Solved

Use the Following Information to Answer Questions

Question 7

Multiple Choice

Use the following information to answer Questions.
During the current year, businesses in a county collect $2,000,000 in sales taxes from customers. These taxes are remitted to the county. Sales taxes are shared between the county, the towns located within the county, and the state, with 60% retained by the county for general use and reported in the general fund, 30% transmitted to the state, and 10% distributed to the towns. By year-end, the county had distributed $580,000 of sales taxes due to the state and $195,000 of sales taxes due to the towns. The county expects to collect the same amount of sales taxes in the following year.
-What is the year's change in net position for the custodial fund?


A) $(25,000)
B) $25,000
C) $0
D) $800,000

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions