Ask Question
BusinessBusiness
30 July, 06:21

The Town of Little River expects to collect $90,000 in sales tax from the state government within 30 days of the end of fiscal year 2020 for retail sales taking place in fiscal year 2020. What entry, would Little River make at the end of 2020

+3
Answers (1)
  1. 30 July, 09:56
    0
    D. Due from state government 90,000 Revenues control 90,000

    Explanation:

    Since the town of little river still expects to collect $90,000 in sales tax from the state government within 30 days after then end of fiscal year 2020 for retail sales taking place in fiscal year 2020 but have not yet received the cash or amount, it will be entered into the account as Due from state government $90,000. Money is due because as stated earlier, the little town isn't receiving it during that fiscal year but rather within 30 days after the fiscal year. It would also be entered as revenue control of $90,000.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The Town of Little River expects to collect $90,000 in sales tax from the state government within 30 days of the end of fiscal year 2020 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The net present value of a project is projected at $210. How should this amount be interpreted? The project's cash inflows exceed its outflows by $210. The project will return an accounting profit of $210.
Answers (1)
Why would a company report inventories at sales price less distribution costs?
Answers (1)
A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2012. Interest is paid on June 30 and December 31. The proceeds from the bonds are $14,703,109.
Answers (1)
Which of the following is true of the factors that affect consumer decision making? a. Psychological factors include gender, age, family life cycle stage, personality, self-concept, and lifestyle. b.
Answers (1)
Elaine supervises 30 sanitation engineers. She fills out a form that rates such factors as loyalty, cooperation, attendance, and job knowledge. She checks off the answer for each item, which usually has 5 to 10 options.
Answers (1)
New Questions in Business
What is meant by the term operating leverage?
Answers (1)
John Hernandez is 24 years old and has saved enough money to fund an adequate emergency fund. In addition, he has saved $5,600 that can be used to fund an investment program.
Answers (2)
Jan. 8 Issued Check 2101 for $2,450 on account to Song, Inc., in payment of Invoice 1885 dated December 30, 2018, less cash discount of $50. 10 Purchased merchandise for $1,250 from Song, Inc., Invoice 1920; terms 2/10, n/30.
Answers (1)
The value that consumers get (from consuming a product) over and above what they actually paid for the product is called rev: 05_10_2018 Multiple Choice consumer demand. consumption expenditures. consumer surplus. consumer utility.
Answers (1)
Chunky Chicken, Inc., announced yesterday that it plans to issue $100 million in debenture bonds to fund the expansion of its fast food chain of restaurants. In financial terms, this means: A.
Answers (1)
Home » Business » The Town of Little River expects to collect $90,000 in sales tax from the state government within 30 days of the end of fiscal year 2020 for retail sales taking place in fiscal year 2020. What entry, would Little River make at the end of 2020
Sign Up Forgot Password?