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LeMond Incorporated

LeMond Incorporated

FINANCIAL ACCOUNTING
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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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 Arizona California Colorado LeMond Sales North Carolina Oregon Wisconsin Goods $ 34,194 110,612 25,913 16,721 15,431 241,982 $ 444,853 Sales and Use Tax $ Services 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? Note: Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. 2,030 $0 0 356,084 225,327 0 877,441 $ 1,458,852 Total $ 34,194 110,612 381,997 242,048 15,431 1,119,423 $ 1,903,705
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 State Arizona California Colorado LeMond Sales North Carolina Oregon Wisconsin Goods $ 34,194 110,612 25,913 16,721 15,431 241,982 $ 444,853 Sales and Use Tax $ Services 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? Note: Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. 2,030 $0 0 356,084 225,327 0 877,441 $ 1,458,852 Total $ 34,194 110,612 381,997 242,048 15,431 1,119,423 $ 1,903,705
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