Question
please answer with thorough explanation! thanks During the current year, businesses in a county collect $2,000,000 in sales taxes from customers. These taxes are remitted
please answer with thorough explanation! thanks
During the current year, businesses in a county collect $2,000,000 in sales taxes from customers. These taxes are remitted to the county. Sales taxes are shared between the county, the towns located within the county, and the state, with 60% retained by the county for general use and reported in the general fund, 30% transmitted to the state, and 10% distributed to the towns. By year-end, the county had distributed $580,000 of sales taxes due to the state and $195,000 of sales taxes due to the towns. The county expects to collect the same amount of sales taxes in the following year. What is the year's change in net position for the custodial fund?
Select one:
A. $(25,000)
B. $0
C. $800,000
D. $25,000
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