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linda_us
linda_us, Master's Degree
Category: Multiple Problems
Satisfied Customers: 1402
Experience:  A tutor for Business, Finance, Accounts and other related topics.
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I paied answer and it said to please download here.

Customer Question

I paied for the answer and it said to please download here. I get an error This shared file or folder link has been removed.
Submitted: 1 year ago.
Category: Multiple Problems
Expert:  F. Naz replied 1 year ago.
Please provide details, so the answer may be provided thanks.
Customer: replied 1 year ago.

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.

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Expert:  F. Naz replied 1 year ago.
Sorry unable to answer, thanks.
Expert:  adamousacom replied 1 year ago.

That should not be a problem to get a re download load.

What is the web address of the question?

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