How much revenue should the state report for its year ending

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Problem

A state collects $220 million in withheld and estimated income tax payments during the 2022 calendar year and an additional $20 million in withheld and estimated income tax payments in January 2023 applicable to its 2022 calendar year. The state also expects to receive $ 6 million in tax payments and refund claims of $ 5 million for 2022 income tax returns filed by April 15, 2023. The state considers payments received with income tax returns filed by April 1 5 to be available and refund claims received by that date are considered liabilities for 2022. Get the instant assignment help. How much revenue should the state report for its year ending December 31, 2022?

Reference no: EM133931841

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How much revenue should the state report for its year ending : A state collects $220 million in withheld and estimated income tax payments. How much revenue should the state report for its year ending December 31, 2022?

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