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Which will be reported on blue spruce financial statements

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Reference no: EM132957221

Problem 1: Blue Spruce Industries has total sales of $123000 and sales taxes collected totaling $8610 based on a 7% tax rate during June. Blue Spruce submitted $4800 of the taxes to the State before the end of June. Which one of the following will be reported on Blue Spruce's financial statements at the end of June?

Sales for $131610
Sales Tax Expense for $8610
Sales Taxes Payable for $3810
Net sales for $126810
$27143.
$25107.

Reference no: EM132957221

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