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sale taxes payable is reported as a

sale taxes payable is reported as a

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The sales taxes payable is always considered to be a short-term liability, since the funds are always to be remitted within one year to the government. The account is combined with the balance in the accounts payable account and presented in the balance sheet within the accounts payable line item or we can also show in under as "Statutory dues payable" under "Other 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 and pays to the government within relevant due date.

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