Question
A State requires merchants to report and transmit sales tax within 70 days of the end of each quarter in which sales occur, the following
A State requires merchants to report and transmit sales tax within 70 days of the end of each quarter in which sales occur, the following relating to sales taxes on sales of,2019 and 2020 ;
Quarter in which sales occurred | Sales taxes on sales |
Last quarter of 2019 | 10,000 |
First quarter , 2020 | 20,000 |
Second quarter ,2020 | 30,000 |
Third quarter ,2020 | 45,000 |
Last quarters ,2020 | 50,000 |
Required :
Answer the following under both modified and full accrual basis”
Modified accrual basis | Full accrual basis |
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Step by Step Solution
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The modified accrual system deals with shortterm events on a cash basis and the accrual s...
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Business Math
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
10th edition
133011208, 978-0321924308, 321924304, 978-0133011203
