Union Apparel has sales including sales taxes for the month of $551,200. If the sales tax rate is 6%, how much does Union Apparel owe for sales tax?

A) $51,200.

B) $33,272.

C) $31,200.

D) $551,200.

Answer: C

Union Apparel has sales including sales taxes for the month of $551,200. If the sales tax rate is 6%, what are Union Apparel's sales for the month?

A) $500,000.

B) $518,128.

C) $520,000.

D) $551,200.

Answer: C

The current portion of long-term debt should be

A) Reported as a current liability in the balance sheet.

B) Reported as a long-term liability in the balance sheet.

C) Combined with the rest of the long-term debt in the balance sheet.

D) Paid immediately.

Answer: A