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The city of Carlasville imposes a one percent sales tax in addition to that levied by the state. The state, however, collects the tax on behalf of the city. The state typically does not notify the city of the amount of taxes collected in the fourth quarter of the year for at least two months after the end of the city's fiscal year; sometimes, fact, not until after the city issues its financial report. Should the city accrue the taxes based on an estimate or should it delay recognizing them until it has reliable information as to the amount?

Reference no: EM133254275

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