Question 23 (2 points) A city levies a 2 percent sales tax. Sales taxes must be remitted by the merchants to the city by the twentieth day of the month following the month in which the sale occurred. Cash received by the city related to sales taxes is as follows: Amount received 1/20/17, applicable to December 2016 sales $100 Amount received 2/20/17, applicable to January 2017 sales $30 Amount received during 2017 related to February-November 2017 sales $400 Amount received 1/20/18 for December 2017 sales $110 Amount received 2/20/18 for January 2018 $40 Assuming the city uses the same period to define "available" as the maximum period allowable for property taxes, what amount should it recognize in the government-wide financial statements as sales tax revenue for the fiscal year ended 12/31/17? $430 $530 $540 $550. Question 24 (2 points) A city levies a 2 percent sales tax that is collected for them by the state. Sales taxes must be remitted by the merchants to the state by the 20th day of the month following the month in which the sale occurred. The state has a policy of remitting sales taxes to the city within 30 days of collection by the state. Cash received by the state related to sales taxes is as follows Amount received 1/20/17, applicable to December 2016 sales $100 Amount received 2/20/17, applicable to January 2017 sales $30 Amount received 3/20/17, applicable to February 2017 sales $20 Amount received during 2017 related to March-November 2017 sales$380 Amount received 1/20/18 for December 2017 sales$110 Amount received 2/20/18 for January 2018$ 40 Amount received 3/20/18 for February 20185 10 Assuming the city uses the same period to define "available" as the maximum period allowable for property taxes, what amount should it recognize as sales tax revenue in its governmental fund financial statements for the fiscal year ended 12/31/17? $430. $530 $540. $550