A city is preparing its cash forecast for the month of May. Using the following information, compute
Question:
Sales tax rate 5%
Estimated retail sales in May......... $ 2,000,000
Actual retail sales in April ......... $ 1,500,000
Estimated percentage of May sales resulting in sales taxes remitted by merchants to city in May .................... 20%
Estimated percentage of April sales resulting in sales taxes remitted by merchants to city in May .................... 70%
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Related Book For
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
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