Business, 18.12.2019 03:31 MannyRaw55
Fox hotel collects 12% in city sales taxes on room rentals in addition to a $3 per room, per night occupancy tax. sales taxes for each month are due at the end of the following month, and occupancy taxes are due 15 days after the end of each calendar quarter. on january 3, year 2, fox paid its november, year 1 sales taxes and its fourth quarter, year 1 occupancy taxes. additional information pertaining to fox’s operations is:
year 1 room rentals room nights
october $ 120,000 1,200
november 130,000 1,400
december 160,000 1,900
1. what amounts should fox report as sales taxes payable and occupancy taxes payable in its december 31, year 1, balance sheet?
Answers: 2
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Fox hotel collects 12% in city sales taxes on room rentals in addition to a $3 per room, per night o...
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