Rancco reported total sales of 73 million last year, Ask an Expert

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Rancco reported total sales of $73 million last year including $13 million in revenue (labor, sales to tax-exempt entities) exempt from sales tax. the company collects sales tax at a rate of 5%. in reviewing its information as part of its loan application, you notice that Rancco's sales tax payments show a total of $2 million in payments over the same time period. what are your conclusions regarding the financial statements that you are reviewing? How might you verify any discrepancies?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91608342

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