Driftless Market Has Total Receipts of $53,000, Which Include Sales

question 58

Multiple Choice

Driftless Market has total receipts of $53,000, which include sales tax of 6%. Driftless should record

• A) Sales Taxes Payable of $3,000.
• B) Sales Taxes Payable of $3,180.
• C) Sales Taxes Expense of $3,000.
• D) Sales Taxes Expense of $3,180.

Understand the fundamental principles and objectives of accounting.

Differentiate between internal and external users of accounting information.

Identify the types of occupations available in the field of accounting.

Recognize the regulatory framework and the importance of ethics in accounting.

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Definitions:

Facial Muscles

A group of striated skeletal muscles situated beneath the facial skin, responsible for facial expressions.

Facial Expressions

The movements or positions of the muscles beneath the skin of the face, serving as a major form of nonverbal communication among humans and some other species.

Cultural Reality

Cultural reality refers to the shared beliefs, customs, practices, and social behaviors that exist within a specific cultural group or society.

Linguistic Base

The fundamental elements and structures of a language, including grammar, syntax, phonetics, and semantics.