Merchants remit $800,000 to a county government in calendar year 2022 for sales taxes collected in 2022.
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Merchants remit $800,000 to a county government in calendar year 2022 for sales taxes collected in 2022. In January, 2023, they send the county an additional $25,000 applicable to the year 2022. Based on past experience, the county expects to receive an additional $15,000 in late 2023, but applicable to 2022.How much should the county recognize as sales tax revenues when it prepares its fund and government-wide financial statements for 2022?
Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118983270
7th edition
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
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