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A binding promise may be defined as one:
Sales Taxes Payable
Liabilities owed to local, state, or federal tax authorities from sales made, collected by the company from customers at the time of sale.
Interest Charged
Interest charged refers to the cost of borrowing money, usually expressed as a percentage of the principal loan amount to be paid over a specific period.
Sales Taxes Payable
Liabilities accounted for the sales tax collected from customers on taxable transactions, which are due to be paid to the relevant tax authorities.
Sales Tax Expense
The cost incurred by a seller related to the sales tax charged on goods or services, which is often passed through to the consumer.
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