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Zinaida [17]
3 years ago
15

The General Fund of the City of Snake River operates on a calendar year basis. It sends bills to property owners on January 2. T

axes are due March 1, but taxpayers are allowed until March 31 to make payment without penalty. Taxpayers who pay before March 1 are allowed to deduct a 1 percent discount. Taxpayers who fail to pay by April 1 are declared delinquent, and notice is sent to them that they owe a penalty of 4 percent of the unpaid taxes. Prepare journal entries to record the following Snake River transactions:
Business
1 answer:
nadezda [96]3 years ago
6 0

Answer:1) Debit to receivable $994,000.00

Debit to discount allowable $6,000.00

Credit to Tax Revenue $1,000,000

2) Debit to cash $693,000.00

Credit to receivable $693,000.00

Explanation: A revenue is an amount earned and brought into a business by its operations or amount earned by the government.

Discounts are allowable in fund generation inorder to encourage prompt payment. This discount is seen as an expense to the business or government which is matched against the revenue generated.

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In Myanmar, seven laborers, each making the equivalent of $2.50 per day, can produce 38 units per day. In China, nine laborers,
Tresset [83]

Answer:

The labor cost per unit is lowest for China and is $0.40 per unit

Explanation:

Country    Labor Wage per Day   Wages per    Production      Labor cost

                 count       per labor         Day               units per day     per Unit

                    L            w                  W=L×w              P                    l=W÷P

Myanmar      7          $2.50               17.50               38                 $0.46

China            9          $2.00               18.00               45                 $0.40

Billings/         4          $57.00            228.00         102                   $2.24

Montana

The labor cost per unit is lowest for China and is $0.40 per unit

6 0
3 years ago
A company received a bank statement showing a balance of $78,000. Reconciling items included outstanding checks of $2,400 and a
Kisachek [45]

Answer:

Adjusted Bank Balance = $85,000

Explanation:

Adjustment of bank balance is a bank reconciliation procedure, that is used to match the amount in the bank statement with the amount in the company's balance sheet.

To adjust the bank balance, particulars that need to be subtracted or added to the bank statement balance has to be identified and treated accordingly.

For this example, the adjusted balance is calculated thus:

Adjusted bank balance = (Bank statement balance) - (outstanding checks) +(deposit in transit)

Adjusted Bank Balance = 78,000 - 2,400 + 9,400 = $85,000

Note:

outstanding checks are subtracted because they are payments to be made made by the company, representing a liability to the company (payer)

deposit in transit is an income to the company that has not been credited yet, but that will be credited.

3 0
3 years ago
The aggregate expenditures model assumes flexible prices true or false
Murljashka [212]
The answer to this is true
4 0
3 years ago
Read 2 more answers
The revenue recognition principle says Question 2 options: A) divide time into annual periods to measure revenue properly. B) re
lisov135 [29]

Answer:

The correct answer is letter "B": record revenue only after you have earned it.

Explanation:

Revenue Recognition is an accounting term that describes how and when a company reports revenue in its ledger. It is also part of the Generally Accepted Accounting Principles (GAAP). Using the accrual accounting method, revenue must be recorded when it is earned not when the company collects the cash proceeding.

7 0
2 years ago
Which tools allow economists to determine if the allocation of resources determined by free markets is desirable?.
nirvana33 [79]
Consumer and producer surplus.
6 0
2 years ago
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