense when it is paid.
Answer the following statement true (T) or false (F)
False
When sales tax is collected, it is reported as a liability, which is decreased when the tax is paid. It has no effect on the income statement.
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Harlow Corp. uses a FIFO process costing system. Beginning inventory for January consisted of 1,000 units that were 60% completed. During January, 9,500 units were started and completed. On January 31, the inventory consisted of 500 units that were 70% completed. How many units were started during January?
A. 10,250 B. 9,850 C. 10,000 D. 11,000
If the information content, or signaling, hypothesis is correct, then a change in a firm's dividend policy can have an important effect on its stock price and cost of equity.
Answer the following statement true (T) or false (F)
Which of the accountant roles involves contributing to systems survey and needs analysis?
A. programmer B. analyst C. purchaser D. implementer
Required: Fill in the missing items in the balance sheet.PURRFECT PETS, INC.Balance SheetSeptember 30, Year 3 ??????????? ????? ???????
What will be an ideal response?