Question 1 like all retailers hollister is required to, Ask an Expert

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Question: 1. Like all retailers, Hollister is required to collect sales tax to be remitted to state and local government authorities. Assume a local store has cash proceeds from sales of $5,325, including $325 in sales tax. What is the sales tax rate? Provide the journal entry to record the proceeds.

2. If $10 million of Dell Computer Corporation's $130 million notes payable is due in the next year, how will the firm present this debt within the current and longterm liabilities sections of the current year's balance sheet?

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M92330235

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