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13 December, 18:31

When a company is obligated for sales taxes payable, it is reported as a (n) : ?

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  1. 13 December, 22:08
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    The choices can be found elsewhere and as follows:

    Estimated liability

    Contingent liability

    Current liability

    Business expense

    Long-term liability

    I think the correct answer is the third option. When a company is obligated for sales taxes payable, it is reported as a current liability. Sales taxes payable is a liability account in which is stored the aggregate amount of sales taxes that a business has collected from customers on behalf of a governing tax authority.
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