LeMond Incorporated, a Wisconsin corporation, runs bicycle tours in several states.LeMond also has a Wisconsin retail store and an Internet store that ships to out-of-statecustomers. The bicycle tours operate in Colorado, North Carolina, and Wisconsin, whereLeMond has employees and owns and uses tangible personal property. LeMond has realproperty only in Wisconsin and logs the following sales:StateArizonaCaliforniaColoradoNorth CarolinaOregonWisconsinTotalsStateLeMond SalesArizonaCaliforniaColoradoNorth CarolinaOregonWisconsinGoods$ 34,194110,61225,91316,72115,431241,982$ 444,853Sales andUse TaxServicesPrev$00356,084225, 3270Assume the following hypothetical tax rates: Arizona (5.6 percent), California (7.75percent), Colorado (8 percent), North Carolina (6.75 percent), Oregon (no sales tax), andWisconsin (5 percent). How much sales tax must LeMond collect and remit, assumingthese states, have adopted Wayfair legislation?Note: Round your final answers to the nearest whole dollar amount. Leave no answerblank. Enter zero if applicable.877,441$ 1,458,85211 of 10Total$ 34,194110,612381,997242,04815,4311,119,423$ 1,903,705Next

LeMond Incorporated, a Wisconsin corporation, runs bicycle tours in several states. LeMond also has a Wisconsin retail store and an Internet store that ships to out-of-state customers. The bicycle tours operate in Colorado, North Carolina, and Wisconsin, where LeMond has employees and owns and uses tangible personal property. LeMond has real property only in Wisconsin and logs the following sales: State Arizona California Colorado North Carolina Oregon Wisconsin Totals State LeMond Sales Arizona California Colorado Goods $ 34,194 110,612 25,913 16,721 15,431 241,982 $ 444,853 North Carolina Oregon Wisconsin Services $0 Assume the following hypothetical tax rates: Arizona (5.6 percent), California (7.75 percent). Colorado (8 percent), North Carolina (6.75 percent), Oregon (no sales tax), and Wisconsin (5 percent). How much sales tax must LeMond collect and remit, assuming these states, have adopted Wayfair legislation? Sales and Use Tax 356,084 225,327 0 877,441 $ 1,458,852 Note: Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Total $ 34,194 110,612 381,997 242,048 15,431 1,119,423 $ 1,903,705

LeMond Incorporated, a Wisconsin corporation, runs bicycle tours in several states. LeMond also has a Wisconsin retail store and an Internet store that ships to out-of-state customers. The bicycle tours operate in Colorado, North Carolina, and Wisconsin, where LeMond has employees and owns and uses tangible personal property. LeMond has real property only in Wisconsin and logs the following sales: State Arizona California Colorado North Carolina Oregon Wisconsin Totals State LeMond Sales Arizona California Colorado Goods $ 34,194 110,612 25,913 16,721 15,431 241,982 $ 444,853 North Carolina Oregon Wisconsin Services $0 Assume the following hypothetical tax rates: Arizona (5.6 percent), California (7.75 percent). Colorado (8 percent), North Carolina (6.75 percent), Oregon (no sales tax), and Wisconsin (5 percent). How much sales tax must LeMond collect and remit, assuming these states, have adopted Wayfair legislation? Sales and Use Tax 356,084 225,327 0 877,441 $ 1,458,852 Note: Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Total $ 34,194 110,612 381,997 242,048 15,431 1,119,423 $ 1,903,705

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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