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 Goods $ 35,026 112,148 26,681 17,321 15,951 243,486 879,985 1,123,471 $ 450,613 $ 1,465,132 $ 1,915,745 Arizona California Colorado North Carolina Oregon Wisconsin Services Sales and Use Tax $0 0 358,580 226,567 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, except California, have adopted Wayfair legislation? Note: Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. 0 Total $ 35,026 112,148 385,261 243,888 15,951

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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 Carolinal
Oregon
Wisconsin
Totals
State
Arizona
California
Colorado
LeMond Sales
Goods
$ 35,026
112,148
26,681
North Carolina
Oregon
Wisconsin
Services
$0
0
Sales and
Use Tax
358,580
226,567
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,
except California, have adopted Wayfair legislation?
Note: Round your final answers to the nearest whole dollar amount. Leave no answer ank. Enter zero if applicable.
Total
$ 35,026
112,148
385,261
243,888
15,951
1,123,471
17,321
15,951
243,486
879,985
$ 450,613 $ 1,465,132 $ 1,915,745
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 Carolinal Oregon Wisconsin Totals State Arizona California Colorado LeMond Sales Goods $ 35,026 112,148 26,681 North Carolina Oregon Wisconsin Services $0 0 Sales and Use Tax 358,580 226,567 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, except California, have adopted Wayfair legislation? Note: Round your final answers to the nearest whole dollar amount. Leave no answer ank. Enter zero if applicable. Total $ 35,026 112,148 385,261 243,888 15,951 1,123,471 17,321 15,951 243,486 879,985 $ 450,613 $ 1,465,132 $ 1,915,745
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