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 LeMond Sales State Goods $ 34,610 111,380 26,297 17,021 Arizona California Colorado North Carolina Oregon Wisconsin Services $0 0 357,332 225,947 0 15,691 242,734 878,713 $ 447,733 $ 1,461,992 Sales and Use Tax Assume the following hypothetical tax rates: Arizona (5.6 percent), California (7.75 percent), Colorado (8 percent), North Carolina (6.75 percent), Oregon (8 percent), and Wisconsin (5 percent). How much sales tax must LeMond collect and remit, assuming these states, except California, have adopted Wayfair legislation? Total How much sales tax must LeMond collect and remit, assuming these states, have adopted the same standards found in the Wayfair decision? (Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) $ 34,610 111,380 383,629 242,968 15,691 1,121,447 $ 1,909,725
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 LeMond Sales State Goods $ 34,610 111,380 26,297 17,021 Arizona California Colorado North Carolina Oregon Wisconsin Services $0 0 357,332 225,947 0 15,691 242,734 878,713 $ 447,733 $ 1,461,992 Sales and Use Tax Assume the following hypothetical tax rates: Arizona (5.6 percent), California (7.75 percent), Colorado (8 percent), North Carolina (6.75 percent), Oregon (8 percent), and Wisconsin (5 percent). How much sales tax must LeMond collect and remit, assuming these states, except California, have adopted Wayfair legislation? Total How much sales tax must LeMond collect and remit, assuming these states, have adopted the same standards found in the Wayfair decision? (Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) $ 34,610 111,380 383,629 242,968 15,691 1,121,447 $ 1,909,725
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text: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
LeMond Sales
State
Goods
$ 34,610
111,380
26,297
17,021
Arizona
California
Colorado
North Carolina
Oregon
Wisconsin
Services
$0
0
357,332
225,947
0
15,691
242,734
878,713
$ 447,733 $ 1,461,992
Sales and
Use Tax
Assume the following hypothetical tax rates: Arizona (5.6 percent), California (7.75 percent), Colorado (8 percent), North Carolina (6.75
percent), Oregon (8 percent), and Wisconsin (5 percent). How much sales tax must LeMond collect and remit, assuming these states,
except California, have adopted Wayfair legislation?
Total
How much sales tax must LeMond collect and remit, assuming these states, have adopted the same standards found in the Wayfair
decision? (Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)
$ 34,610
111,380
383,629
242,968
15,691
1,121,447
$ 1,909,725
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