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What is the sales taxes payable

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Reference no: EM132437440

Question -

A. If cash is borrowed on a $61,200, 11-month, 10% note on August 1, how much interest expense would be incurred by December 31?

B. The cash register total including sales taxes is $43,470, and the sales tax rate is 5%. What is the sales taxes payable? Please show how to get the correct number.

C. If $43,470 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31?

Reference no: EM132437440

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