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dolphi86 [110]
3 years ago
13

Benton County includes an independent school district and two individually chartered towns within the County. Benton County’s Tr

easurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collection custodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the following transactions took place:
1. The County levied taxes as follows: Benton County General Fund $ 25,000,000 School District 12,500,000 Towns 2,500,000 Total $ 40,000,000
2. The property taxes levied in part (a) were collected.
3. The amounts collected were paid to the school district and towns.
Required:
a. Prepare journal entries for Benton County and the Benton County Independent School District—identify the funds.
Business
1 answer:
Svet_ta [14]3 years ago
8 0

Answer:

<u>In the Book of Benton County:</u>

a. Debit Cash Account for $40,000,000; Credit Property Tax for $25,000,00; and Credit Tax Collection Custodial Fund for $15,000,000.

b. Debit Tax Collection custodial Fund Account for $15,000,000; Credit School District Account for $12,500,000; and Credit Towns Account for 2,500,000.

c. Debit School District Account for $12,500,000; Debit Towns Account for $2,500,000; and Credit Cash Account for $15,000,000.

<u>In the Books of School Districts Accounts:</u>

a. Debit Benton County Accounts for $12,500,000; and Credit Property Tax Account for $12,500,000.

b. Debit Cash Account for $12,500,000; and Credit Benton County Accounts for $12,500,000.

<u>In the Books of Towns Accounts:</u>

a. Debit Benton County Accounts for $2,500,000; and Credit Property Tax Account for $2,500,000.

b. Debit Cash Account for $2,500,000; and Credit Benton County Accounts for $2,500,000.

Explanation:

Note: See the attached excel for how the journal entries will look together with the explanation.

Download xlsx
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Hi, you've asked an incomplete question. The attached image shows the full text.

<u>Explanation:</u>

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3 years ago
Velocity, a consulting firm, enters into a contract to help Burger Boy, a fast-food restaurant, design a marketing strategy to c
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Answer:

a. Accounts Receivable (Dr.) $93,000

Bonus Receivable (Dr.) $2,325

Service Revenue (Cr.) $95,325

b. Service Revenue (Dr.) $9,300

Bonus receivable (Cr.) $9,300

c. Accounts Receivable (Dr.) $93,775

Bonus Receivable (Dr.) $775

Service Revenue (Cr.) $93,000

d. Cash (Dr.) $29,000

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Explanation:

The contract between Burger Boy and Velocity is for eight months.

Expected value of the contract on 1st month is :

80% * [ $93,000 * 8 months + $31,000 ] + 20% [ $93,000 * 8 months - $31,000] = $762,600

The expected value per month is $762,600 / 8 months = $95,325 per month

Expected value of the contract 5th month with revised probability is :

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The expected value per month is $750,200 / 8 months = $93,775 per month.

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3 years ago
Assume that you will be opening a savings account today by depositing $100,000. The savings account pays 5 percent compound annu
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Answer:

5000

Explanation:

100,000x5%= 5000

5000x4 years= 20,000x5%= 1000

5000x5=25,000x5%= 1250

1250+ 1000= 2250

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5000-2250-1000= 1750

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