Provide the entry to record the collection of the amounts

Assignment Help Financial Accounting

Reference no: EM13938204

SALES TAX

Yossarian Power Corporation provides electricity to a wide area of eastern Maine. During March 2009 it billed 3,000 of its residential customers located in the town of Maryville a total of $393,000 for electricity. In addition Yossarian Power is required to collect the following taxes:

a. Meter Charge: A flat rate of $3.50 per customer remitted to the local municipality (Maryville) to maintain and read the customer's meter

b. Public Benefit Charge: A State of Maine mandated charge of $1.05 per customer for investing in energy efficiency, renewable energy, and low-income assistance programs

c. State Tax: A tax of 2 percent used to fund the Maine Energy Commission

d. Federal Excise Tax: A tax of 0.15 percent used to fund the Federal Energy Commission

Required:

1. Determine how much Yossarian Power will bill these 3,000 customers in total for the month of March 2009.

2. Provide the entry to record the billing of these amounts.

3. Provide the entry to record the collection of these amounts.

4. Provide the entry to record the payment of the sales taxes to the appropriate governmental unit.

Reference no: EM13938204

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