Business, 18.12.2019 01:31, helpmeplz11239

Fox co. operates a retail store. all items are sold subject to a 6% state sales tax, which fox collects and records as sales revenue.

fox files quarterly sales tax returns when due, by the 20th day following the end of the sales quarter. however, in accordance with state requirements, fox remits sales tax collected by the 20th day of the month following any month such collections exceed $500.

fox takes these payments as credits on the quarterly sales tax return. the sales taxes paid by fox are charged against sales revenue.

following is a monthly summary appearing in fox's first calendar quarter sales revenue account:

debit credit january $ -- $10,600 february 600 7,420 march -- 8,480 $600 $26,500

in its march 31 balance sheet, what amount should fox report as sales taxes payable?

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Fox co. operates a retail store. all items are sold subject to a 6% state sales tax, which fox colle...