Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881



Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem

All of the following represent taxes commonly collected by businesses from customers except

a. City sales taxes

b. Federal excise taxes

c. Unemployment taxes

d. State sales taxes

To determine

Concept introduction:


Liabilities are the obligation of the business or amount payable by the business. Liabilities can current or long term. Current liabilities are liabilities payable within the short term or business cycle of the company, for example Accounts payable for purchases and utilities payable. Long term liabilities are liabilities payable in a long period/ years, for example long term loan.

To choose:

The tax which is not collected from customers.


Explanation for correct answer:

Unemployment tax is bear and paid by the employer. Hence the correct option is c.

Explanation for incorrect answers:

a. City sales tax is collected from the customers; hence it’s not the correct option...

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