Author Question: Empire State collects personal income taxes both for its own activities and for cities in the state ... (Read 121 times)

neverstopbelieb · **on:** Jul 5, 2018

Empire State collects personal income taxes both for its own activities and for cities in the state that have elected to piggy-back their own income taxes on top of the state taxes.

As a fiduciary, the state temporarily invests all tax receipts pending determination of amounts to remit to the cities. The total investment income received by the state is 300,000, of which 100,000 will be sent to the cities. How much of the investment income should be recognized as revenue in the state's Agency Fund?
a. 0
b. 100,000
c. 200,000
d. 300,000

Question 2

The subsidiary ledger that includes customer account activity is called the
a. asset ledger
b. accounts payable ledger
c. expense ledger
d. accounts receivable ledger