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ivolga24 [154]
1 year ago
7

Which transfer of ownership would not be excluded from property tax reappraisal?

Business
1 answer:
olga2289 [7]1 year ago
5 0

Transfers between unrelated buyers and sellers is the  transfer of ownership would not be excluded from property tax reappraisal.

  1. State law requires one at least every eight years
  2. (Randolph County’s last reappraisal was effective 1-1-2014)
  3. Assure all properties reflect current market value
  4. To create equity between the four types of assessed property:
  • Real estate
  • Personal property (Individual and Business)
  • Registered motor vehicles
  • Public service companies

Reappraisal is an in-depth process of assigning new values to all the real property in the county at its current market value. If no changes are made to the property in-between reappraisal years, the value will not change.

Guilford County appraisers review and analyze information including comparable sales in your neighborhood. Reappraisals are not only mandated by North Carolina General Statues, but are necessary to maintain equitable and uniform property values. Reappraisal tools include county maps, aerial photography, street level images, sales analysis, field visits, and other methods to gather data used in determining market value.  Guilford County conducts reappraisals entirely in-house by appraisers familiar with the local market.

Learn more about  tax reappraisal here

brainly.com/question/28187455

#SPJ4  

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Jones and Smith live in the same apartment building. Jones loves to play his opera recordings so loudly that Smith can hear them
vovikov84 [41]

Answer:

The correct answer is letter "A": Should be.

Explanation:

From the efficiency perspective, we shall consider the relationship between the benefits and the costs. If we subtract the cost from the benefits and the result is positive, we could say that it is convenient to continue with the activities of the operations being carried out.

In that case, Jones's benefits are (100) but his cost is Smith's damages (60). Then:

100 - 60 = (+)40;

which implies Jones <em>should be</em> allowed to play his opera music.

6 0
3 years ago
Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 201
crimeas [40]

Answer:

Foxy Investigative Services

1. Foxy Investigative Services

A. Income Statement  

For the Year Ended November 30, 20Y8

REVENUE            

Service Fees                                                         $675,500

Rent Revenue                                                             9,000

Total revenues                                                     $684,500

EXPENSES

Salaries Expense                      435,000

Rent Expense                             55,000

Supplies Expense                        11,850

Depreciation Expense-Building 10,000

Utilities Expense                          8,800

Repairs Expense                         4,250

Insurance Expense                     3,000

Miscellaneous Expense              11,100

Total expenses                                                   $539,000  

Net income                                                         $ 145,500

Retained Earnings                                                  70,300  

Dividends                                                              -30,000

Balance, November 30, 20Y8                           $185,800

Foxy Investigative Services  

B. Statement of Shareholders' Equity

November 30, 20Y8

Common Stock                                                     $40,000

Net income                                         $ 145,500

Retained Earnings                                   70,300  

Dividends                                               -30,000

Balance, November 30, 20Y8                           $185,800

Total stockholders' equity                                $225,800

Foxy Investigative Services

C. Balance Sheet

November 30, 20Y8

ASSETS

Current assets

Cash                                              27,500

Accounts Receivable                    71,800

Supplies                                         5,550

Prepaid Insurance                            750

Total Current Assets                                    $105,600

Building                                     330,500

Accumulated Depreciation      -184,100

Total property, plant, and equipment        $146,400            

Total assets                                                $252,000

LIABILITIES

Current liabilities

Accounts Payable                       16,100

Salaries Payable                          6,600

Unearned Rent                            1,500

Total Liabilities                                            $24,200

EQUITY

Common Stock                          40,000

Retained Earnings                    185,800

Total stockholders' equity                        $225,800

Total liabilities and stockholders' equity   $250,000

NB:  Liabilities + Equity side is short by $2,000 because the Trial Balance is not in balance.

2. Closing Journal Entries:

Account Title                                 Dr.               Cr.

Income Summary                     30,000

Dividends                                                          30,000

To close dividends to the income summary (Retained Earnings)

Account Title                                 Dr.               Cr.

Service Fees                             675,500

Rent Revenue                               9,000    

Income Summary                                        684,500

To close revenues to the income summary.

Account Title                                 Dr.               Cr.

Income Summary                     $539,000

Salaries Expense                                       435,000

Rent Expense                                              55,000

Supplies Expense                                         11,850

Depreciation Expense-Building                  10,000

Utilities Expense                                           8,800

Repairs Expense                                          4,250

Insurance Expense                                      3,000

Miscellaneous Expense                               11,100  

To close the expenses to the income summary.

3. Net Income remained $ 145,500.  Retained Earnings, beginning balance would have been reduced by $46,000.

Explanation:

a) Data and Calculations:

Foxy Investigative Services

End-of-Period Spreadsheet

For the Year Ended November 30, 20Y8

Adjusted Trial Balance

Account Title                                     Dr.               Cr.

Cash                                                27,500

Accounts Receivable                      71,800

Supplies                                           5,550

Prepaid Insurance                              750

Building                                       330,500

Accumulated Depreciation-Building               184,100

Accounts Payable                                              16,100

Salaries Payable                                                 6,600

Unearned Rent                                                   1,500

Common Stock                                                40,000

Retained Earnings                                           70,300

Dividends                                     30,000

Service Fees                                                 675,500

Rent Revenue                                                   9,000

Salaries Expense                      435,000

Rent Expense                             55,000

Supplies Expense                        11,850

Depreciation Expense-Building 10,000

Utilities Expense                          8,800

Repairs Expense                         4,250

Insurance Expense                     3,000

Miscellaneous Expense              11,100

Totals                                     1,003,100      1,003,100

Correct total of Debit side = 1,005,100           2,000

6 0
3 years ago
The percentage of sales approach separates accounts on the pro forma income statement and balance sheet into those that change d
lukranit [14]

Answer:

Sales

Explanation:

Sales is defined as the activities which are related to the selling or the number of the services or goods that are sold in the given period of time or year.

The seller who finished or concluded the sales in relation to the acquisition or appropriation or in a direct interaction at the time of sale with the buyer.

Therefore, the percentage of the sales method, separates the accounts on the balance sheet and pro forma income statement into those which change directly with sales.

5 0
3 years ago
If the direct write-off method of accounting for uncollectible receivables is used, what general ledger account is credited to w
Olin [163]

Answer:

Option B) Accounts Receivable

Explanation:

In the Direct write-off method the company registered an entry that debit  Bad Debts Expense and an credit entry in the Accounts Receivable.

In this method doesn't exist a contra asset account such as  Allowance for Doubtful Accounts, the Bad Debt Expenses are reported on the Income Statement one year later of the sale.

3 0
3 years ago
What's the taxable equivalent yield on a municipal bond with a yield to maturity of 3.9 percent for an investor in the 35 percen
Nookie1986 [14]

When a person has a marginal tax bracket of 35%, their taxable equivalent yield to a municipal bond is 6%.

<h3>What is the taxable equivalent yield?</h3>

It can be found by the formula:

= Municipal bond / ( 1 + tax rate)

Solving gives:

= 3.9% / ( 1 - 35%)

= 3.9% / 0.65

= 6%

In conclusion, a 6% return would be an appropriate taxable equivalent yield.

Find out more on municipal bonds at brainly.com/question/25656290.

3 0
2 years ago
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