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KellyV2012
KellyV2012, Bachelor's Degree
Category: Multiple Problems
Satisfied Customers: 308
Experience:  BS in Business Administration: Options in Accounting & Finance
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A state requires ‘‘large merchants (i.e., those with sales

Customer Question

A state requires ‘‘large’’ merchants (i.e., those with sales over a specified dollar amount) to report and remit
their sales taxes within fifteen days of the end of each month. It requires ‘‘small’’ merchants to report and remit
their taxes within fifteen days of the end of each quarter. In January 2012, large merchants remitted sales taxes
of $400 million owing to sales of December 2011. In February 2012, they remitted $280 million of sales taxes
owing to sales of January 2012. In January small merchants remitted sales taxes of $150 million owing to sales of the
fourth quarter of 2011.

1. Prepare an appropriate journal entry to indicate the impact of the transactions on the state’s fund financial
statements for the year ending December 31, 2011.



2. Suppose, instead, that 10 percent of the taxes received by the state were collected on behalf of a city within
the state. It is the policy of the state to remit the taxes to the city 30 days after it receives them. Prepare an
appropriate journal entry to indicate the impact of the transactions on the city’s fund financial statements for
the year ending December 31, 2011.
Submitted: 4 years ago.
Category: Multiple Problems
Expert:  KellyV2012 replied 4 years ago.

Hi,

 

Please download the answer below.

 

http://www.box.com/s/471e38066d4da0787c72

 

I hope this help....

 

Thanks,

Customer: replied 4 years ago.
Hi, can you please post this again as it says it has been removed. Thank you!
Expert:  KellyV2012 replied 4 years ago.

Sorry about that.

 

Here you go...

 

http://www.box.com/s/471e38066d4da0787c72

 

Thanks,

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