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Kryger [21]
3 years ago
14

Monroe county levies a tax on the value of real property located within the county. The tax equals 3 percent of the property's a

ssessed value up to $2 million plus 1 percent of the value in excess of $2 million.a. Compute the tax on real property valued at $1.3 million.b. Compute the tax on real property valued at $4.5 million.
Business
1 answer:
Vikentia [17]3 years ago
8 0

Answer:

a. $39,000

b. $85,000

Explanation:

The computations are shown below:

a. Tax on real property would be

= Valued of real property × tax rate

= $1,300,000 × 3%

= $39,000

b. Tax on real property would be

= Property's assessed value up  × tax rate + difference of property value  × increased tax rate

= $2,000,000 × 3% + $2,500,000 × 1%

= $60,000 + $25,000

= $85,000

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You have been hired by bizcom, a business communications consultancy that services many clients in different industries througho
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Wyzard Corporation is a shipping container refurbishment company that measures its output by the number of containers refurbishe
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The revenue variance in the Revenue and Spending Variances column of a performance report comparing actual results to the flexible budget for July would have been closest to: ________

$1,800 F

Explanation:

a) Data and Calculations:

                                            Fixed Element  Variable Element   Actual Total

                                                per Month      per Container       for February

                                                                        Refurbished

Revenue                                                              $3,800                 $123,400

Employee salaries and wages  $40,000            $1,100                  $73,800

Refurbishing materials                                          $700                   $21,800

Other expenses                        $29,700                                         $28,800

Revenue variance

Budgeted revenue (flexible) = $121,600 ($3,800 * 32)

Actual revenue                          123,400

Variance                                       $1,800

4 0
3 years ago
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